Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Question

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Answer 1

Question

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)

Table (2)

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Answer 2

Question

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)

Table (2)

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Answer 3

Question

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)

Table (2)

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Answer 4

Question

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)

Table (2)

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Answer 5

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)

Table (2)

Answer 6

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)

Table (2)

Answer 7

Chapter 9, Problem 53P

To determine

Prepare the required journal entries to record the given transactions in the general fund for the City, J H.

Answer 8

Expert Solution & Answer

Explanation of Solution

A government entity uses the General Fund as the main fund. The fund is used to monitor all inflows and outflows of capital which are not affiliated with special purpose funds.

The required journal entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
a.	Estimated revenues A/c		$181,526
	Estimated other financing sources		$4,600
	Appropriations			$177,729
	Budgetary fund balance			$8,397
	(To record the budget)

b.	Cash A/c		$4,600
	Receivables—real estate & personal property taxes		$156,975
	Receivables—intergovernmental revenues		$28,256
	Revenues— real estate & personal property taxes			$156,975
	Revenues—intergovernmental			$28,256
	Other financing sources—bond proceeds			$4,600
	(To record revenues and other financing sources)

c.	Encumbrances		$175,969
	Budgetary fund balance			$175,969
	(To record the issuance of purchase invoices)

d.	Budgetary fund balance		$175,969
	Encumbrances			$175,969
	(To reverse previous Encumbrance journal entry)

	Expenditures—general government		$26,396
	Expenditures—public safety		$17,597
	Expenditures—education		$105,581
	Expenditures—public works		$8,798
	Expenditures—human services		$17,597
	Payables A/c			$175,969
	(To record expenditures)

e.	Expenditures—debt principal		$690
	Expenditures—debt interest		$230
	Cash A/c			$920
	(To record debt payments)

f.	Cash A/c		$10,678
	Payables		$172,450
	Receivables—real estate & personal property taxes			$156,285
	Receivables—intergovernmental revenues			$26,843
	(To record collection of receivables and payment of payables)

g.	Revenues A/c		$2,243
	Deferred revenues A/c			$2,243
	(Deferral of revenues)

Table (1)

The required closing entries in the general fund for the City, J H are as follows:

Date	Account title and Explanation	Post Ref	Debit ($)	Credit ($)
h.	Appropriations A/c		$177,729
	Budgetary fund balance		$8,397
	Estimated revenues			$181,526
	Estimated other financing sources			$4,600
	(To reverse budget entry)

	Revenues—Real Estate & personal Property Taxes		$154,732
	Revenues—Intergovernmental		$28,256
	Other Financing Sources—Bond Proceeds		$4,600
	Expenditures—General Government			$26,396
	Expenditures—Public Safety			$17,597
	Expenditures—Education			$105,581
	Expenditures—Public Works			$8,798
	Expenditures—Human Services			$17,597
	Expenditures—Debt Principal			$690
	Expenditures—Debt Interest			$230
	Fund Balance—Unreserved			$10,699
	(To close out revenue and expenditure accounts)

	Budgetary fund balance		$2,070
	Encumbrances			$2,070

	Fund balance - unassigned		$2,070
	Fund balance—Assigned			$2,070
	(To close remaining encumbrances and reserve Fund Balance for encumbrances that lapsed, but are expected to be honored in the following year)