Here is the preclosing December 31, 2020 trial balance for the general fund ofLancaster County:All numbers are in thousands.Debit$ 371,000113,000Estimated revenues1,290,000Estimated other financing sources 60,000General expenditures1,015,00025,000CashTaxes receivableCapital outlayDebt service: principal paymentsDebt service: interest paymentsTransfers outDue from other fundsAllowance for uncollectible taxesAccounts payableDue to other fundsProperty tax revenuesSpeeding ticket revenuesTransfers inBond proceedsAppropriationsEstimated other financing usesFund balance-unassignedTotals2,0008,00020,00012,000Credit$45,00050,00021,000950,000400,0008,00050,0001,085,00022,000285,000$2,916,000 $2,916,000By how much do the closing entries at the end of 2020 increase fund balance-unassigned?$37,000$40,000$73,000$95,000

It is the accounting system in which, the recording of use of resources will be restricted or…

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit $ 371,000 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Cash Taxes receivable Credit

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit $ 371,000 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Cash Taxes receivable Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
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Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…
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