CALCULATOR PRINTER VERSION BACK NEXT Exercise 17-8 During 2015, the City of Greenfield engaged in the following financial activities: 1. 5. 6. 7. 8. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,933,000 and appropriations for expenditures of $1,886,000. Property tax assessments for 2015 were compiled and statements mailed to property owners. Assessments total $916,000. Past collection experience indicates that approximately 5% of assessed property taxes are delinquent or uncollectible during the year of billing. A low bid of $14,000 was accepted for a new vehicle for the fire chief. A purchase order was issued providing for additional costs for painting and ancillary equipment (negotiated after the bid) prior to delivery. The estimate of additional costs is $1,400. Additional purchase orders placed during the year amount to $145,000. City employees are issued paychecks for the month of April. The total payroll amounts to $94,000. The City received a statement from the State Treasurer that the City's portion of the state sales tax for the first half-year is $379,000. Vouchers for expenditures totaling $122,000 are approved for payment. Encumbrances against these vouchers were recorded at a total of $123,000 The vehicle for the fire chief was delivered and accepted. The invoice in the amount of $15,200 was approved for payment. Property tax collections for the month of June amounted to $490,000 The City Treasurer issued checks in payment of the vouchers totaling $122,000 and for the invoice for the fire chief's vehicle A purchase order previously issued for an electric typewriter (estimated price $660) was canceled when the vendor indicated a three-month delay in delivery. 10. 11. Prepare journal entries to record and account for the foregoing transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) No. Account Titles and Explanation Debit Credit (To record expenditure) (To remove encumbrances) (To record expenditure) (To remove encumbrances)