Data relating to the general fund of the Quarryville School District are:

Additional information for fiscal 2014 (in thousands):
1. The fiscal 2014 budget included $30,000 in expected revenue, all from property taxes, estimated other financing uses of $800, and a $2,000 planned decrease in the fund balance. The tax levy was for $37,000.
2. Tax collections during fiscal 2014 were as follows:
Fiscal 2013 taxes$ 5,500
Fiscal 2014 taxes 25,000
3. Taxes due at year-end are not considered delinquent but are 20-percent reserved. Unpaid 2013 taxes are written off as uncollectible.
4. Old school desks were sold for $100 in cash.
5. New desks were purchased for $300 in cash.
6. Vandalism to the schools resulted in $400 of unexpected repair and cleanup costs.
7. Additional expenditures by the general fund were $28,000.
8. Supplies on hand at year-end totaled $1,500, per annual physical inventory. Quarryville uses the consumption method.
9. Although no accounts payable were outstanding at the end of fiscal 2014, $600 was encumbered for goods ordered but not yet received. The GAAP budgetary basis is used.
10. The 2013 encumbrance for $500 was canceled when the goods ordered were found to be defective.
11. Cash of $750 was paid to the enterprise fund, as the school district's support for its operating costs.
Required
a. Prepare all the fiscal 2014 journal entries and closing entries for the school district's general fund.
b. Prepare a fiscal 2014 statement of revenues, expenditures, and changes in fund balances and balance sheet for the general fund.

Transcribed Image Text:

QUARRYVILLE SCHOOL DISTRICT General Fund Balance Sheet June 30, 2013 (in thousands) Assets Liabilities and fund balances Cash..._.. .o$ 4,000 Accounts payable...._..$%3,000 Taxes receivable current Fund balances Nonspenidable..2,000 500 2,000 Unassigned5,500 $11,000 (net of $1,250 allowance for uncollectible taxes). . 5,000 Assigned. w Inventory Total $11,000 Total