Question

On June 30, 20X2, the end of the fiscal year, the Wadsworth Park District prepared the following trial balance for the general fund Credit Debit 48,550 33,200 Cash Taxes Receivable-Current Allowance for Uncollectibles-Current 2,300 12,500 12,150 1,335,000 1,028,000 Temporary Investments Inventory of Supplies Buildings Estimated Revenues Control Appropriations Control Revenue-State Grants Bonds Payable Vouchers Payable Expenditures Debt Service from Current Funds Capital Outlays (Equipment) Revenue-Taxes Fund Balance-Unassigned Budgetary Fund Balance-Unassigned 1,017,000 315,000 1,020,000 10,700 853,200 130,500 22,500 1,020,300 82,600 7,700 $3,475,600 Total $3,475,600 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 $50,200. In addition, the unit received a state grant of $315,000, and used the full amount in payment of contracts pertaining to the construction of the park buildings. Purchases of playground equipment costing $22,500 were paid from general funds. 3. Five years ago, a 4 percent, 10-year sinking fund bond issue in the amount of $1,020,000 for constructing park buildings was sold; it is still outstanding. Interest on the issue is payable at maturity. Budgetary requirements of a contribution of $130,500 to the debt service fund were met. Of this amount $102,000 represents the fifth equal contribution for principal repayment. 4. Outstanding purchase orders not recorded in the accounts at year-end totaled $3,300. 5. A physical inventory of supplies at year-end revealed $8,100 of the supplies on hand. 6. Except where indicated to the contrary, all recordings were made in the general fund. Required: Prepare the adjusting entries to correct the general fund records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: Prepare the adjusting entries to correct the general fund records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 2 3 6 1 Record the entry for the adequate estimates of losses. Note: Enter debits before credits Credit Transaction General Journal Debit 01 View general journal Record entry Clear entry

Answer 1

NO Anscor ganeral dund adasing entues fo coo0icct he Poepane thc vreords No enty oecoxodeol. Comec for e gerant cxpendrel for building 1 Fxpendlilane 315000 (dbi Condit aleting4 315000 expeniditiunes to playgeond eqp Coai for a500 dbit Expendilines Captal oudlays eguipmat g. 500 Cpnect fo onda asc to conabuct bil ding 3 Bonda poyable (kbit t020,000 Credit Bui 030r000

to debt sevice und, Comrat for tranh -ranshor fmancing otion Out to debt envice bund - 4 30, 500 (debit Debt vice from Cuvrent und s - 1301500 (Gedit for encumbrance (A Enaumbrances Dr 330 O Budgetary fond balance - asigned Condit) $3300 porinds Cuvent for upplies uncd in ipendilineavtoy &pplies QO1S 150 8100 f4050 Cathit) Inventungpplies 44050(Credit Catrect tor esenve for ending foncbalancenasgned e00 furd balance -asfgned for nventory = s 8100

NO emeoral find adfunngenitiaDebt to Corecfhe NO Gedit No enloecoded Experdilane 315000 Baildingy 4315000 Expendbilanes Capital oustays Ceguipmat able kuiveling a500 Bonds (000,000 tO20,000 Othen financing Out fo deát envice und $130,500 CwIent fnd orvice from Debt 130500 for Encubrances Encumbrances $3300 Badgtany tund lane anigned 3300

A Expudi ve 4050 Ionntorg of plies 44050 fond balan ce 100 unesigne fon d talance- ausignd fo invenry LG