Question

Trial Balance June 30, 2019 Trial Balance June 30, 2029 July 1, 2019, to June 30, 2020 Debits Credits $1,370,000 $1,396,800 1,482,400 1,375,600 Cash Taxes Receivable $571,600 36,000 $607,600 $544,800 62,800 $607,600 Allowance for Uncollectible Taxes Accounts Payable Fund Balance 5,600 1,387,600 5,600 102,000 500,000 $607,600 10,200 1,350,000 33,000 10,200 64,400 533,000 $ 607,600 There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions fo the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Required" in the first account field.) Answer is complete but not entirely correct. Credit No Event Debit 1.402.400 1 1 General Journal Taxes Receivable Revenues Control Allowance for Uncollectible Taxes 10.200 1 392.2003 3 of 5 < Prey Next > O here to search

Answer 1

No.	Event	General Ledger	Debit	Credit
1.	1	Trade Receivable	1,402,400
		Revenues control		1,392,200
		Allowance for Uncollectible Taxes		10,200
		(Being trade receivable transfered to revenues control)
2	2	Cash	1,370,000
		Allowance for Uncollectible Taxes	5,600
		Taxes Receivable		1,375,600
		(Being receipt of taxes and uncollectible)
3	3	Expenditures Control	1,350,000
		Accounts Payable		1,350,000
		( Being expenditure payable)
4	4	Accounts Payable	1,387,600
		Cash		1,387,600
		(Being payment of expenditure)
5	5	Other Financing uses _ transfer	9,200
		Cash		9,200
		(Being transfer out of general fund)
6	6	Revenues control	1,392,200
		Expenditures Control		1,350,000
		Fund balance		33,000
		Other Financing uses _ transfer		9,200
		(Being transfer of expenditure and revenue control accounts to fund balance)