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

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
Sales taxes 2,890,000
Miscellaneous revenue 350,000
General fund-payroll account 5,070,000
Employees income tax ...
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