Prepare journal entries in general journal format to record the following transactions for the 2021 fiscal year
Question:
Prepare journal entries in general journal format to record the following transactions for the 2021 fiscal year for the City of Branson’s General Fund.
1. The budget prepared for the fiscal year included estimated revenues of $11,096,000, appropriations of $10,772,000, estimated other financing uses of $200,000 and estimated other financing sources of $40,000.
2. Purchase orders in the amount of $3,724,000 were mailed to vendors.
3. The current year’s gross property tax levy of $8,020,000 was recorded; uncollectibles taxes were estimated to be 2% of the tax levy.
4. Collections of delinquent taxes from prior years’ levies totaled $528,000; collections of the current year’s levy totaled $5,836,000.
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi