ADVANCED FINANCIAL ACCOUNTING-ACCESS
ADVANCED FINANCIAL ACCOUNTING-ACCESS
12th Edition
ISBN: 9781260518740
Author: Christensen
Publisher: MCG
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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
Check Mark

Explanation of Solution

  1. Entries for 20X2 budget and transactions
    ParticularsDebit $Credit $
    1. Estimated revenue control1,877,000
    Appropriations control1,840,000
    Estimated other financial uses − transfer out37,000
    (Budgetary estimates recorded)
    Encumbrances21,000
    Budgetary fund balance − reserved for encumbrances21,000
    (Prior period encumbrances renewed)
    Fund balance − reserved for encumbrances21,000
    Fund balance − unreserved21,000
    (Reverse reserve for renewed encumbrances)
    Property tax receivable − Current1,600,000
    Allowance for uncollectible − Current16,000
    Property tax revenue1,584,000
    (Property tax levy recorded)
    2. Cash1,590,000
    Property taxes receivable − Current1,507,000
    Property taxes receivable − Delinquent83,000
    (Received cash from property tax collection)
    Allowances for uncollectible − Delinquent9,000
    Property taxes receivable − Delinquent7,000
    Property tax revenue2,000
    (Delinquent property taxes written off)
    Property taxes receivable − Delinquent93,000
    Allowance for uncollectible − Current16,000
    Property taxes receivable − Current93,000
    Allowance for uncollectible − Delinquent16,000
    (Reclassification of remaining uncollected 20X2 property tax)
    Cash333,000
    Sales tax revenue284,000
    Miscellaneous revenue39,000
    Due to motor pool fund10,000
    (Other cash receipts)
    3. Encumbrances1,800,000
    Budgetary fund balance − reserved for encumbrances1,800,000
    (Purchase order recorded)
    Budgetary fund balance − reserved for encumbrances1,773,000
    Encumbrances1,773,000
    (Reversal of reserve for items received)
    Expenditures1,788,000
    Vouchers payable1,788,000
    (Actual expenditures for items received)
    Vouchers payable1,793,000
    Cash1,793,000
    (Vouchers paid)
    4. Due from central stores fund13,000
    Other financing uses − transfer out37,000
    Cash50,000
    (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
Check Mark

Answer to Problem 17.15P

Trial balance total $4,047,000

Explanation of Solution

PR

General Fund

Pre closing Trial Balance

December 31, 20X2

    ItemsDebit $Credit $
    Cash191,000
    Property tax receivable − Delinquent93,000
    Allowance for Uncollectible − Delinquent16,000
    Due from central stores fund13,000
    Vouchers payable26,000
    Due to Motor pool fund10,000
    Fund balance − Unreserved161,000
    Property tax revenue1,586,000
    Sales tax revenue284,000
    Miscellaneous revenue39,000
    Expenditures1,788,000
    Other financing uses − Transfer out37,000
    Estimated revenues control1,877,000
    Appropriations control1,840,000
    Estimated other financing uses − Transfer out37,000
    Encumbrances48,000
    Budgetary fund balance − Reserved for encumbrances48,000
    Total4,047,0004,047,000

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
Check Mark

Explanation of Solution

    ParticularsDebit $Credit $
    Appropriations control1,840,000
    Estimated other financing uses − transfer out37,000
    Estimated revenue control1,877,000
    (Budgetary accounts closed)
    Budgetary fund balance − reserved for encumbrances48,000
    Encumbrances48,000
    (Remaining encumbrances closed)
    Fund balance − unreserved48,000
    Fund balance − reserved for encumbrances48,000
    (Reserved fund balance for outstanding orders)
    Property tax revenue1,586,000
    Sales tax revenue284,000
    Miscellaneous revenue39,000
    Expenditures1,788,000
    Other financing uses − transfer out37,000
    Fund balance − unreserved84,000
    (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
Check Mark

Answer to Problem 17.15P

Balance sheet total $281,000

Explanation of Solution

PR

General Fund Balance Sheet

For December 31, 20X2

    $$
    Assets:
    Cash191,000
    Property tax receivables − Delinquent93,000
    Less: Allowance for uncollectible − Delinquent(16,000)77,000
    Due from central stores fund13,000
    Total Assets281,000
    Liabilities and fund balance:
    Vouchers payable26,000
    Due to motor pool fund10,000
    Fund balance:
    Reserve for encumbrances48,000
    Unreserved197,000245,000
    Total Liabilities and Fund Balance281,000

