Governmental Journal Entries Flashcards
General Obligation Bonds were issued at par.
DR Cash
CR Other Financing Sources
Approved purchase orders were issued for supplies.
DR Encumbrance Control
CR Budgetary Control
Ordered Supplies were received and invoices were approved.
DR Budgetary Control
CR Encumbrance Control
DR Expenditures Control
CR Vouchers Payable
General Fund Salaries and wages were incurred.
DR Expenditure Control
CR Vouchers Payable
The Internal Service Fund had interfunded billings.
DR Due from other funds
CR Interfund revenues
Revenues were earned from a previously awarded grant
DR Deferred inflows of resources
CR Grants Revenues
Property taxes collected in advance
DR Cash
CR Deferred inflows of resources
Appropriations recorded on adoption of budget
DR Estimated Revenues
CR Appropriation Control
Short-Term Financing received from a bank secured by the city’s taxing power
DR Cash
CR Tax anticipation notes payable
There was an excess of estimated inflows over estimated outflows
DR Estimated Revenue
CR Appropriations
CR Budgetary Control
What is the journal entry to record the annual budget?
DR Estimated Revenue
CR Appropriations
CR Budgetary Control
Journal entry to recognize supplies remaining at year end?
-Under Purchase Method
DR Supplies on hand inventory
CR Non spendable Fund Balance-Inventory
-Under Consumption Method
No entry neededJournal entry to recognize a purchase order on supplies.
DR Encumbrance
CR Budgetary Control
Journal entries are recorded when goods are received and the commitment to purchase those goods had been previously recorded as an encumbrance.
DR Expenditure
CR Vouchers Payable
DR Budgetary Control
CR Encumbrance
Year End Closing Budget Entry
DR Appropriations
DR Budgetary Control (positive)
CR Estimated Revenue Control
CR Budgetary Control (negative)
