General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance. The entries to summarize the general fund budget and transactions for 20X2.

Question

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000

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Students have asked these similar questions

The following information is provided about some of the Town of Truesdale’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 3,150,000 Revenues 3,190,000 Appropriations 3,185,000 Expenditures 3,175,000 Estimated other financing sources 400,000 Encumbrances 20,000 Encumbrances outstanding 20,000 Budgetary fund balance (calculate) The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the journal entry(ies) to close budgetary accounts required to be closed at the fiscal year end using the information provided.

Agawa City presents the following pre-closing trial balance for its General Fund as of the end of the year: Cash Taxes receivable Estimated uncollectible taxes Due from other funds Vouchers payable Tax anticipation notes payable Fund balance Budgetary fund balance Estimated revenues Revenues Appropriations Expenditures Totals Debit $116,000 29,000 2,000 11,000 249,000 245.000 $652,000 Credit 5,000 14,800 50,000 69,200 258,000 255,000 $652,000 Required: Calculate the amount of fund balance at fiscal year-end after all closing entries are made that is spendable in the next fiscal year.

Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.c. Purchase orders amounting to $240,000 are authorized.d. Tax receipts total $280,000.e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.f. Salaries amounting to $135,000 are approved for payment.g. A state grant-in-aid of $100,000 is received.h. Fines and penalties of $10,000 are collected.i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.j. Additional recreational property valued at $88,000 is donated.k. Amounts of $12,000 due to other village funds are approved for payment. (Note: To establish the liability to other funds, credit Due to Other Funds.)l. The village’s share of sales tax due…

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000

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Answer 5

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000

Answer 6

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

Answer 7

Chapter 17, Problem 17.15P

a

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

Answer 8

a

Expert Solution

Explanation of Solution

Entries for 20X2 budget and transactions

Particulars	Debit $	Credit $
1. Estimated revenue control	1,877,000
Appropriations control		1,840,000
Estimated other financial uses − transfer out		37,000
(Budgetary estimates recorded)

Encumbrances	21,000
Budgetary fund balance − reserved for encumbrances		21,000
(Prior period encumbrances renewed)

Fund balance − reserved for encumbrances	21,000
Fund balance − unreserved		21,000
(Reverse reserve for renewed encumbrances)

Property tax receivable − Current	1,600,000
Allowance for uncollectible − Current		16,000
Property tax revenue		1,584,000
(Property tax levy recorded)

2. Cash	1,590,000
Property taxes receivable − Current		1,507,000
Property taxes receivable − Delinquent		83,000
(Received cash from property tax collection)

Allowances for uncollectible − Delinquent	9,000
Property taxes receivable − Delinquent		7,000
Property tax revenue		2,000
(Delinquent property taxes written off)

Property taxes receivable − Delinquent	93,000
Allowance for uncollectible − Current	16,000
Property taxes receivable − Current		93,000
Allowance for uncollectible − Delinquent		16,000
(Reclassification of remaining uncollected 20X2 property tax)

Cash	333,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Due to motor pool fund		10,000
(Other cash receipts)

3. Encumbrances	1,800,000
Budgetary fund balance − reserved for encumbrances		1,800,000
(Purchase order recorded)

Budgetary fund balance − reserved for encumbrances	1,773,000
Encumbrances		1,773,000
(Reversal of reserve for items received)

Expenditures	1,788,000
Vouchers payable		1,788,000
(Actual expenditures for items received)

Vouchers payable	1,793,000
Cash		1,793,000
(Vouchers paid)

4. Due from central stores fund	13,000
Other financing uses − transfer out	37,000
Cash		50,000
(Other cash payments and transfer)

Answer 9

a

Expert Solution

Answer 10

a

Expert Solution

Answer 11

Expert Solution

Answer 12

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

Answer 13

b

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The pre closing trial balance.

Answer 14

b

Expert Solution

Answer to Problem 17.15P

Trial balance total $4,047,000

Answer 15

b

Expert Solution

Answer 16

b

Expert Solution

Answer 17

Expert Solution

Answer 18

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

Items	Debit $	Credit $
Cash	191,000
Property tax receivable − Delinquent	93,000
Allowance for Uncollectible − Delinquent		16,000
Due from central stores fund	13,000
Vouchers payable		26,000
Due to Motor pool fund		10,000
Fund balance − Unreserved		161,000
Property tax revenue		1,586,000
Sales tax revenue		284,000
Miscellaneous revenue		39,000
Expenditures	1,788,000
Other financing uses − Transfer out	37,000
Estimated revenues control	1,877,000
Appropriations control		1,840,000
Estimated other financing uses − Transfer out		37,000
Encumbrances	48,000
Budgetary fund balance − Reserved for encumbrances		48,000
Total	4,047,000	4,047,000

Answer 19

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

Answer 20

c

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The closing entries for the general fund.

Answer 21

c

Expert Solution

Explanation of Solution

Particulars	Debit $	Credit $
Appropriations control	1,840,000
Estimated other financing uses − transfer out	37,000
Estimated revenue control		1,877,000
(Budgetary accounts closed)

Budgetary fund balance − reserved for encumbrances	48,000
Encumbrances		48,000
(Remaining encumbrances closed)

Fund balance − unreserved	48,000
Fund balance − reserved for encumbrances		48,000
(Reserved fund balance for outstanding orders)

Property tax revenue	1,586,000
Sales tax revenue	284,000
Miscellaneous revenue	39,000
Expenditures		1,788,000
Other financing uses − transfer out		37,000
Fund balance − unreserved		84,000
(Closing of operating statement accounts)

Answer 22

c

Expert Solution

Answer 23

c

Expert Solution

Answer 24

Expert Solution

Answer 25

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

Answer 26

d

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The balance sheet for general fund for 20X2.

Answer 27

d

Expert Solution

Answer to Problem 17.15P

Balance sheet total $281,000

Answer 28

d

Expert Solution

Answer 29

d

Expert Solution

Answer 30

Expert Solution

Answer 31

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

	$	$
Assets:
Cash		191,000
Property tax receivables − Delinquent	93,000
Less: Allowance for uncollectible − Delinquent	(16,000)	77,000
Due from central stores fund		13,000
Total Assets		281,000

Liabilities and fund balance:
Vouchers payable		26,000
Due to motor pool fund		10,000
Fund balance:
Reserve for encumbrances	48,000
Unreserved	197,000	245,000
Total Liabilities and Fund Balance		281,000

Answer 32

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000

Answer 33

e

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The entries to summarize the general fund budget and transactions for 20X2.

Answer 34

e

Expert Solution

Answer to Problem 17.15P

Excess of revenue over expenditures $121,000 and Fund balance at December 31, 20X2 $245,000

Answer 35

e

Expert Solution

Answer 36

e

Expert Solution

Answer 37

Expert Solution

Answer 38

Explanation of Solution

PR

General Fund

Statement of Revenue, Expenditure and

Changes in Fund Balance

For the year December 31, 20X2

	$	$
Revenue:
Property taxes		1586,000
Sales taxes		284,000
Miscellaneous		39,000
Total revenue		1,909,000
Expenditures:
Current	1,746,000
Capital outlay − Furniture	42,000
Total expenditures		1,788,000
Excess of revenue over expenditures		121,000
Other financing sources (uses) transfer out		(37,000)
Change in fund balance		84,000
Fund balance, January 1, 20X2		161,000
Fund balance, December 31, 20X2		245,000