What are the key differences between a governmental unit and a commercial company, accounting homework help

  

Research the following statements and write a paper of 500 words on your findings:What are the key differences between a governmental unit and a commercial company? Discuss the following terms and how they are used during the budget process of a governmental unit: Appropriations Encumbrances Expenditures Budgetary fund balances Give examples for each of the above terms. Part 2: Given the following information, create the journal entries required for each of the situations described:Estimated revenuesProperty taxes$1,250,000Fines and forfeits80,000Intergovernmental 500,000Total$1,830,000AppropriationsGeneral$300,000 Streets 50,000Public safety 800,000Total$ 1,150,000Make the journal entry to record the adoption of the annual budget. Make the journal entries necessary to record the following cash revenues that were received: Property taxes$800,000Fines and forfeits73,000Intergovernmental 300,000Total$1,173,000Purchase orders were issued for the following goods and services: General$285,000 Streets 50,000Public safety 670,000Total$ 1,005,000Purchase orders were fulfilled based upon the following estimated and actual costs: EstimatedActualGeneral$285,000 $280,000Streets 50,00050,000Public safety 670,000660,000Total$ 1,005,000$ 990,000