c. Prepare journal entries for the general fund to record these transactions involving the City of Summerville
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c. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30,2021
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The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund Total Appropriations Required $ 1,817,974 101,054 70,638 30,334 General Government 1,637,084 Public Safety 137,423 Sanitation 9,095 Estimated Transfer out to Debt Service Fund 181,897 Total 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that $181,797 of this amount would delinquent and $54,539 would be uncollectible. a. $ 2,020,000 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of $167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated $ uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer. 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent on June 30, 2021. year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund Total Appropriations Required $ 1,817,974 101,054 70,638 30,334 General Government 1,637,084 Public Safety 137,423 Sanitation 9,095 Estimated Transfer out to Debt Service Fund 181,897 Total 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that $181,797 of this amount would delinquent and $54,539 would be uncollectible. a. $ 2,020,000 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of $167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated $ uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer. 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent on June 30, 2021. year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points)
Expert Answer:
Answer rating: 100% (QA)
a Income statement Revenues Property taxes 1817974 Sales Taxes 101054 Licenses and Permits 70638 Estimated Transfer in from Special Revenue Fund 30334 ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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