Homework Answers
| Particulars | Debit | Credit |
| 1. Cash | $40,000 | |
| Allowance for uncollectable taxes-deliquent | $5,000 | |
| Property taxes receivable-deliquent | $45,000 | |
| (To record collection of delinquent taxes and write off of uncollectable taxes) | ||
| Allowance for uncollectable taxes-deliquent | $3000 | |
| Revenues -property taxes($8000-$5000) | $3000 | |
| (To reverse allowance for uncollectable taxes delinquent) | ||
| Deferred Revenues -property taxes | $15,000 | |
| Revenues -property taxes | $15,000 | |
| (To recognise deferred property tax revenue) |
2.
| Particulars | Debit | Credit |
| Assigned Fund balance | $12000 | |
| Unassigned Fund balance | $12,000 | |
| (To reclassify fund balance to open Encumbrance) | ||
| Encumbrances | $12,000 | |
| Budgeted fund balance reserved for encumbrances | $12,000 | |
| (To reestablish encumbrances chargeable in fiscal 2020) |
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Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Credits Debits $ 65,000 45,000 Cash............. Property taxes receivable-delinquent.......... Allowance for uncollectible taxes-delinquent.... Vouchers payable.................. Deferred revenues-property taxes............ Assigned fund balance.. Unassigned fund balance................ $ 8,000 25,000 15,000 12,000 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing ac- count balances:...
в ево Question 6 Incomplete answer Marked out of 32.00 P Flag question Journal entries for...
в ево Question 6 Incomplete answer Marked out of 32.00 P Flag question Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Debits Credits Cash $ 65,000 Property taxes receivable-delinquent 45,000 Allowance for uncollectible taxes-delinquent $8,000 Vouchers payable 25,000 Deferred revenues-property taxes 15,000 Assigned fund balance 12,000 Unassigned fund balance 50,000 $110,000 $110,000 Prepare entries in 2020 to record the...
Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 2,000 84. The adjusted trial balance...
Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 2,000 84. The adjusted trial balance for White River for the fiscal year ended June 30, 20X9, is presented below. Debits Credits Cash $ 51,000 Property Taxes Receivable-Delinquent 20,000 Allowance for Uncollectible Taxes-Delinquent $ 15,000 Inventory of Supplies Vouchers Payable 10,000 Due to Internal Service Fund 2,000 Fund Balance-Assigned for Inventories 2,000 Fund Balance-Assigned for Encumbrances 12,000 Fund Balance-Unassigned 6,000 Expenditures 718,000 Transfer Out to Internal Service Fund 40,000 Property...
Use Excel to prepare in good form a balance sheet for the General Fund as of...
Use Excel to prepare in good form a
balance sheet for the General Fund as of December 31, 2017. Follow
the format shown in Illustration 4-3 of Reck and Lowensohn,
Accounting for Governmental & Nonprofit Entities, 17th
edition textbook (hereafter referred to as “the
textbook.”)
City of Smithville
General Fund
Post-closing Trial Balance
For year 2017
Debits
Credits
Cash
$
268,302
Taxes Receivable-Delinquent
193,371
Allowance for Uncollectible Delinquent Taxes
$
109,730
Interest and Penalties Receivable on Taxes
16,840
Allowance for...
The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit...
The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit Cash $ 94,000 Property Taxes Receivable—Delinquent 118,200 Allowance for Uncollectibles—Delinquent $ 7,100 Due from Other Funds 14,300 Vouchers Payable 63,000 Due to Other Funds 8,400 Fund Balance—Unassigned 120,000 Property Tax Revenue 1,140,000 Miscellaneous Revenue 38,000 Expenditures 1,125,000 Other Financing Uses—Transfer Out 25,000 Estimated Revenues Control 1,233,000 Appropriations Control 1,155,000 Estimated Other Financing Uses—Transfer Out 25,000 Encumbrances 39,000 Budgetary Fund Balance—Assigned for Encumbrances 39,000 Budgetary...
