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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

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Answer 1

Question

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

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Answer 2

Question

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

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Answer 3

Question

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

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Answer 4

Question

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

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Answer 5

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

Answer 6

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

Answer 7

Chapter 17, Problem 17.18.39P

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 “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 adjusting entry to reflect the intent to honor these commitment in 20X3.

Answer 8

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Answer 9

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Answer 11

Ch. 17 - Prob. 17.1Q Ch. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4Q Ch. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6Q Ch. 17 - Prob. 17.7Q Ch. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains that the general fund accounts for all financial resources except for those accounted for in another fund.

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