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5 pages/≈1375 words
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Level:
MLA
Subject:
Accounting, Finance, SPSS
Type:
Math Problem
Language:
English (U.S.)
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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 ...
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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