Record in general journal form entries to close the budgetary and operating statement accounts in the...
Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,119,000 2. Record the closure of operating statements account....
Credit General Fund - Entries and Financial Statements Below are the July 1, 2019, balances for...
Credit General Fund - Entries and Financial Statements Below are the July 1, 2019, balances for the general fund of Montana County. The county's fiscal year ends June 30. Debit Cash $120,000 Taxes receivable 22,500 Allowance for uncollectible taxes $14,000 Due from special revenue fund 15,000 Inventories 7,500 Accounts payable 7,500 Fund balance - nonspendable 7,500 Fund balance - assigned 3,000 Fund balance - unassigned 133.000 Totals $165,000 $165,000 Montana County uses the purchases method for inventories, and the GAAP...
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinqu...
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out encumbranceS Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total 7,400 14,800 70,000 8,900 118,000 1,145,000 35,000 1,140,000 18,000 1,208,000 1,150,000 18,000 37,000...
Create the balance sheet according to this trial balance The following unadjusted trial balances are for...
Create the balance sheet according to this trial balance The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000...
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019,...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Credits Debits $ 65,000 45,000 Cash............. Property taxes receivable-delinquent.......... Allowance for uncollectible taxes-delinquent.... Vouchers payable.................. Deferred revenues-property taxes............ Assigned fund balance.. Unassigned fund balance................ $ 8,000 25,000 15,000 12,000 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing ac- count balances:...
в ево Question 6 Incomplete answer Marked out of 32.00 P Flag question Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Debits Credits Cash $ 65,000 Property taxes receivable-delinquent 45,000 Allowance for uncollectible taxes-delinquent $8,000 Vouchers payable 25,000 Deferred revenues-property taxes 15,000 Assigned fund balance 12,000 Unassigned fund balance 50,000 $110,000 $110,000 Prepare entries in 2020 to record the...
Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 2,000 84. The adjusted trial balance for White River for the fiscal year ended June 30, 20X9, is presented below. Debits Credits Cash $ 51,000 Property Taxes Receivable-Delinquent 20,000 Allowance for Uncollectible Taxes-Delinquent $ 15,000 Inventory of Supplies Vouchers Payable 10,000 Due to Internal Service Fund 2,000 Fund Balance-Assigned for Inventories 2,000 Fund Balance-Assigned for Encumbrances 12,000 Fund Balance-Unassigned 6,000 Expenditures 718,000 Transfer Out to Internal Service Fund 40,000 Property...
Use Excel to prepare in good form a
balance sheet for the General Fund as of December 31, 2017. Follow
the format shown in Illustration 4-3 of Reck and Lowensohn,
Accounting for Governmental & Nonprofit Entities, 17th
edition textbook (hereafter referred to as “the
textbook.”)
City of Smithville
General Fund
Post-closing Trial Balance
For year 2017
Debits
Credits
Cash
$
268,302
Taxes Receivable-Delinquent
193,371
Allowance for Uncollectible Delinquent Taxes
$
109,730
Interest and Penalties Receivable on Taxes
16,840
Allowance for...
Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,119,000 2. Record the closure of operating statements account....
Credit General Fund - Entries and Financial Statements Below are the July 1, 2019, balances for the general fund of Montana County. The county's fiscal year ends June 30. Debit Cash $120,000 Taxes receivable 22,500 Allowance for uncollectible taxes $14,000 Due from special revenue fund 15,000 Inventories 7,500 Accounts payable 7,500 Fund balance - nonspendable 7,500 Fund balance - assigned 3,000 Fund balance - unassigned 133.000 Totals $165,000 $165,000 Montana County uses the purchases method for inventories, and the GAAP...
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out encumbranceS Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total 7,400 14,800 70,000 8,900 118,000 1,145,000 35,000 1,140,000 18,000 1,208,000 1,150,000 18,000 37,000...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
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