The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance Postclosing Trial Balance June 30, 2019 $520,600 31,000 $551,600 5,600 96,000 450,000 $551,600 Transactions July 1, 2019, to June 30, 2020 Debits $1,310,000 1,348,400 5,600 1,330,600 Credits $1,342,800 1,315,600 8,200 1,305,000 23,000 Postclosing Trial Balance June 30, 2020 $487,800 63,800 $551,600 8,200 70,400 473,000 $551,600 There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance Postclosing Trial Balance June 30, 2019 $520,600 31,000 $551,600 5,600 96,000 450,000 $551,600 Transactions July 1, 2019, to June 30, 2020 Debits $1,310,000 1,348,400 5,600 1,330,600 Credits $1,342,800 1,315,600 8,200 1,305,000 23,000 Postclosing Trial Balance June 30, 2020 $487,800 63,800 $551,600 8,200 70,400 473,000 $551,600 There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed
for the fiscal year ended June 30, 2020.
Cash
Taxes Receivable
Allowance for Uncollectible Taxes
Accounts Payable
Fund Balance
Postclosing
Trial Balance
June 30, 2019
$520,600
31,000
$551,600
5,600
96,000
450,000
$551,600
Transactions
July 1, 2019,
to June 30, 2020
Debits
$1,310,000
1,348,400
5,600
1,330,600
Credits
$1,342,800
1,315,600
8,200
1,305,000
23,000
Postclosing
Trial Balance
June 30, 2020
$487,800
63,800
$551,600
8,200
70,400
473,000
$551,600
There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for
the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
Transcribed Image Text:No
1
2
3
4
LO
5
6
Event
1
2
3
4
5
6
Taxes Receivable
Allowance for Uncollectible Taxes
Revenues Control
Cash
Allowance for Uncollectible Taxes
Taxes Receivable
Expenditures Control
Accounts Payable
General Journal
Accounts Payable
Cash
Other Financing Uses-Transfer Out
Cash
Revenues Control
Expenditures Control
Fund Balance-Unreserved
Debit
1,348,400
1,310,000
5,600
1,305,000
1,330,600
12,200
1,340,200
Credit
8,200
1,340,200
1,315,600
1,305,000
1,330,600
12,200
1,305,000
35,200 x
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