Question

cent year. 3-2 (General Fund-Typical Transactions) Prepare all General Ledger entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. 1. The county levied property taxes of $5.000.000. Two percent are expected to prove uncol- lectible. The rest of the taxes are expected to be collected by year-end or soon enough thereafter to be considered available at year-end. The county collected $4.300.000 of the taxes receivable before the due date and the bal- ance of taxes became delinquent. The county collected another $540.000 of the taxes receivable by the end of the fiscal year. The county paid salaries and wages of $3.500.000 to General Fund employees during the year. Accrued salaries at the beginning of the year were $180.000, and accrued salaries at year-end were $200,000. $800.000 was loaned from the county General Fund to the Washington County Inland Port Authority Enterprise Fund. The loan is to be repaid in three years. The county purchased materials and supplies for various General Fund departments. The actual cost of $398,000 was vouchered. The county purch; sed road maintenance equipment at an actual cost of $40.000. which was vouchered.

Answer 1

Dear Student,

As per the HOMEWORKLIB POLICY, only the first question should be answered. Kindly take note of it. Each new question should be posted separately.

No.	Account titles and explanation	Debit	Credit
1	Taxes Receivable - Current	5000000
	Allowance for Uncollectible Current Taxes (5000000*2%)		100000
	Revenues		4900000
	NO EFFECT ON GENERAL CAPITAL ASSET OR GENERAL LONG-TERM LIABILITY ACCOUNTS
2	Cash	4300000
	Taxes Receivable - Delinquent
	Taxes Receivable - Current		5000000
	Allowance for Uncollectible Current Taxes	100000
	Allowance for Uncollectible Delinquent Taxes		100000
	NO EFFECT ON GENERAL CAPITAL ASSET OR GENERAL LONG-TERM LIABILITY ACCOUNTS
3	Cash	540000
	Taxes Receivable - Delinquent		540000
	NO EFFECT ON GENERAL CAPITAL ASSET OR GENERAL LONG-TERM LIABILITY ACCOUNTS
4	Expenditures	3520000
	Accrued Payroll (Salaries & Wages Payable)		20000
	Cash		3500000
	NO EFFECT ON GENERAL CAPITAL ASSET OR GENERAL LONG-TERM LIABILITY ACCOUNTS
5	Advance to External Fund (Inland Port Authority)	800000
	Cash		800000
6	Expenditures	398000
	Vouchers Payable		398000
	NO EFFECT ON GENERAL CAPITAL ASSET OR GENERAL LONG-TERM LIABILITY ACCOUNTS
7	Expenditures	40000
	Vouchers Payable		40000
	General capital assets accounts increases by $40,000, and therefore net position also increases by $40000