Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County:All numbers are in thousands.By how much do the closing entries at the end of 2017 increase fund balance-unassigned? $14,000$270,000$298,000$284,000 DebitCreditCash$ 449,000Taxes receivable310,000Estimated revenues1,500,000Estimated other financing sources75,000General expenditures1,250,000Capital outlay25,000Debt service: principal payments3,000Debt service: interest payments9,000Transfers out30,000Due from other funds15,000Allowance for uncollectible taxes$75,000Accounts payable75,000Due to other funds30,000Property tax revenues1,250,000Speeding ticket revenues500,000Transfers in15,000Bond proceeds80,000Appropriations1,295,000Estimated other financing uses36,000Fund balance-unassigned310,000Totals$3,666,000 $3,666,000

The unsigned fund balance is determined by adjusting the difference between general fund revenue and…

Answered: rs are in thousands. By how much do…

Business

Accounting

rs are in thousands. By how much do the closing entries at the end of 2017 increase fund balance-unassigned?

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

2
Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300). Accrued salaries from the previous year ($700) were paid. Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established. During the year, property taxes of $8,100 were collected in cash. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state. The Parks Department collected $700 in recreation fees during the year. Croton paid salaries of…
Campbell County uses the consumption method to record all inventories and prepayments. The County has a 3/31 fiscal year-end. On April 1, 2015, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 3/31/2016 would be A.) $400,000. B.) $300,000. C.) $200,000. D.) $100,000.
Hi, I am in Advanced Acc. and I need to create a closing worksheet for a government fund. The following trial balance is taken form the General Fund of the City of Jennings for the year ending December 31, 2017. debit credit accounts payable $90,000 cash $30,000 contracts payable 90,000 unavailable revenues 40,000 due from capital projects fund 60,000 due to debt service funds 40,000 expenditures 530,000 fund…
E4-39. (Closing entries) LO 5 The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Prepare closing journal entries for these budgetary and financial accounts. Estimated revenues $300,000 Appropriations ...... Budgetary fund balance Revenues.. 305,000 5,000 300,000 Expenditures. 285,000
25
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.
Miscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…
Scenario: The appropriation to the state library system (fiscal year starts July 1) for fiscal 2018 was $15 million. On December 31, 2017, its budget reports showed expenditures of $7.5 million and encumbrances outstanding of $500,000. Quarterly allotments were as follows: Q1: $3.75 million; Q2: $4.5 million; Q3: $3.75 million; and Q4: $3 million. What was the status of system operations at that point? System operations were under plan by $250,000. System operations were under plan by $750,000. System operations were over the plan by $250,000. System operations were consistent with the plan; half the year had elapsed and half the money was spent.
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…
a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?