please help me to solve this question (Problem 17.1) The trial balance of Weedpatch County General Fund on June 30, 2006, was as follows(amounts in thousands):CHECK FIGURETotal assets, $200,000.CashTaxes receivable delinquentAllowance for uncollectible delinquent taxesInventory of suppliesVouchers payablePayable to other fundsFund balance reserved for encumbrancesFund balance reserved for inventory of suppliesUnreserved and undesignated fund balanceBudgetary fund balanceEstimated revenuesAppropriationsRevenuesExpendituresEncumbrancesTotalsDebit$ 10060508007504$1,764Credit$ 1040124501820780830$1,764The balance of the Unreserved and Undesignated Fund Balance ledger account on July 1,2005, was $22,000; there were balances of $6,000 and $40,000, respectively, in the FundBalance Reserved for Encumbrances and the Fund alance Reserved for Inventory of Sup-plies accounts on that date.InstructionsPrepare a statement of revenues, expenditures, and changes in fund balance and a balancesheet (amounts in thousands) for Weedpatch County General Fund for the year ended June30, 2006.

Fund Account: A fund account is an account prepared to record the revenues and operations of the…

The trial balance of Weedpatch County General Fund on June 30, 2006, was as follows (amounts in thousands): Cash Taxes receivable delinquent Allowance for uncollectible delinquent taxes Inventory of supplies Vouchers payable Payable to other funds Fund balance reserved for encumbrances Fund balance reserved for inventory of supplies Debit $ 100 60 50 Credit $ 10 40 12 4 50

The trial balance of Weedpatch County General Fund on June 30, 2006, was as follows (amounts in thousands): Cash Taxes receivable delinquent Allowance for uncollectible delinquent taxes Inventory of supplies Vouchers payable Payable to other funds Fund balance reserved for encumbrances Fund balance reserved for inventory of supplies Debit $ 100 60 50 Credit $ 10 40 12 4 50

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 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 View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…
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Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 449,000 Taxes receivable 310,000 Estimated revenues 1,500,000 Estimated other financing sources 75,000 General expenditures 1,250,000 Capital outlay Debt service: principal payments 25,000 3,000 Debt service: interest payments 9,000 Transfers out 30,000 Due from other funds 15,000 Allowance for uncollectible taxes $75,000 Accounts payable 75,000 Due to other funds 30,000 Property tax revenues 1,250,000 Speeding ticket revenues 500,000 Transfers in 15,000 Bond proceeds 80,000 Appropriations Estimated other financing uses 1,295,000 36,000 Fund balance-unassigned 310,000 Totals $3,666,000 $3,666,000 By how much do the closing entries at the end of 2017 increase fund balance- unassigned? $14,000 $270,000 $298,000 $284,000
During an accounting period, the following activities occurred in the general fund: $1,000 due from another fund was received. Expenditures of $5000 were paid. Revenues of $10,000 were received. Accounts payable of $2,000 was paid. Accounts receivable of $3,000 was collected. Cash at the beginning of the period was $5,000 and the fund balance at the beginning of the period was $25,000 (positive). Tara Co. owns an office building and leases the offices under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payments of their rent. Tara's balance sheets contained the following data: 1989 1990 Rentals receivable $ 9,600…
The following is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5, 500 Tax Anticipation Notes Payable 50,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338, 500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
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[The following information applies to the questions displayed below.] The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 1.7 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District Other towns Total $10,353,000 4,850,000 6,560,000 3,140,000 $24,903,000 2. $13,720,000 of current taxes was collected during the first half of the year. 3. Liabilities to all funds and governments as a result of the first…
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1. Brooks Agency set up a petty cash fund for $260. At the end of the current period, the fund contained $189 and had the following receipts: entertainment, $42; postage, $15; and printing, $14.Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. See attached photos
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