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user1234536
user1234536
03.06.2021 • 
Business

Prepare journal entries to record the following transactions and events applicable to the calendar year 2018 operations of Lily City: 1. The approved budget for the year follows: Estimated Revenues Property tax revenues $600,000 Licenses and fees 30,000 Appropriations Public safety salaries $550,000 Public safety other expenditures 90,000 2. Property taxes of $600,000 were levied and bills totaling that amount were mailed at the beginning of the year. During the year, $590,000 of property taxes was collected. Licenses and fees collected amounted to $28,000. 3. The Lily City Council authorized (a) a budgetary interchange moving $25,000 from the Public Safety other expenditures appropriation to Public Safety salaries, and (b) an additional appropriation of $10,000 for Public Safety salaries. 4. Salaries paid during the year amounted to $570,000; police officers earned an additional $14,000 during December that will be paid in January. 5. Purchase orders for supplies were placed in the amount of $60,000. The entire amount ordered was received during the year, together with invoices totaling $56,000. The invoices were approved for payment.

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