3 6 222.pdf x + X @ File C:/Users/18484/Documents/222.pdf ... Draw 2 | | A |at | Ask Copilot - +0 1 of 1 | 2 1 ED Q6897 803 Edit with Acrobat Jefferson County's General Fund began the year 2020 with the following account balances: Debits Credits Cash $ 146,348 Taxes Receivable $2,220 Allowance for Uncollectible Taxes $ 1,900 Supplies 1,660 Deferred Inflows-Property Taxes 21.000 Wages Payable 570 Fund Balance 156,758 Totals $180,228 $180,228 During 2020, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $286,500 and appropriations of $233,000 and estimated other financing uses of $40,000. 2. Encumbrances totaling $4,800 outstanding at December 31, 2019, were re-established. 3. The Deferred Inflows-Property Taxes at December 31, 2019, is recognized as revenue in the current period. 4. Property taxes in the amount of $288,000 were levied by the County. It is estimated 0.5 percent (1/2 of 1 percent) will be uncollectible. 5. Property tax collections totaled $263,400. Accounts totaling $1,850 were written off as uncollectible. 6. Encumbrances were issued for s mount of $37,100. . Supplies in the amount of $40,500 were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $41,000 and included the $4,800 encumbered last year. The County paid $38,100 on accounts payable during the year. 8. The County contracted to have alarm systems (capital assets) installed in the admin istration building at a cost of $42,900. The systems were installed and the amount was paid. 9. Paid wages totaling $135,900, inc amount payable at the end of 2019. (These were for general government operations.) 10. Paid other general gov items of $7,600. 11. The General Fund transferred $39,800 to the debt service fund in anticipation of bond interest and principal payments. 12. Wages earned but unpaid at the end of the y mounted to $890. 13. Supplies of $350 were on h nd of the year. (Supplies are used for general government operations.) 14. A review of property taxes receivable indicates that $23,000 of the outstanding balances would likely be collected more than 60 days after year end and should be deferred. Required: Use the Excel template provided on the textbook website to complete the following requirements. A separate tab is provided in Excel for the following items: a. Prepare journal entries to record the information described in items 1 to 14. Classify expenditures in the General Fund as either General Government Operations or Capital Outlay. Make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers. 6. Post these entries to T-accounts. c. Prepare closing journal entries; post to the T-account provided. Classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ending 2020. Use Excel formulas to calculate the cells shaded in blue. e. Prepare a Balance Sheet for the General Fund as of December 31. 2020. 2 77'F Partly sunny Q Search C9 6:21 PM 6/7/2025Template (3) [Compatibility Mode] - Excel A Ekaterina Filippova X File Home Insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do Share do Cut - 10 - A" A" General Normal_She... |Norma Bad Good EX _ AutoSum Arial ab Wrap Text AY O Be Copy Fill Paste Sort & Find & Add-ins B Format Painter Merge & Center $ ~ % Conditional Format as Neutral Calculation Check Cell Explanatory ... nsert Delete Format Table Clear Formatting Filter ~ Select Cells Add-ins Clipboard Font Alignment Number Styles Editing A1 X V B C D E F G H I J K L M N O P Q R S T U V W X Z AA AB AC 10 146,348 DEFERRED INFLOWS ACCOUNTS PAYABLE PROPERTY TAXES WAGES PAYABLE FUND BALANCE 21,000 bb 570 bb 156,758 bb 21,000 570 156,758 GENERAL GOVERNMENT CAPITAL OTHER FINANCING USES EXPENDITURES EXPENDITURES PROPERTY TAX REVENUE TRANSFERS OUT ESTIMATED OTHER BUDGETARY FINANCING USES APPROPRIATIONS FUND BALANCE ESTIMATED REVENUES - BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES ENCUMBRANCES Check that these equal after posting each journal