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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 3. Purchase orders were issued for the following goods and services: General $285,000 Streets 50,000 Public safety 670,000 Total $ 1,005,000 4. 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

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

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

General $285,000

Streets 50,000

Public safety 670,000

Total $ 1,005,000

4. 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

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