non_profit accounting help please!

Project Description:

prepare the general journal entries necessary to record the following selected transactions of the
general fund of the city of roxyville.
1. property taxes of $4,000,000 were levied. the city estimates that 1.5 percent of the total levy
will prove uncollectible and that $2,000,000 (gross) of the $4,000,000 tax levy will be collected
soon enough to qualify for a 2 percent discount.
2. property taxes of $1,800,000 (gross receivable) were collected within the 2 percent discount
period. the remaining taxes are now past due and are declared delinquent.
3. property taxes of $1,550,000 (gross receivable) were collected after the discount period expired,
together with late penalties of $3,400.
4. the city’s building inspection department, accounted for through the general fund, did work
for an expansion of the city’s water utility operation, accounted for through an enterprise fund.
he building inspection department billed the water utility $10,250.
5. a $220,000 3-year loan was authorized and made from the general fund to the water utility
enterprise fund to provide interim financing for an expansion project.
6. a new paving machine for the street department (accounted for through the general fund)
was ordered at a price of $32,000.
7. payment of $600,000 of general fund cash was authorized and made to provide permanent
capital for a new internal service fund.
8. the city council reviewed budget-to-actual operating results to date with the finance director
and reduced the estimate of sales tax revenue by $24,000; correspondingly, the council decided
to reduce the appropriation for street maintenance by $20,000.
9. the paving machine ordered in item 6 was received along with an invoice for $31,700. the
invoice was vouchered for payment.
10. a property owner is withholding payment of property taxes pending appeal of the assessed
valuation of the property for the current year. the city’s attorney believes the appeal will be
denied. however, the appeal action means that property taxes that would normally already
have been collected, $42,000, will probably not be received until well into the next fiscal year.
11. delinquent taxes receivable of $9,500 were written off as uncollectible.
12. it was discovered that the purchase of a copy machine for $3,850, previously recorded as a capital outlay expenditure of the mayor’s office (general fund), was actually made to benefit the public library (special revenue fund). the general fund and the special revenue fund maintain
their cash accounts at separate banks. the date to transfer the cash has not yet been set.
Skills Required:
Project Stats:

Price Type: Negotiable

Total Proposals: 15
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