Please make entries for the following transactions of a city General Fund.

1. January 1-- Levied property taxes to finance the current year budget. The total levied was $4,000,000. Two percent has historically proven uncollectible.

2. January 15-- Issued a 6-month, 5% note for $150,000.

3. January 31-- Paid salaries, $75,000.

4. February 10—Purchased land for cash, $62,000.

5. February to December 31—collected taxes of $3,100,000.

6. Repaid the 6-month note plus interest on July 15.

7. December 12—Wrote off taxes receivable of $20,000 that are not collectible.

8. Issued a 5-year note, 6% interest rate, for $1,000,000 on December 31.

9. December 31—Determined that an estimated $275,000 of this year’s property taxes are expected to be collected during January and February of the next year.

10. December 31—Salaries earned by employees since the last payroll for the year were $18,000. Record any adjustments needed at year-end.

There is no list of account titles. this is governmental accounting so there will be different account titles and different rules than financial accounting

Answer rating: 100% (QA)

In governmental accounting transactions are recorded in funds The General Fund is a major fund used ... View the full answer