Question

The following schedule shows the amounts related to supplies that the City of Pascal debited and credited to the indicated accounts during the year (not necessarily year-end balances), before closing entries. The City records its budget, encumbers all of its expenditures, and initially vouchers all payments. All revenue was collected in cash.

REQUIRED:

Some information is missing in the schedule below. Reconstruct (in summary) the entries the City must have made during the year to determine the missing data.

(in thousands)

Debits

Credits

Cash

$ 117

$ ?

Estimated revenues

?

0

Revenues

0

?

Vouchers payable

70

54

Appropriations

0

?

Encumbrances

?

58

Expenditures

?

0

Reserve for encumbrances

?

93

Fund balance

115

120

 

(in thousands)

 

Debits

Credits

Cash

$ 117

$ ?

Estimated revenues

?

0

Revenues

0

?

Vouchers payable

70

54

Appropriations

0

?

Encumbrances

?

58

Expenditures

?

0

Reserve for encumbrances

?

93

Fund balance

115

120

     

 

 

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