Provide complete answers to the following two problems: Prepare the General Ledger journal entries for the...
Provide complete answers to the following two problems:
- Prepare the General Ledger journal entries for the General Fund
for the Village of Bath for the year ended December 31, 2017.
- The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500.
- Revenues were received in the amount of $3,256,500.
- Purchase orders were issued in the amount of $1,690,000.
- Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000.
- Expenditures, not encumbered, amounted to $1,352,000. (not yet paid)
- Amounts from d and e are paid.
2. The following are GASB’s fund balance classifications. Define and give an example of each: Non-spendable, Restricted, Committed, Assigned, and Unassigned.
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Provide complete answers to the following two problems: Prepare the General Ledger journal entries for the...
1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath...
1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017. a. The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500 b. Revenues were received in the amount of $3,256,500. c. Purchase orders were issued in the amount of $1,690,000 d. Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000. e. Expenditures, not encumbered, amounted to...
cipaleu alsters to vel unus a . 3-). For each of the summarized transactions for the...
cipaleu alsters to vel unus a . 3-). For each of the summarized transactions for the village or I transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriations of $987,000. b. Revenues were received, all in cash, in the amount of $1,105,000. c. Purchase orders were issued in the amount of $479,000. d. Of the $479,000 in (c), purchase orders were filled in...
Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of...
Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Debits Credits $ 65,000 Property taxes receivable-delinquent 45,000 Allowance for uncollectible taxes-delinquent 58.000 Vouchers payable 25.000 Deferred revenues-property taxes 15.000 Assigned fund balance 12.000 Unassigned fund balance 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing account balances: 1. Harlan collected $40,000...
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 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...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Credits Debits $ 65,000 45,000 Cash............. Property taxes receivable-delinquent.......... Allowance for uncollectible taxes-delinquent.... Vouchers payable.................. Deferred revenues-property taxes............ Assigned fund balance.. Unassigned fund balance................ $ 8,000 25,000 15,000 12,000 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing ac- count balances:...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
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, $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 2021...
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....
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...
1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017. a. The budget was formally adopted. Estimated revenues are $3,250,000 and appropriations are estimated to be $3,204,500 b. Revenues were received in the amount of $3,256,500. c. Purchase orders were issued in the amount of $1,690,000 d. Purchase orders were filled in the amount of $1,436,500. The invoice amount was $1,443,000. e. Expenditures, not encumbered, amounted to...
cipaleu alsters to vel unus a . 3-). For each of the summarized transactions for the village or I transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. budget was formally adopted, providing for estimated revenues of $1,120,000 and appropriations of $987,000. b. Revenues were received, all in cash, in the amount of $1,105,000. c. Purchase orders were issued in the amount of $479,000. d. Of the $479,000 in (c), purchase orders were filled in...
Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Debits Credits $ 65,000 Property taxes receivable-delinquent 45,000 Allowance for uncollectible taxes-delinquent 58.000 Vouchers payable 25.000 Deferred revenues-property taxes 15.000 Assigned fund balance 12.000 Unassigned fund balance 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing account balances: 1. Harlan collected $40,000...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Credits Debits $ 65,000 45,000 Cash............. Property taxes receivable-delinquent.......... Allowance for uncollectible taxes-delinquent.... Vouchers payable.................. Deferred revenues-property taxes............ Assigned fund balance.. Unassigned fund balance................ $ 8,000 25,000 15,000 12,000 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing ac- count balances:...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
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 2021...
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....
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...
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