Homework Answers
The required journal entries are:
|
Date |
Particulars |
Amount ($) |
Credit ($) |
|
Fund-Based Financial Statements-General Fund |
|||
|
Aug 21 |
Other financing use- Transfers out to capital projects fund (building repair) |
100,000 |
|
|
Cash |
100,000 |
||
|
(To record transfer)) |
|||
|
Fund-Based Financial Statements – Capital Projects Fund |
|||
|
Aug 21 |
Cash |
100,000 |
|
|
Other financing use- Transfers from general fund (building repair) |
100,000 |
||
|
(To record the transfer) |
|||
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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
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6,100
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198,130
$
471,500
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471,500
Record...
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