Problem

The following summary of transactions was taken from the accounts of the Oslo School Distr...

The following summary of transactions was taken from the accounts of the Oslo School District general fund before the books had been closed for the fiscal year ended June 30, 2014:

 

Postclosing Balances June 30, 2013

Preclosing Balances June 30, 2014

Cash

$400,000

$700,000

Taxes receivable

150,000

170,000

Estimated uncollectible taxes

(40,000)

(70,000)

Estimated revenues

3,000,000

Expenditures

2,842,000

Expenditures—prior years

Encumbrances

91,000

 

$510,000

$6,733,000

Vouchers payable

$80,000

$408,000

Due to other funds

210,000

142,000

Fund balance—committed

60,000

91,000

Fund balance—unassigned

160,000

182,000

Revenues from taxes

2,800,000

Miscellaneous revenues

130,000

Appropriations

2,980,000

 

$510,000

$6,733,000

ADDITIONAL INFORMATION

1. The estimated taxes receivable for the year ended June 30, 2014, were $2,870,000, and current-year taxes collected during the year totaled $2,810,000.


2. Estimated uncollectible taxes from the prior year were written off.


3. An analysis of the transactions in the vouchers payable for the year ended June 30, 2014, follows:

 

Debit (Credit)

Current expenditures

$(2,700,000)

Expenditures for prior years

(58,000)

Vouchers for payment to other funds

(210,000)

Cash payments during the year

2,640,000

Net change

$(328,000)


4. During the year the general fund was billed $142,000 for services performed on its behalf by other city funds.


5. On May 2, 2014, commitment documents were issued for the purchase of new textbooks at a cost of $91,000.

REQUIRED : Based on the data presented, reconstruct the original detailed journal entries that were required to record all transactions for the fiscal year ended June 30, 2014, including the recording of the current year’s budget. Do not prepare closing entries at June 30, 2014.

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