The Balance Sheets of the General Fund and the Street and Highway Fund of the City...
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The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2023, follow. These (beginning) balances are recorded in the proper general ledger accounts, as of 1/1/2024. CITY OF MONROE General Fund Balance Sheet As of December 31, 2023 Assets Cash Taxes receivable Less: Estimated uncollectible taxes Net Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Balance Liabilities: Accounts payable $ 470,000 $ 185,000 (37,000) 5,200 (950) 148,000 Due to other funds Total liabilities Deferred inflows - Property taxes Fund Balance: Fund balance-assigned (for outstanding encumbrances) Fund balance-unassigned $ 18,700 679,050 Total fund balance 4,250 204,000 $ 826,250 $ 75,000 27,000 102,000 26,500 697,750 Total liabilities, deferred inflows, and fund balance $ 826,250 3-C. The City prepares annual budgets for the General and special revenue funds. Subsidiary accounts are not required. Prepare journal entries to record the following: a. As of January 1, 2024, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2024. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures, and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. Prev 1 of 2 Next > 13 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2023, follow. These (beginning) balances are recorded in the proper general ledger accounts, as of 1/1/2024. CITY OF MONROE General Fund Balance Sheet As of December 31, 2023 Assets Cash Taxes receivable Less: Estimated uncollectible taxes Net Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Balance Liabilities: Accounts payable $ 470,000 $ 185,000 (37,000) 5,200 (950) 148,000 Due to other funds Total liabilities Deferred inflows - Property taxes Fund Balance: Fund balance-assigned (for outstanding encumbrances) Fund balance-unassigned $ 18,700 679,050 Total fund balance 4,250 204,000 $ 826,250 $ 75,000 27,000 102,000 26,500 697,750 Total liabilities, deferred inflows, and fund balance $ 826,250 3-C. The City prepares annual budgets for the General and special revenue funds. Subsidiary accounts are not required. Prepare journal entries to record the following: a. As of January 1, 2024, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2024. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures, and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. Prev 1 of 2 Next > 13
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Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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