Accounting homework help

Accounting homework help. Part 1: Research the following statements and write a paper of 500 words on your findings:

• What are the key differences between a governmental unit and a commercial company?
• Discuss the following terms and how they are used during the budget process of a governmental unit:
  • Appropriations
  • Encumbrances
  • Expenditures
  • Budgetary fund balances
• Give examples for each of the above terms.

Part 2: Given the following information, create the journal entries required for each of the situations described:
 
Estimated revenues
Property taxes
$1,250,000
Fines and forfeits
80,000
Intergovernmental
500,000
Total
$1,830,000
Appropriations
General
$300,000
Streets
50,000
Public safety
800,000
Total
$ 1,150,000
 

1. Make the journal entry to record the adoption of the annual budget.
2. Make the journal entries necessary to record the following cash revenues that were received:

Property taxes $800,000
Fines and forfeits 73,000
Intergovernmental 300,000
Total $1,173,000

1. Purchase orders were issued for the following goods and services:

General $ 285,000
Streets 50,000
Public safety 670,000
Total $ 1,005,000

1. Purchase orders were fulfilled based upon the following estimated and actual costs:

                Estimated             Actual
General  $285,000          $280,000
Streets     50,000                   50,000
Public safety 670,000         660,000
Total$ 1,005,000            $ 990,000

Accounting homework help