Homework Answers
Recording of Generak Fund Collection of $10,805,500 in cash:
| Transaction | General Journal | Debit | Credit |
| 08 | Cash | 10805500 | |
| Taxes Recieveable-prior year | $158000 | ||
| Interest and penalties recievables | $3500 | ||
| Taxes Recievable-current year | $6400000 | ||
| Due from state government | $204000 | ||
| Licences & permits | $800000 | ||
| Sales tax | $2890000 | ||
| Miscellaneous revenues | $350000 |
*As per fundemental principals, while recording a journal entry
- Asset what comes in, Cash, should be debited
- All revenues and gains, should be credited
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Record the General Fund collection ($10,805,500) In cash. bok Note: Enter debits before credits Int Transaction...
***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL POST THE REST OF THE INFO IN CASE YOU...
***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL
POST THE REST OF THE INFO IN CASE YOU NEED IT.
Continuous Problem 04-01 The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $503,000 173, see CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210, eee Less: Estimated uncollectible taxes (37,eee) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (958)...
a. Record journal entries for the following transactions for FY 2017. Make any computations to the...
a. Record journal entries for the following
transactions for FY 2017. Make any computations to the nearest
dollar. Journal entry explanations are not required. Use control
accounts for revenues, expenditures and budgetary accounts. It is
not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at
the end of 2016 were re-established.
(2) The January 1, 2017, balance in Deferred Inflows – Property
Taxes relates to the amount of the 2016 levy that was...
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent...
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 Interest and Penalties Receivable on Taxes 23,860 Sales Taxes 748,000 Licenses and Permits 479,000 Fines and Forfeits 519,000 Intergovernmental Revenues 515,000 Charges for Services 361,000 Miscellaneous Revenues 226,500 Total $9,704,360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the...
Gov. Acct
The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019 , follow.3.C. This portion of the continuous problem continues the General Fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues. expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes:(1) As of January 1, 2020 , the City Council approved...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
Use Excel to prepare in good form a balance sheet for the General Fund as of...
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...
Record in general journal form entries to close the budgetary and operating statement accounts in the...
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....
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00...
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00 $210,0 Taxes receivable 00 (37,000 Less: Estimated uncollectible taxes 173,00 0 net 5,200 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties (950) net 4,250 210,00 Due from state government $884,2 Total assets 50 Liabilities, Deferred Inflows, and Fund Equity Liabilities: 99,000 Accounts payable Due to other funds 27,000 126,00 Total liabilities 21,000 Deferred inflows - Property taxes Fund equity: Screenshot...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019,...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 5. $1,971,000 of current...
***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL
POST THE REST OF THE INFO IN CASE YOU NEED IT.
Continuous Problem 04-01 The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $503,000 173, see CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210, eee Less: Estimated uncollectible taxes (37,eee) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (958)...
a. Record journal entries for the following
transactions for FY 2017. Make any computations to the nearest
dollar. Journal entry explanations are not required. Use control
accounts for revenues, expenditures and budgetary accounts. It is
not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at
the end of 2016 were re-established.
(2) The January 1, 2017, balance in Deferred Inflows – Property
Taxes relates to the amount of the 2016 levy that was...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
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...
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....
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00 $210,0 Taxes receivable 00 (37,000 Less: Estimated uncollectible taxes 173,00 0 net 5,200 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties (950) net 4,250 210,00 Due from state government $884,2 Total assets 50 Liabilities, Deferred Inflows, and Fund Equity Liabilities: 99,000 Accounts payable Due to other funds 27,000 126,00 Total liabilities 21,000 Deferred inflows - Property taxes Fund equity: Screenshot...
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000 Required a. & b. Prepare the journal entry (or entries), to...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 5. $1,971,000 of current...
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