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
Check Mark

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 taxes1586,000
    Sales taxes284,000
    Miscellaneous39,000
    Total revenue1,909,000
    Expenditures:
    Current1,746,000
    Capital outlay − Furniture42,000
    Total expenditures1,788,000
    Excess of revenue over expenditures121,000
    Other financing sources (uses) transfer out(37,000)
    Change in fund balance84,000
    Fund balance, January 1, 20X2161,000
    Fund balance, December 31, 20X2245,000

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Chapter 17 Solutions

ADVANCED FINANCIAL ACCOUNTING-ACCESS

Ch. 17 - When is the expenditure for inventories recognized...Ch. 17 - Prob. 17.12QCh. 17 - Prob. 17.13QCh. 17 - Prob. 17.14QCh. 17 - Prob. 17.15QCh. 17 - Prob. 17.1CCh. 17 - Prob. 17.2CCh. 17 - Prob. 17.3CCh. 17 - Prob. 17.1.1ECh. 17 - Prob. 17.1.2ECh. 17 - Prob. 17.1.3ECh. 17 - Prob. 17.1.4ECh. 17 - Prob. 17.1.5ECh. 17 - Prob. 17.2ECh. 17 - Prob. 17.3.1ECh. 17 - Prob. 17.3.2ECh. 17 - Prob. 17.3.3ECh. 17 - Prob. 17.3.4ECh. 17 - Prob. 17.3.5ECh. 17 - Prob. 17.3.6ECh. 17 - Prob. 17.3.7ECh. 17 - Prob. 17.3.8ECh. 17 - Prob. 17.3.9ECh. 17 - Prob. 17.3.10ECh. 17 - Prob. 17.4.1ECh. 17 - Prob. 17.4.2ECh. 17 - Prob. 17.4.3ECh. 17 - Prob. 17.4.4ECh. 17 - Prob. 17.4.5ECh. 17 - Prob. 17.4.6ECh. 17 - Prob. 17.4.7ECh. 17 - Prob. 17.4.8ECh. 17 - Prob. 17.4.9ECh. 17 - Prob. 17.4.10ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Computation of Revenues Reported on the Statement...Ch. 17 - Prob. 17.9ECh. 17 - Prob. 17.10ECh. 17 - Prob. 17.11ECh. 17 - Prob. 17.12ECh. 17 - General Fund Entries [AICPA Adapted] The following...Ch. 17 - Prob. 17.14PCh. 17 - Prob. 17.15PCh. 17 - Prob. 17.16PCh. 17 - Prob. 17.17PCh. 17 - Prob. 17.18.1PCh. 17 - Prob. 17.18.2PCh. 17 - Prob. 17.18.3PCh. 17 - Prob. 17.18.4PCh. 17 - Prob. 17.18.5PCh. 17 - Prob. 17.18.6PCh. 17 - Prob. 17.18.7PCh. 17 - Prob. 17.18.8PCh. 17 - Prob. 17.18.9PCh. 17 - Prob. 17.18.10PCh. 17 - Prob. 17.18.11PCh. 17 - Prob. 17.18.12PCh. 17 - Prob. 17.18.13PCh. 17 - Prob. 17.18.14PCh. 17 - Prob. 17.18.15PCh. 17 - Prob. 17.18.16PCh. 17 - Prob. 17.18.17PCh. 17 - Prob. 17.18.18PCh. 17 - Prob. 17.18.19PCh. 17 - Prob. 17.18.20PCh. 17 - Prob. 17.18.21PCh. 17 - Prob. 17.18.22PCh. 17 - Prob. 17.18.23PCh. 17 - Prob. 17.18.24PCh. 17 - Prob. 17.18.25PCh. 17 - Prob. 17.18.26PCh. 17 - Prob. 17.18.27PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.29PCh. 17 - Prob. 17.18.30PCh. 17 - Prob. 17.18.31PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.33PCh. 17 - Prob. 17.18.34PCh. 17 - Prob. 17.18.35PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.37PCh. 17 - Prob. 17.18.38PCh. 17 - Prob. 17.18.39PCh. 17 - Prob. 17.19PCh. 17 - Prob. 17.20P
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