Question

On June 30, 20X2, the end of the fiscal year, the Wadsworth Park District prepared the following trial balance for the general fund: DebitCredt Cash 48,750 33,400 $ 2600 Allowance for Temporary Investments Inventory of Supplies 11,600 13,050 1,329,000 1.008,000 Estimated Revenues Control Appropriations Control Revenue State Grants Bonds Payable Vouchers Payable 1,020,000 318.000 1,011,000 11.300 Debt Service from Current Funds Capital Oulays (Equipment Revenue Taxes 855,200 135,000 23,300 1,004.100 83.100 7.200 Total $3.457.300 3.457 30 An examination of the records disclosed the following information 1 The recorded estimate of losses for the current year taxes receivable was considered to be adequate 2. The local governmental unit gave the park district 20 acres of land to be used for a new community park. The unrecorded estimated value of the land was $51,200. In addition, the unit received a state grant of $318,000, and used the full amount in payment of contracts pertaining to the construction of the park buildings. Purchases of playground equipment costing $23,300 were paid from general funds. 3. Five years ago, a 4 percent, 10-year sinking fund bond issue in the amount of $1,011,000 for constructing park buildings was sold; it is still outstanding. Interest on the issue is payable at maturity. Budgetary requirements of a contribution of $135,000 to the debt service fund were met. Of this amount, $101,100 represents the fifth equal contribution for principal repayment. 4. Outstanding purchase orders not recorded in the accounts at year-end totaled $4,300 5. A physical inventory of supplies at year-end revealed $6,600 of the supplies on hand Except where indicated to the contrary, all recordings were made in the general fund

Answer 1