Questions on General Fund Entries [AICPA Adapted]
The DeKalb City Council approved and adopted its budget for 20X2. The budget contained the
following amounts:
Estimated revenues | $700,000 |
Appropriations | 660,000 |
Authorized transfer out to the library debt service fund | 30,000 |
During 20X2, various transactions and events occurred that affected the general fund.
Required
For items 1 through 39, indicate whether the item should be debited (D) or credited (C) or it is not affected (N).
Items 1 through 5 involve recording the adopted budget in the general fund.
1. Estimated Revenues.
2. Budgetary Fund Balance.
3. Appropriations.
4. Estimated Transfer Out.
5. Expenditures.
Items 6 through 10 involve recording the 20X2 property tax levy in the general fund. It was estimated that $5,000 would be uncollectible.
6. Property Tax Receivable.
7. Bad Debts Expense.
8. Allowance for Uncollectibles—Current.
9. Revenues.
10. Estimated Revenues.
Items 11 through 15 involve recording, in the general fund, encumbrances at the time purchase orders are issued.
11. Encumbrances.
12. Budgetary Fund Balance—Assigned for Encumbrances.
13. Expenditures.
14. Vouchers Payable.
15. Purchases.
Items 16 through 20 involve recording, in the general fund, expenditures that had been previously encumbered in the current year.
16. Encumbrances.
17. Budgetary Fund Balance—Assigned for Encumbrances.
18. Expenditures.
19. Vouchers Payable.
20. Purchases.
Items 21 through 25 involve recording, in the general fund, the transfer out of $30,000 made to the library debt service fund. (No previous entries were made regarding this transaction.)
21. Interfund Services Provided and Used.
22. Due from Library Debt Service Fund.
23. Cash.
24. Other Financing Uses—Transfer Out.
25. Encumbrances.
Items 26 through 35 involve recording, in the general fund, the closing entries (other than encumbrances) for 20X2.
26. Estimated Revenues.
27. Budgetary Fund Balance.
28. Appropriations.
29. Estimated Transfer Out.
30. Expenditures.
31. Revenues.
32. Other Financing Uses—Transfer Out.
33. Allowance for Uncollectibles—Current.
34. Bad Debt Expense.
35. Depreciation Expense.
Items 36 through 39 involve recording, in the general fund, the closing entry relating to the $12,000 of outstanding encumbrances at the end of 20X2 and an adjusting entry to reflect the intent to honor these commitments in 20X3.
36. Encumbrances.
37. Budgetary Fund Balance—Assigned for Encumbrances.
38. Fund Balance—Unassigned.
39. Fund Balance—Assigned for Encumbrances.
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