Among the activities of Calabash County for the fiscal year beginning July 1, 2005, and ending June 30, 2006, were the following: 2005 July 1 Approved the annual budget for the Gasoline Tax Special Revenue Fund as follows: Appropriations, $600,000. Estimated revenues, $640,000, July 5 Executed a contract for the construction of a new public library at a total cost of $5 million Aug. 1 Authorized a special assessment of $400,000 on residents of the North Sub- division for construction of sidewalks. The special assessment, which was payable in five annual installments of $80.000 beginning October 1, 2005, with interest at 9% a year on the unpaid installments, was to be accounted form the Special Assessment Special Revenue Fund. Sept.1 Acquired from proceeds of general tax revenues equipment costing $20,000 (the related purchase order was for $19,600). The equipment was to be used by the general government of Calabash County, which does not depreciate plant assets, in the voluntarily maintained General Capital Assets Account Group. The county uses encumbrance accounting Instructions: 1. Prepare journal entries for the fiscal year ended June 30, 2006, for the foregoing transactions or events of Calabash County. 2. Identify the funds or account groups in which the journal entries are recorded scribd

Explanation:

Journal entries:

1/7/2005

Dr Estimated Revenues  640,000

     Cr Appropriations  600,000

     Cr Budgetary Fund Balance  40,000

5/7/2005

Dr Encumbrances  5,000,000

     Cr Fund Balance Reserved for Encumbrances  5,000,000

1/8/2005  

Dr Special Assessments Receivable (Current)  80,000

Dr Special Assessments Receivable (Deferred)  320,000

       Cr Revenues  80,000

       Cr Deferred Revenues  320,000

1/9/2005

Dr Expenditures  20,000

        Vouchers Payable  20,000

1/9/2005

Dr Fund Balance Reserved for Encumbrances  19,600

     Cr Encumbrancences 19,600

1/9/2005  

Dr Machinery and Equipment  20,000

Cr Investment in General Capital Assets from General Fund Revenues 20,000

2. Funds or account groups

1st journal entry - Special Revenue Fund (SRF)

2nd journal entry - Capital Projects Fund (CPF)

3rd journal entry - Special Revenue Fund (SRF)

4th journal entry - General Fund (GF)

5th journal entry - General Fund (GF)

6th journal entry -  Governmental Capital Assets Account Group (GCAAG)

the correct option is c

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know