1 | ||
Description | Debit | Credit |
Cash | $40,000 | |
Allowance for uncollectible taxes - delinquent | $5,000 | |
Property Taxed Receiveble - delinquent | $45,000 | |
To record collection of delinquent taxes and write-off of uncollectible taxes | ||
Allowance for uncollectible taxes - delinquent | $3,000 | |
Revenues - Property Taxes ($8,000 - $3,000) | $3,000 | |
To reverse allowance for uncollectible taxes delinquent | ||
Deferred Revenues - Property Taxes | $15,000 | |
Revenues - Property Taxes | $15,000 | |
To recognize deferred property tax revenue | ||
2 | ||
Assigned Fund Balance | $12,000 | |
Unassigned Fund Balance | $12,000 | |
To reclassify Fund Balance to Open Encumberance | ||
Encumberances | $12,000 | |
Budgeted Fund Balance reserved for Encumberances | $12,000 | |
To reestablish encumberances chargeable in fiscal 2020 |
в ево Question 6 Incomplete answer Marked out of 32.00 P Flag question Journal entries for...
Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Debits Credits $ 65,000 Property taxes receivable-delinquent 45,000 Allowance for uncollectible taxes-delinquent 58.000 Vouchers payable 25.000 Deferred revenues-property taxes 15.000 Assigned fund balance 12.000 Unassigned fund balance 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing account balances: 1. Harlan collected $40,000...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Credits Debits $ 65,000 45,000 Cash............. Property taxes receivable-delinquent.......... Allowance for uncollectible taxes-delinquent.... Vouchers payable.................. Deferred revenues-property taxes............ Assigned fund balance.. Unassigned fund balance................ $ 8,000 25,000 15,000 12,000 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing ac- count balances:...
Use Excel to prepare in good form a balance sheet for the General Fund as of December 31, 2017. Follow the format shown in Illustration 4-3 of Reck and Lowensohn, Accounting for Governmental & Nonprofit Entities, 17th edition textbook (hereafter referred to as “the textbook.”) City of Smithville General Fund Post-closing Trial Balance For year 2017 Debits Credits Cash $ 268,302 Taxes Receivable-Delinquent 193,371 Allowance for Uncollectible Delinquent Taxes $ 109,730 Interest and Penalties Receivable on Taxes 16,840 Allowance for...
Can you have a look at the CLOSING ENTRIES at the end, where i put a red rectangle? and tell me if I answered correctly to the question? if not please provide me with the correct closing entries. ASAP, i have limited time to post this homework. Thanks At year-end, an analysis by the city’s finance department determined the following constraints on fund balances in the General Fund. Prepare the appropriate closing/reclassification journal entry in the General Fund to reclassify...
Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,119,000 2. Record the closure of operating statements account....
Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 2,000 84. The adjusted trial balance for White River for the fiscal year ended June 30, 20X9, is presented below. Debits Credits Cash $ 51,000 Property Taxes Receivable-Delinquent 20,000 Allowance for Uncollectible Taxes-Delinquent $ 15,000 Inventory of Supplies Vouchers Payable 10,000 Due to Internal Service Fund 2,000 Fund Balance-Assigned for Inventories 2,000 Fund Balance-Assigned for Encumbrances 12,000 Fund Balance-Unassigned 6,000 Expenditures 718,000 Transfer Out to Internal Service Fund 40,000 Property...
Credit General Fund - Entries and Financial Statements Below are the July 1, 2019, balances for the general fund of Montana County. The county's fiscal year ends June 30. Debit Cash $120,000 Taxes receivable 22,500 Allowance for uncollectible taxes $14,000 Due from special revenue fund 15,000 Inventories 7,500 Accounts payable 7,500 Fund balance - nonspendable 7,500 Fund balance - assigned 3,000 Fund balance - unassigned 133.000 Totals $165,000 $165,000 Montana County uses the purchases method for inventories, and the GAAP...
8tcans acassess #3 100 Chapter 17 - Governmental Entities: Introduction and General Fund Accounting Chapter 17 - Governmental 84. The adjusted trial balance for White River for the fiscal year ended June 30, 20X9, is presented below. Debits Credits Cash $ 51,000 Property Taxes Receivable-Delinquent 20,000 Allowance for Uncollectible Taxes-Delinquent $ 15,000 Inventory of Supplies 2,000 Vouchers Payable 10,000 Due to Internal Service Fund 2,000 Fund Balance-Assigned for Inventories 2,000 Fund Balance-Assigned for Encumbrances 12,000 Fund Balance-Unassigned 6.000 Expenditures 718,000...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 276,120 Taxes Receivable—Delinquent 183,000 Allowance for Uncollectible Delinquent Taxes $ 21,960 Interest and Penalties Receivable 6,280 Allowance for Uncollectible Interest and Penalties 1,160 Inventory of Supplies 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources—Unavailable Revenues 166,160 Fund Balance—Nonspendable—Inventory of Supplies 6,100 Fund Balance—Unassigned 198,130 $ 471,500 $ 471,500 Record...