Solved: Following are transactions and events of the

General Fund of
Following are transactions and events of the General Fund of

Following are transactions and events of the General Fund of the City of Springfield for the
fiscal year ended December 31, 2012.
1. Estimated revenues (legally budgeted)
Property taxes ...... $5,000,000
Sales taxes ........ 4,000,000
Licenses and permits .... 1,500,000
Miscellaneous ........ 500,000
2. Appropriations
General government..... $5,000,000
Culture and recreation ... 4,500,000
Health and welfare ..... 1,000,000
3. Revenues received (cash)
Property taxes ...... $4,783,541
Sales taxes ........ 4,501,009
Licenses and permits ... 1,700,000
Miscellaneous ....... 800,000
4. Encumbrances issued (includes salaries and other recurring items)
Estimated
General government .... $5,100,000
Culture and recreation ... 4,650,000
Health and welfare ...... 905,000
5. Goods and services received (paid in cash)

6. Budget revisions
Increase appropriations:
General government ...... $100,000
Culture and recreation ..... 150,000
7. Fund balance—Unrestricted on January 1, 2012, was $735,000. There were no outstanding
encumbrances at that date.
a. Record the transactions using appropriate journal entries.
b. Prepare a budgetary comparison schedule for the GeneralFund.

Following are transactions and events of the General Fund of

ANSWER
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