Question

- v uur wus signcu will a CPA to provide the annual audit in the amount of $5,200. 4-6. The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2017. Postclosing Trial Balance June 30, 2016 $490,000 28,000 $518,000 Transactions July 1, 2016, to June 30, 2017 Debits Credits $1,274,000 $1,310,400 1,316,000 1,279,600 Postclosing Trial Balance June 30, 2017 $453,600 64,400 $518,000 Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance 5,600 1,296,400 5,600 92,400 420,000 $518,000 7,000 1,218,000 77,000 7,000 14,000 497,000 $518,000

Answer 1

Prepare journal entries as follows:

Trn.	Account Titles	Debit	Credit
1	Taxes Receivable	$1,316,000
	Allowance for uncollectible taxes		$7,000
	Revenue control		$1,309,000
	(To record transfer of taxes receivable to control)
2	Cash	$1,274,000
	Allowance for uncollectible taxes	$5,600
	Taxes Receivable		$1,279,600
	(To record receipt of taxes receivable and uncollectible)
3	Expenditure control	$1,218,000
	Accounts payable		$1,218,000
	(To record expenditure payable)
4	Accounts payable	$1,296,400
	Cash		$1,296,400
	(To record payment of expenditure)
5	Fund Balance -Transfer out	$14,000
	Cash ($1310400-$1296400)		$14,000
	(To record the transfer out of general fund)
6	Revenue Control	$1,309,000
	Expenditure control		$1,218,000
	Fund Balance- Unreserved		$77,000
	Other financing uses -transfer out		$14,000
	(To record transfer to fund balance)