entry Total Debit Bale 180,228 Total Credit Bal 180,228 Journal Entries Closing Entries Statement # 1 Statement #2 + 100% Ready Scroll Lock Ca Accessibility: Unavailable Average: 38812.55172 Count: 72 Sum: 1125564 8:08 PM 1 60 F Q Search W 6/15/2025 CloudyTemplate (3) [Compatibility Mode] - Excel A Ekaterina Filippova X File Insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do Share Home do Cut Arial - 10 - A" A" ab Wrap Text General Normal_She... |Norma Bad Good EX _ AutoSum AY O BE Copy Fill Paste Merge & Center Conditional Format as Neutral Calculation Check Cell Explanatory ... nsert Delete Format Sort & Find & Add-ins B UV - LA $ ~ % " 08 4.8 Format Painter Formatting Table Clear Filter ~ Select Clipboard Font Alignment Number Styles Cells Editing Add-ins A1 X V fx B C D E F G H K M N P Q R S T U V W X Z AA Jefferson County General Fund Closing Entries December 31, 2020 - 26 0 TO M A W N - BUDGETARY BUDGETARY FUND BALANCE Account Title Debits Credits FUND BALANCE RESERVE FOR ENCUMBRANCES - Preclosing - Preclosing closing entry closing entry FUND BALANCE 156,758 Preclosing closing entry 156,758 ending balance Complete the following table Non - spendable Restricted Committed Assigned Unassigned Total Fund Balance Journal Entries Closing Entries Statement #1 Statement #2 + Ready Scroll Lock ? Accessibility: Unavailable Average: 51101.71429 Count: 32 Sum: 357712 H O J - 100% 1 60 F 8:08 PM Q Search W X 6/15/2025 CloudyTemplate (3) [Compatibility Mode] - Excel A Ekaterina Filippova X Share File Home Insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do do Cut Times New Roman - 12 - A" A" ab Wrap Text Normal_She... |Norma Good EX _ AutoSum General Bad AY O Fill BE Copy Paste BE Merge & Center $ ~ % Conditional Format as Neutral Calculation Check Cell Explanatory ... nsert Delete Format Sort & Find & Add-ins Clear Format Painter Formatting Table Filter ~ Select Cells Editing Add-ins Clipboard Font Alignment Number Styles A1 X V B C DE F G H J K L M N P Q R S T U V W X Y Z AA General Fund 2 Revenues Property Taxes Total Revenues 7 Expenditures 8 Current 9 General Government Operations 0 Capital Outlay 11 12 Total Expenditures 13 14 Excess (Deficiency) of Revenues Over Expenditures 15 16 Other financing sources (uses) Transfers out 18 Total other financing sources (uses) 19 20 Net Change in Fund Balance 21 Fund Balance, January 1 22 Fund Balance, December 31 S 23 24 25 26 27 28 29 30 Journal Entries Closing Entries Statement #1 Statement #2 + Average: 0 Count: 22 Sum: 0 100% Ready Scroll Lock ? Accessibility: Unavailable 8:08 PM 1 60 F Q Search LOF C Q E E V G W X 6/15/2025 CloudyTemplate (3) [Compatibility Mode] - Excel A Ekaterina Filippova X Share File Home Insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do do Cut Times New Roman - 12 - A" A" ab Wrap Text General Normal_She... |Norma Bad Good EX _ AutoSum AY O Fill BE Copy Paste Check Cell nsert Delete Format Add-ins $ ~ % Format Painter BE Merge & Center Conditional Format as Neutral Calculation Explanatory ... Sort & Find & Clear Formatting Table Filter ~ Select Styles Editing Add-ins Font Alignment Number Cells Clipboard A1 X V D E F G H J K L M N P Q R S T U V W X Y A B General Fund N Assets 3 Cash Taxes Receivable - Gross 5 Less: Allowance uncollectible taxes 6 Supplies Inventory 7 Total Assets S 00 Liabilities, Deferred Inflows and Fund Equity 10 Liabilities 11 Accounts Payable Wages Payable 13 Total Liabilities 14 15 Deferred Inflows of Resources 16 Property Taxes 17 18 Fund Balances 19 Nonspendable 20 Assigned - general government 21 Unassigned 22 Total Fund Balances 23 4 Total Liabilities, Deferred Inflows and Fund Balances S 25 26 27 28 29 30 31 32 Journal Entries Closing Entries Statement #1 Statement #2 + 100% Ready Scroll Lock ? Accessibility: Unavailable Average: 0 Count: 24 Sum: 0 8:09 PM 1 60'F Q Search LOF C D E . V G W X 6/15/2025 Cloudy