Question

Please record the following transactions in the journal below for Flimestone County's general fund. 1 At the beginning of year, recorded the budget: Estimated revenues $80,000, estimated expenditures $71,000, estimated operating transfers in $5.500, estimated operating transfers out $11,600 2 Levied property taxes $50.000,8% is estimated to be uncollectible. 3 A taxpayer paid next year's tax in advance. 54,700 4 Sent out purchase orders for supplies budgeted at $1.600, amounts were encumbered. 5 Twenty days later, $1,100 of the supplies ordered in #4 were received, and their actual cost was $1,190, the amount was vouched and will be paid later 6 Purchased and received a new computer, $11.900, a 6-month note payable was issued 7 Issued long-term bonds, S120,000, cash was received 8 Received $20,000 for a grant to renovate baseball fields. This money cannot be spent until a backstep is erected 9 Received another $18.000 from another grant for the baseball fields. This money cannot be spent until February 1 of next year. 10 Collected $34,000 of the taxes levied in 12. 11 Wrote off $2,900 of the taxes levied in 92. Na Debut Credit No Debat Credit

Please record the following transactions in the journal below for Flinstone County's general fund.

1 At the beginning of year, recorded the budget: Estimated revenues $80,000, estimated expenditures $71,000, estimated operating

transfers in $5,500, estimated operating transfers out $11,600.

2 Levied property taxes $50,000, 8% is estimated to be uncollectible.

3 A taxpayer paid next year's tax in advance, $4,700.

4 Sent out purchase orders for supplies budgeted at $1,600, amounts were encumbered.

5 Twenty days later, $1,100 of the supplies ordered in #4 were received, and their actual cost was $1,190, the amount was vouched

and will be paid later.

6 Purchased and received a new computer, $11,900, a 6-month note payable was issued.

7 Issued long-term bonds, $120,000, cash was received.

8 Received $20,000 for a grant to renovate baseball fields. This money cannot be spent until a backstop is erected.

9 Received another $18,000 from another grant for the baseball fields. This money cannot be spent until February 1 of next year.

10 Collected $34,000 of the taxes levied in #2.

11 Wrote off $2,900 of the taxes levied in #2.

Answer 1

Sl No	Particulars	Amount	Amount
1	Estimated Revenues A/c Dr	80,000
	Estimated Other Financing Uses (In) A/c Dr	5,500
	To Appropriations (Expense) A/c		71,000
	To Estimated Other Financing Uses (Out) A/c		11,600
	To Budgetary Fund Balance A/c		2,900
	(Being the estimated revenue and expenses are recorded)
2	Property Taxes Receivable A/c Dr	50,000
	To Allowance for Uncollectible Tax A/c		4,000
	To Revenues A/c		46,000
	(Being property taxes is levied)
3	Revenues A/c Dr	4,700
	To Property Taxes Received In advance		4,700
	(Being property taxes is received in advance)
4	Fund Balance Reserved for Encumbrances A/c Dr	1,600
	To Encumbrances A/c		1,600
	(Being purchase orders are made and encumbered)
5	Expenditure A/c Dr	1,190
	To Vouchers Payable A/c		1,190
	(Being the supplies received and vouched)
6	Computer A/c Dr	11,900
	To Notes Payable A/c		11,900
	(Being the computer purchased on 6 moths notes payable)
7	Cash   A/c Dr	120,000
	To Other Financing Sources- Bonds Proceeds A/c		120,000
	(Beings bonds are issued and cash is received)
8	Cash   A/c Dr	20,000
	To Deferred Revenue A/c		20,000
	(Being grants received for renovating baseball fields)
9	Cash   A/c Dr	18,000
	To Deferred Revenue A/c		18,000
	(Being grants received for renovating baseball fields)
10	Cash A/c Dr	34,000
	To Property Taxes Receivable A/c		34,000
	(Being tax collected from the tax levied)
11	Allowance for Uncollectible Tax A/c Dr	2,900
	To Property Taxes Receivable A/c		2,900
	(Being tax levied is wrote off)