Badger Township needs to close out its General Fund budget a…
Badger Township needs to close out its General Fund budget and actuals ledgers. Assume that Badger Township has a balance remaining of $245,000 in encumbrances outstanding as of the end of the year. The outstanding invoices are expected to be honored in the next fiscal year. Badger’s actuals ledger closing entry will include:
Read DetailsIn the last fiscal year, you received notification that your…
In the last fiscal year, you received notification that your not-for-profit organization has been named in the will of one of your long-time benefactors who has passed away. The will stipulates that the funds must be used to improve the buildings in your not-for-profit organization’s summer camp. The lawyer told you that you would receive $300,000 and you recorded the appropriate journal entry at this time. However, the not-for-profit received a check for $312,000, $12,000 more than you had expected. Which of the following journal entries should be recorded?
Read Details