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July 7, 2024

IMPORTANT NOTES: Answer in your OWN words, DO NOT COPY from slides, fellow students, or internet sources without proper citation.

General Question

IMPORTANT NOTES: Answer in your OWN words, DO NOT COPY from slides, fellow students, or internet sources without proper citation.

Q1: The Tulia Town Council approved the 2023 budget as follows:

Budgeted revenue for 2023 from:

Property taxes $5,000,000

Sales taxes $1,000,000

Credits for 2023:

Salaries are $4,600,000

Materials $1,200,000

Equipment $100,000

During 2023, the mayor has submitted to the council a budget review to increase the amount of the payroll appropriation by $10,000. The Board approved the budget amendment.

required:

a. Prepare the general journal entry needed to initially record the budget.

B. Preparing the general journal entry required to record the budget review.

Question 2:

Q2: Distinguish between Capital Project Funds (CPF), Debt Service Funds (DSF), Leased Asset Funds and Perpetual Funds.

Question 3:

Q: What do you mean by activities? All types are discussed with detailed examples.

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