Part 1: Research the following statements and write a paper of 500 words on your

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Part 1: Research the following statements and write a paper of 500 words on your

Part 1: 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:
1. Make the journal entry to record the adoption of the annual budget.
2. Make the journal entries necessary to record the following cash revenues that were received:
3. Purchase orders were issued for the following goods and services:
4.Purchase orders were fulfilled based upon the following estimated and actual costs:

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