ADVANCED FINANCIAL ACCOUNTING-ACCESS
12th Edition
ISBN: 9781260518740
Author: Christensen
Publisher: MCG
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Chapter 17, Problem 17.18.37P
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 recording of “Budgetary Fund Balance − Assigned for Encumbrances” in general fund closing entry relating to the $12,000 of outstanding encumbrances at the end of 20X2 and an
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Journal entries for a series of transactionsPrepare journal entries in the General Fund for each of the following events relating to the City of Bar Harbor (all amounts in $1,000s).
a. The citizens approve the following budget for the year:
ESTIMATED REVENUES
$78,924
ESTIMATED OTHER FINANCING SOURCES
2,000
APPROPRIATIONS
(77,273)
BUDGETARY FUND BALANCE
$3,651
General Journal
Description
Debit
Credit
ESTIMATED OTHER FINANCING SOURCES
APPROPRIATIONS
b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year:
1.
Revenues-real estate and personal property taxes
$68,650
2.
Revenues-intergovernmental
12,685
3.
Other financing sources-bond proceeds
2,400
Description
Debit
Credit
1.
2.
3.
c. The City issues purchase invoices totaling $78,508…
3. The pre-closing trial balance of the General Fund for the City of Taif shows the following balances at the end of its fiscal year.
Budgetary fund balance SAR 20,000
Fund balance, beginning (actual) 150.000
Estimated revenues 830.000
Appropriations 810.000
Revenues (actual) 725.000
Expenditures 675.000
Based on information presented
above Prepare closing entries for the budgetary and financial accounts.
*Please prepare journal entries for government-wide financial statements** (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, put "No journal entry required")
A) budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000.
B) contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project.
C) Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. The new building is completed. An invoice for $9,000,000 is received by the county and paid.
E) Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c).
F) A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents…
Chapter 17 Solutions
ADVANCED FINANCIAL ACCOUNTING-ACCESS
Ch. 17 - Prob. 17.1QCh. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4QCh. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6QCh. 17 - Prob. 17.7QCh. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
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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