P17-13 General Fund Entries [AICPA Adapted] The following information was abstracted from the accounts of the general fund of the City of Noble after the books had been closed for the fiscal year ended June 30, 20X2. Cash Taxes Receivable Total Allowance for Uncollectible Taxes Vouchers Payable Fund Balance: Assigned for Encumbrances. Unassigned Total Postclosing Trial Balance, June 30, 20X1 $700,000 40,000 $740,000 $ 8,000 132,000 600,000 $740,000 Transactions July 1, 20X1-June 30, 20X2 Debit $1,820,000 1,870,000 8,000 1,852,000 70,000 Credit $1,852,000 1,828,000 10,000 1,840,000 70,000 20,000 Postclosing Trial Balance, June 30, 20X2 $668,000 82,000 $750,000 $ 10,000 120,000 70,000 50,000 $750,000 Additional Information The budget for the fiscal year ended June 30, 20X2, provided for estimated revenue of $2,000,000 and appropriations of $1,940,000. Encumbrances of $1,070,000 were made during the year. Required Prepare proper journal entries to record the budgeted and actual transactions for the fiscal year ended June 30, 20X2. Include closing entries.

P17-13 General Fund Entries [AICPA Adapted] The following information was abstracted from the accounts of the general fund of the City of Noble after the books had been closed for the fiscal year ended June 30, 20X2. Cash Taxes Receivable Total Allowance for Uncollectible Taxes Vouchers Payable Fund Balance: Assigned for Encumbrances. Unassigned Total Postclosing Trial Balance, June 30, 20X1 $700,000 40,000 $740,000 $ 8,000 132,000 600,000 $740,000 Transactions July 1, 20X1-June 30, 20X2 Debit $1,820,000 1,870,000 8,000 1,852,000 70,000 Credit $1,852,000 1,828,000 10,000 1,840,000 70,000 20,000 Postclosing Trial Balance, June 30, 20X2 $668,000 82,000 $750,000 $ 10,000 120,000 70,000 50,000 $750,000 Additional Information The budget for the fiscal year ended June 30, 20X2, provided for estimated revenue of $2,000,000 and appropriations of $1,940,000. Encumbrances of $1,070,000 were made during the year. Required Prepare proper journal entries to record the budgeted and actual transactions for the fiscal year ended June 30, 20X2. Include closing entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hh2.
A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): Multiple Choice A. Increase of $250,000. B. Increase of $500,000. C. Decrease of $250,000. D. Decrease of $500,000.
Changes in mix of revenues and expenditures must be interpreted with care. The data that follow were drawn from the city of Boulder, Colorado’s CAFR. Dates have been changed. They are from two statistical-section schedules showing the mix of revenue and expenditures for a 10-year period. They include amounts only from the general fund, special revenue funds, and debt service funds. 2020 2021 (amounts in thousands) Revenues Sales and use taxes $ 97,397 $104,136 General property taxes 29,474 29,434 Other taxes 20,278 21,184 Charges for services 27,030 22,670 Intergovernmental 16,420 13,348 Proceeds from bonds and notes 54,830 Other 20,660 21,473 Total revenues $266,089 $212,245 Expenditures General government and administration $ 27,717 $ 30,185 Public safety 47,825 48,202 Public works 22,178 27,896 Housing and human services 13,384 20,226 Culture and recreation 25,677 28,089 Capital outlay 29,111 19,218 Debt service 13,574 16,375…
For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [ Select] [Select] > > Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000
Computation of a government's budgetary cushion Following are extracts from a city's General Fund balance sheet and statement of revenues, expenditures, and changes in fund balance. General Fund Extracts Fund Balance: Nonspendable (supplies inventory) $59,760 28,600 Restricted (intergovernmental grant) 110,000 Assigned (appropriated for next year's budget) Assigned (for future OPEB expenditures) 16,500 Unassigned 1,292,740 Total fund balance $1,507,600 Total revenues $31,339,000 Transfers in (all recurring) $400,400 a) How much (in dollars) is available to help balance future budgets? $ b) Calculate the budgetary cushion. Round the percentage to one decimal. % c) Using the rule of thumb suggested in the text, would the budgetary cushion be considered be considered reasonable, too high, or too low?
2
Asap
Haradev
Exercise 5-18 (Algo) General Capital Assets (LO 5-2, 5-4] Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Fund / Governmental Activties Transaction General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,300,000 and was recorded on the donor's books at a historical cost of $3,600,000. 1 General Fund Governmental Activities 2. The Public Works Department sold machinery with a historical cost of $34,200 and accumulated depreciation of $28,250 for $5,525. The machinery had originally been purchased with special revenue funds. 2 General Fund Governmental Activities 3. A car was leased for the mayor's use. The first payment…
Do not provide answer in image format
The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1.2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.
The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows: Debits Accounts Receivable $40,000 Cash 75,000 Due from Agency Fund 25,000 Encumbrances 60,000 Estimated Revenues 975,000 Expenditures 750,000 Taxes Receivable 250,000 $2,175,000 Credits Allowance for Doubtful Accounts $ 5,000 Allowance for Uncollectible Taxes 50,000 Appropriations 785,000 Due to a Utility Fund 40,000 Unassigned Fund Balance (160,000) Estimated…