Prepare the general journal entries required for the following transactions of the Farmer County General Fund during 20X6. Also, use transaction analysis to show any effects on the GCA-GLTL accounts.
1. Levied property taxes, $9,000,000 (with uncollectible taxes estimated at $50,000).
2. Taxes collected before the due date totaled $7,500,000 of current taxes and $320,000 of 20X5 and other prior year taxes.
3. Purchased supplies on account for $110,000.
4. Purchased equipment costing $198,659, which was vouchered.
5. Issued a nine-month, 10% note to Jones National Bank on September 30, 20X6, to raise $300,000 to provide for a temporary cash shortfall in the General Fund.
6. Loaned $90,000 from resources available for general purposes to the Self-Insurance Internal Service Fund. Repayment is required in four years.
7. Paid salaries of $5,800,000 during 20X6. Accrued salaries at the end of the year totaled $100,000, while at the beginning of the year they were $75,000.
8. Contributed $82,000 of General Fund resources to help cover the cost of the new water distribution lines installed by the county’s Water Department, which provides services for a fee that is intended to recover the costs of providing the services.
9. Received $5,000 from the Economic Development Special Revenue Fund because General Fund resources had been used to pay a bill of the Economic Development Fund earlier in the year. General Fund expenditures were recorded when the bill was paid.
10. Paid $1,750 to the Central Printing Internal Service Fund for printing services used by the general administration of the county.
11. Record any necessary accruals at December 31, 20X6.

  • CreatedOctober 25, 2014
  • Files Included
Post your question