Government/Non-Profit Accounting Budget Journal Entries
Provide responses in Excel to the following scenario:
- Prepare the General Ledger journal entries for the General Fund for the City of Corona for the fiscal year ended May 31, 2018.
- The budget was formally adopted. Estimated revenues are $8,520,000 and appropriations are estimated to be $8,204,500.
- Revenues were received for $6,562,000.
- Purchase orders were issued for $2,950,000.
Purchase orders were filled for $2,436,000. The invoice amount was $2,443,000, which has been paid. - Expenditures, not encumbered, amounted to $3,225,000 which was paid.
Provide a response in Word to the following exercises:
Differentiate between imposed nonexchange revenues and derived tax revenues.
Find and provide a link, citation, and written summary of a recent podcast, article, video, or other short media that discuss one or both of these types of revenues and the difficulty that results when economic conditions change straining the operations of the recipients of government funding. An example of such as scenario could be a public-school system’s financial struggles when its constituents are not paying their property tax bills timely or at all. Media chosen should be current, dated not before 2016.