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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
...

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