Please make entries for the following transactions of a city General Fund. 1. January 1-- Levied...
Please make entries for the following transactions of a city General Fund.
1. January 1-- Levied property taxes to finance the current year budget. The total levied was $4,000,000. Two percent has historically proven uncollectible.
2. January 15-- Issued a 6-month, 5% note for $150,000.
3. January 31-- Paid salaries, $75,000.
4. February 10—Purchased land for cash, $62,000.
5. February to December 31—collected taxes of $3,100,000.
6. Repaid the 6-month note plus interest on July 15.
7. December 12—Wrote off taxes receivable of $20,000 that are not collectible.
8. Issued a 5-year note, 6% interest rate, for $1,000,000 on December 31.
9. December 31—Determined that an estimated $275,000 of this year’s property taxes are expected to be collected during January and February of the next year.
10. December 31—Salaries earned by employees since the last payroll for the year were $18,000. Record any adjustments needed at year-end.
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Please make entries for the following transactions of a city
General Fund.
1. January 1-- Levied...
The given is : Higgins city levied $ 5,000,000 of general fund property taxes for the...
The given is : Higgins city levied $ 5,000,000 of general fund
property taxes for the calendar year ending December 31,2019 with
an estimated uncollectible amount of $300,000. during 2019 and the
first two months of 2020, $4,500,000 of the levy is expected to be
collected, however $200,000 of the levy is not expected to be
collected until after February 2020. record the property tax
revenue that should be recognized for the calendar year end
December 2019. please show how...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
Please record the following transactions in the journal below for Flinstone County's general fund. 1 At...
Please record the following transactions in the journal below
for Flinstone County's general fund.
1 At the beginning of year, recorded the budget: Estimated
revenues $80,000, estimated expenditures $71,000, estimated
operating
transfers in $5,500, estimated operating transfers out
$11,600.
2 Levied property taxes $50,000, 8% is estimated to be
uncollectible.
3 A taxpayer paid next year's tax in advance, $4,700.
4 Sent out purchase orders for supplies budgeted at $1,600,
amounts were encumbered.
5 Twenty days later, $1,100 of the...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017: Beginning balances were: Cash, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are classified as General Government. Property taxes were levied in the amount of $915,000. All of the taxes are expected to be collected before February 2018. Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $97,000; Taxes Receivable,
$195,500; Accounts Payable, $55,250; and Fund Balance,
$237,250.
The budget was passed. Estimated revenues amounted to
$1,270,000 and appropriations totaled $1,266,600. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $935,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $105,000; Taxes Receivable, $207,500; Accounts Payable, $61,250; and Fund Balance, $251,250. The budget was passed. Estimated revenues amounted to $1,350,000 and appropriations totaled $1,345,000. All expenditures are classified as General Government. Property taxes were levied in the amount of $975,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled...
cent year. 3-2 (General Fund-Typical Transactions) Prepare all General Ledger entries required in the General Fund...
cent year. 3-2 (General Fund-Typical Transactions) Prepare all General Ledger entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. 1. The county levied property taxes of $5.000.000. Two percent are expected to prove uncol- lectible. The rest of the taxes are expected to be collected by year-end or soon enough thereafter to be considered available at year-end. The county collected $4.300.000 of...
Check The following transactions relate to the General Fund of the City of Buffalo Falls for...
Check The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020 1. Beginning balances were: Cash, $109,000; Taxes Receivable, $213,500; Accounts Payable, $64,250; and Fund Balance, $258,250 2. The budget was passed. Estimated revenues amounted to $1,390,000 and appropriations totaled $1,384,200. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $995,000. All of the taxes are expected to be collected before February...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $80,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $215,000. 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,196,000. All expenditures are classified as General Government 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2021....
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017: Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750. The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government. Property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2018. Cash receipts totaled...
The given is : Higgins city levied $ 5,000,000 of general fund
property taxes for the calendar year ending December 31,2019 with
an estimated uncollectible amount of $300,000. during 2019 and the
first two months of 2020, $4,500,000 of the levy is expected to be
collected, however $200,000 of the levy is not expected to be
collected until after February 2020. record the property tax
revenue that should be recognized for the calendar year end
December 2019. please show how...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
Please record the following transactions in the journal below
for Flinstone County's general fund.
1 At the beginning of year, recorded the budget: Estimated
revenues $80,000, estimated expenditures $71,000, estimated
operating
transfers in $5,500, estimated operating transfers out
$11,600.
2 Levied property taxes $50,000, 8% is estimated to be
uncollectible.
3 A taxpayer paid next year's tax in advance, $4,700.
4 Sent out purchase orders for supplies budgeted at $1,600,
amounts were encumbered.
5 Twenty days later, $1,100 of the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $97,000; Taxes Receivable,
$195,500; Accounts Payable, $55,250; and Fund Balance,
$237,250.
The budget was passed. Estimated revenues amounted to
$1,270,000 and appropriations totaled $1,266,600. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $935,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
cent year. 3-2 (General Fund-Typical Transactions) Prepare all General Ledger entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. 1. The county levied property taxes of $5.000.000. Two percent are expected to prove uncol- lectible. The rest of the taxes are expected to be collected by year-end or soon enough thereafter to be considered available at year-end. The county collected $4.300.000 of...
Check The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020 1. Beginning balances were: Cash, $109,000; Taxes Receivable, $213,500; Accounts Payable, $64,250; and Fund Balance, $258,250 2. The budget was passed. Estimated revenues amounted to $1,390,000 and appropriations totaled $1,384,200. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $995,000. All of the taxes are expected to be collected before February...
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $80,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $215,000. 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,196,000. All expenditures are classified as General Government 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2021....
Most questions answered within 3 hours.
-
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 21 minutes ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 23 minutes ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 22 minutes ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 25 minutes ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 26 minutes ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 29 minutes ago -
What are the main components of the fermentation process and
give an explanation of each? Include...
asked 54 minutes ago -
Explain which types of cells in the body (belonging to which
organs, etc.) are sensitive to...
asked 58 minutes ago -
A single cable supports an 703-kg elevator car. What is the
tension in the cable when...
asked 1 hour ago -
among the three different ways to link CSS specifications to an
HTML document (inline CSS, document...
asked 1 hour ago -
(1) Write the net ionic equation for the reaction that occurs
when equal volumes of 0.191...
asked 1 hour ago -
On the night of April 18, 1775, a signal was to be sent from the
Old...
asked 1 hour ago