Instructions: Complete the general journal from to record the following in General fund for the Fiscal year
Question:
Instructions: Complete the general journal from to record the following in General fund for the Fiscal year ended June 2023 for Cayey County.
June 1, 2022: The legal budget for the year provided for $5,404,400 of estimated property taxes revenues, $4,000,000 for estimated other revenues, $2,340,000 for appropriations - generals and $2,964,000 for appropriations - public services.
July 10, 2022: Property taxes were levied in the amount of $5,300,000.
Sep 20, 2022: Purchase orders were issued for equipment and supplies in the amount of $2,000,000.
Oct 20, 2022: Collections of current property taxes amounted to $2,950,000.
Nov 10, 2022: Received the order of Sep 20, for $2,000,000 and record accounts payable for this amount.
Dec 10, 2022: Received other revenues for $4,000,000
Jan 1, 2023: Paid transaction for Nov 10, 2022.
Feb 10, 2023: Purchases order were issued for supplies and machine for the amount of $2,300,000
Mar 10, 2023: Received machine and suppliers order in transaction Feb 10, and record de billed for $2,300,000
April 30, 2023: Paid all account payable.
May 30, 2023: Received the balance of the property taxes receivables.
June 10, 2023: Paid other expenditures for public services, $900,000.
June 30, 2023: Closed all accounts temporary for Cayey County.
Governmental and Nonprofit Accounting Theory and Practice
ISBN: 978-0133799569
11th edition
Authors: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott