The City of Castletons General Fund had the following post-closing trial balance at June 30, 2022, the
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The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year:
Debits | Credits | ||||||
Cash | $ | 265,120 | |||||
Sales Taxes Receivable | 11,000 | ||||||
Taxes Receivable—Delinquent | 183,000 | ||||||
Allowance for Uncollectible Delinquent Taxes | $ | 21,960 | |||||
Interest and Penalties Receivable | 6,280 | ||||||
Allowance for Uncollectible Interest and Penalties | 1,160 | ||||||
Inventory of Supplies | 6,100 | ||||||
Vouchers Payable | 48,500 | ||||||
Due to Federal Government | 29,490 | ||||||
Deferred Inflows of Resources—Unavailable Revenues | 166,160 | ||||||
Fund Balance—Nonspendable—Inventory of Supplies | 6,100 | ||||||
Fund Balance—Unassigned | 198,130 | ||||||
$ | 471,500 | $ | 471,500 | ||||
- Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023.
- Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only.
- Prepare a General Fund balance sheet as of June 30, 2023.
- Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023.
Related Book For
Accounting For Governmental And Nonprofit Entities
ISBN: 9781260118858
19th Edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely
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