Problem

Prepare entries in the general fund to record the following transactions and events:1. Est...

Prepare entries in the general fund to record the following transactions and events:

1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000.


2. The tax levy for the fiscal year, of which 99 percent is believed to be collectible, was $200,000.


3. Taxes collected were $150,000.


4. A short-term loan of $15,000 was made to the special revenue fund.


5. Orders for supplies were placed in the amount of $18,000. Use the purchases method.


6. The items ordered in transaction 5 were received. Actual cost was $18,150, and vouchers for that amount were prepared.


7. Materials were acquired from the stores fund (an internal service fund) in the amount of $800 (without encumbrance).


8. A $5,000 payment (transfer) was made to the debt service fund.


9. A cash payment of $15,000 was made for the purchase of equipment.


10. Licenses were collected in the amount of $3,000.


11. The balance of taxes receivable became delinquent.


12. Delinquent taxes of $30,000 were collected before year-end. The remaining net realizable value of delinquent taxes is expected to be collected uniformly over the first four months of the next fiscal year.

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Solutions For Problems in Chapter 20