Problem

The following information was abstracted from the accounts of the general fund of the City...

The following information was abstracted from the accounts of the general fund of the City of Lahti after the books had been closed for the fiscal year ended June 30, 2014:

 

Transactions July 1, 2013, to June 30, 2014

 

Trial Balance June 30, 2013

Debit

Credit

Postclosing Trial Balance June 30, 2014

Cash

$700,000

$1,820,000

$1,852,000

$668,000

Taxes receivable

40,000

1,870,000

1,828,000

82,000

 

$740,000

 

 

$750,000

Allowances for uncollectible taxes

$8,000

8,000

10,000

$10,000

Vouchers payable

132,000

1,852,000

1,840,000

120,000

Fund balance:

 

 

 

 

Committed

1,000,000

1,070,000

70,000

Unassigned

600,000

140,000

60,000

a

 

 

 

30,000

550,000

 

$740,000

 

 

$750,000

ADDITIONAL INFORMATION: The budget for the fiscal year ended June 30, 2014, provided for estimated revenues of $2,000,000 and appropriations of $1,940,000.

REQUIRED: Prepare journal entries to record the budgeted and actual transactions for the fiscal year ended June 30, 2014.

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Solutions For Problems in Chapter 20