ASSIGNMENT – Journal Entry
Question 1: (5 Marks)
Q1.The council of the Town of Tulia approved the 2023 budget as follows:
Budgeted 2023 revenues from:
Property taxes $5,000,000
Sales taxes $1,000,000
Appropriations for 2023:
Salaries $4,600,000
Materials $1,200,000
Equipment $100,000
During 2023, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision.
Required:
Prepare the general journal entry necessary to initially record the budget.
Prepare the general journal entry necessary to record the budget revision.
Question 2: (5 Marks)
Q.2 Distinguish between Capital Projects Funds (CPF), Debt Service Funds (DSF) Leased Assets and Permanent Funds.
Question 3: (5 Marks)
What do you mean by Activities Discuss all Types of with details examples.
