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Essay Available:
Pages:
5 pages/≈1375 words
Sources:
1 Source
Level:
MLA
Subject:
Accounting, Finance, SPSS
Type:
Math Problem
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 23.4
Topic:

Preparation F General Fund And Special Fund Accounts (Math Problem Sample)

Instructions:

Preparation f general fund and special fund accounts

source..
Content:
STUDENT’S NAME:
COURSE NUMBER:
PROFESSOR’S NAME:
DATE OF THE PAPER:
Part I
* Recording the budget for the General Fund and post to the ledger.
* Account tittle Debit Credit
Dr. Property tax receivable and other revenue $11,150,000
Cr. deferred revenue and other revenue $11,150,000
(To record property tax levied for the general fund in the tax year 2017)
Property tax receivable and other revenues account
Description Debit ($) Credit ($)
Deferred revenue and other revenue 11,150,000
Totals 11,150,000 11,150,000
Deferred revenue account
Description Debit ($) Credit ($)
Property tax receivable and other revenue 11,150,000
Totals 11,150,000 11,150,000
* Account tittle Debit Credit
Dr. Appropriation for expenditure account $9,350,000
Cr. Expenditure account $9,350,000
(To record appropriation for expenditure for the general fund in the year 2017)
Appropriation for expenditure account
Description Debit ($) Credit ($)
Expenditure account 9,350,000
Totals 9,350,000 9,350,000
Expenditure account
Description Debit ($) Credit ($)
Appropriation for expenditure account 9,350,000
Totals 9,350,000 9,350,000
* Account tittle Debit Credit
Dr. Inter-fund loan payable ($) 1,700,000
Cr. Cash ($) 1,700,000
(To record payment of principal and interest)
Inter-fund loan payable account
Description Debit ($) Credit ($)
Cash 1,700,000
1,700,000 1,700,000
Cash account
Description Debit ($) Credit ($)
Inter-fund loan payable 1,700,000
1,700,000 1,700,000
b)
Account tittle Debit ($) Credit ($)
Estimated revenues 1,068,000
Appropriated fund balances 21,000
Appropriations for expenditure 1,047,000
(To record the annual budget of the street and highway fund as adopted by the city council for the fiscal year 2017)
Part II
General fund transactions
* Journal entries following transactions for the year 2017

Account Description

Debit ($)

Credit ($)

i)

Encumbrances

817,000



Reserved for encumbrances


817,000

ii)

Deferred inflows-property taxes

21,000



Deferred compensation receivable


21,000

iii)

General tax levy

6,800



Uncollectible tax levy


153


revenues


6,647

iv)

Cash

500,000



Notes payable


500,000

v)

Reserved for encumbrances

16,600



Encumbrances


16,600

vi)

Accounts payable

126,000



Warrants outstanding


126,000

vii)

Cash

10,811,500



Deferred taxes receivables


158,000


Deferred interest and taxes receivables


3,500


Current taxes


6,400,000


State government funding


210,000


Licenses and permits


800,000


Sales taxes


2,890,000


Miscellaneous revenue


350,000

viii)

Expenditure

3,465,000



Warrants outstanding


3,465,000

ix)

General fund payroll account

5,070,000



Employees income tax account


498,000


FICA and medicare tax liability


357,000


Cash


4,215,000

x)

Prior years corrections or reinstatements

28,000



Due to FICA and medicare taxes


28,000

Xi)

Reserved for encumbrances

3,375,000



Cash

32,000



Encumbrances


3,407,000

xii)

Notes payable

18,000



Cash


18,000

xiii)

Grant receivable account

332,000



Contribution revenue account


332,000

xiv)

Expenditure

37,000



Water and sewer fund account


37,000


Expenditure

313,200



cash


310,000


Encumbrance


3,200

xv)

Revenue-sales taxes

52,000



Due to state and federal government


52,000

xvi)

Accounts payable

3,175,000



Due to federal and state government

52,000



Inter-fund loan receivable

1,662,000



cash


4,889,000

xvii)

Estimated Revenues

73,000



Budgetary fund balance


73,000


Estimated appropriations

109,000



Budgetary fund balance


109,000

xviii)

Uncollectible revenues-Property taxes

51,000



Estimated uncollected revenue-property taxes


51,000


Uncollectible revenues-interest and penalties

1,600



Estimated uncollectible revenues-interest and penalties


1,600

xix)

Accruals- interest and penalties

17,200



Uncollectible interest and penalties


1,100


Revenue


16,100

xx)

Deferred revenue-tax receivables

10,500



Taxes receivable


10,500

* General Fund Trial balance
As at 31st December, 2017
Account Tittle Debit ($) Credit ($)
Encumbrances 3,409,800
Reserved for encumbrances 3,374,600
Deferred revenue-property taxes 21,000
Deferred compensation receivable 21,000
General tax levy 6,800
Uncollectible tax levy 153
Revenues 22,747
Cash 1,911,500
Accounts payables 3,301,000
Warrants outstanding 3,591,000
Notes payables 482,000
Expenditure 3,815,200
Deferred taxes receivables 158,000
Deferred interest receivables 3,500
Current taxes 6,400,000
State government funding 210,000
Licenses and permits 800,000
Sales taxes 2,890,000
Miscellaneous revenue 350,000
General fund-payroll account 5,070,000
Employees income tax ...
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