Problem

The unadjusted trial balance for the general fund of the City of Orchard Park at December...

The unadjusted trial balance for the general fund of the City of Orchard Park at December 31, 2014, is as follows:

 

Debit

Credit

Accounts receivable

$25,000

Allowance for bad debts

$2,000

Allowance for uncollectible taxes

30,000

Appropriations

900,000

Cash

40,000

Due from agency fund

10,000

Due to utility fund

20,000

Encumbrances

50,000

Estimated revenues

910,000

Expenditures

858,000

Fund balance—unassigned

26,000

Reserve for encumbrances

50,000

Revenues

910,000

Taxes receivable—delinquent

210,000

Taxes received in advance

10,000

Vouchers payable

155,000

 

$2,103,000

$2,103,000

Supplies on hand at December 31, 2014, are $3,000. The $50,000 encumbrance relates to equipment ordered November 28 for the Department of Public Works but not received by year-end. The equipment purchase was approved by the City Council.

REQUIRED: Prepare a balance sheet for the general fund of the City of Orchard Park at December 31, 2014.

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Solutions For Problems in Chapter 20