P3-2 (Budgetary and Other Entries—General and Subsidiary Ledgers)…

P3-2 (Budgetary and Other Entries—General and Subsidiary Ledgers) The Murphy County Commissioners adopted the following General Fund budget for the 20X8 fiscal year: Murphy County General Fund Budget—20X8 Estimated Revenues:   Taxes $  8,000,000   Licenses and permits 800,000   Intergovernmental 2,000,000   Charges for services 200,000   Fines and forfeits 400,000   Other 600,000 12,000,000 Appropriations:   General government 1,000,000   Public safety 4,000,000   Highways and streets 5,000,000   Health and sanitation 900,000   Culture and recreation 400,000   Other 600,000 11,900,000 Excess of Estimated Revenues over Appropriations 100,000 Fund Balance—Beginning 1,400,000 Fund Balance—Ending (Anticipated) $ 1,500,000 The following events occurred during 20X8: Purchase orders issued and contracts let were expected to cost: General government $  300,000 Public safety 1,200,000 Highways and streets 2,500,000 Health and sanitation 500,000 Culture and recreation 300,000 Other 200,000 $  5,000,000 The commissioners reviewed the budget during the year and (a) revised the estimate of Intergovernmental Revenues to $1,500,000 and reduced the Public safety and Highways and streets appropriations by $225,000 each to partially compensate for the anticipated decline in intergovernmental revenues, and (b) increased the Health and sanitation appropriation by $70,000 because of costs incurred in connection with an unusual outbreak of Tasmanian flu. Revenues (actual) for 20X8 were: Taxes $ 8,150,000 Licenses and permits 785,000 Intergovernmental 1,520,000 Charges for services 210,000 Fines and forfeits 395,000 Other 500,000 $11,560,000 Goods and services under purchase orders and contracts were received: Estimated Cost Actual Cost General government $ 280,000 $ 278,000 Public safety 900,000 910,000 Highways and streets 2,500,000 2,500,000 Health and sanitation 440,000 440,000 Culture and recreation 300,000 295,000 Other 180,000 181,000 $4,600,000 $4,604,000 The remaining orders are still outstanding. Other expenditures incurred were: General government $ 700,000 Public safety 2,560,000 Highways and streets 2,271,000 Health and sanitation 485,000 Culture and recreation 45,000 Other 391,000 $6,452,000 Required 1. Set up general ledger T-accounts like those in Illustration 3-1 and also revenues and expenditures subsidiary ledgers like those in Illustrations 3-2 and 3-3. 2. Record the Murphy County 20X8 General Fund budget in the general ledger and subsidiary ledger accounts, keying these entries “B” (for budget). Then record the numbered transactions and events, keying these entries by those numbers

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