Question: A selected list of transactions for the city of Hope

A selected list of transactions for the city of Hope for the fiscal year ending June 30, 2018, follows:
1. The city government authorized a budget with estimated revenues of $4,500,000 and appropriations of $4,450,000.
2. The city’s share of state gasoline taxes is estimated to be $264,500. These taxes are to be used only for highway maintenance. Appropriations are authorized in the amount of $250,000.
3. Property taxes of $3,000,000 are levied by the city. In the past, uncollectible taxes have averaged 2% of the gross levy.
4. A $1,000,000 term bond issue for construction of a school is authorized and sold at 99. Bond issue costs were $5,000.
5. Contracts approved by a city official are signed for the construction of the school at an estimated cost of $1,000,000.
6. The school is constructed at a cost of $1,250,000.
7. A transfer of $100,000 is made by the general fund to the debt service fund.
8. Land with a fair value of $500,000 is donated to the city.
9. The city received $205,000 in partial payment of its share of state gasoline taxes, with an additional $60,000 due from the state government in 60 days.
10. Vouchers totaling $410,000, which represent highway labor maintenance costs, are approved for payment by the special revenue fund.
For each event, prepare the journal entries for all of the funds and groups of accounts involved, using the following format:
Fund or Account Group Journal Entry

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  • CreatedApril 13, 2015
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