The following selected events occurred in the general fund of the Village of Sleepy Hollow during the fiscal year ended June 30, 20X6:

1.             Had the following resou	rce inflows and outflows in the operating budget:
Estimated revenues: Property taxes                                                                                         $800,000 Sales taxes                                                                                                  100,000 Licenses and permits                                                                                   25,000 Estimated transfer in from special revenue fund                                       75,000 Total                                                                                                            $1,000,000 Appropriations: General government                                                                            $ 610,000 Public safety                                                                                               200,000 Sanitation                                                                                                    150,000 Estimated transfer out to internal service fund                                         25,000 Total                                                                                                             $ 985,000
2.             Had appropriations inc ended June 30, 20X5. S encumbrances.	luding encumbrances of $18,000 related to the year leepy Hollow uses the lapsing method of accounting for
3.             Levied property tax of $	816,000 and had estimated uncollectibles of $16,000.
4.             Collected property taxes of $805,000. The estimated uncollectibles balance was decreased to $6,000, and remaining receivables and allowance were reclassified to delinquent at year-end.
5.             Received $102,000 of licenses and permits.	sales tax revenue from the state and $24,000 from
6.             Received transfer in of $ transfer out to estab transactions, record th cash transfer.	70,000 from a special revenue fund. Made a $25,000 lish an internal service fund.   For both of these e interfund receivable/payable before recording the
7.             Ordered computer equi and paid the actual cost	pment costing $50,000. Received computer equipment of $50,500 two weeks after receipt of the equipment.
8.             Made a loan to an enterprise fund for $20,000 on January 1, 20X6. The loan was repaid with interest at 6 percent on June 30, 20X6.
9.             Used the services of the central motor pool and was billed $500. The bill was paid within one week of its receipt by the general fund.

Required

Prepare journal entries for the general fund to record these transactions involving the Village of Sleepy Hollow for the year ended June 30, 20X6.

Answer rating: 100% (QA)

1 Property taxes receivable 816000 To Revenue from property taxes 816000 2 Uncollectible revenue ... View the full answer