Question: please type the answer by computer dont write it by hand P5-1 (GL and SL Entries, SL Trial Balance) The city of Asher had the


P5-1 (GL and SL Entries, SL Trial Balance) The city of Asher had the following transactions, arnong others, in 20X7: 1. The council estimated that revenues of $210,000 would be generated for the General Fund in 20x7. The sources and amounts of expected revenues are as follows: Property taxes $150 000 Parking meters 5,000 Business licenses 30,000 Amusement licenses 10,000 Charges for services 3,000 Other revenues 7.000 $210,000 2. Property taxes of $152,000 were levied by the council: $2,000 of these taxes are expected to be uncollectible. 3. The council adopted a budget revision increasing the estimate of amusement licenses revenues by $2,000 and decreasing the estimate for business licenses revenues by $2,000 4. The following collections were made by the city Property taxes $140,000 Parking meters 5.500 Business licenses 28.000 Amusement conses 9.500 Charges for services not previously accrued) 9.000 10.000 5207.000 5. The resources of a discontinued Capital Projects Fund were transferred to the General Fund, $4,800. 6. Enterprise Fund cash of $5,000 was paid to the General Fund to subsidize its operations. Required a. Prepare general journal entries and budgetary entries to record the transactions in the General Ledger and Revenues Subsidiary Ledger accounts. b. Prepare a trial balance of the Revenues Ledger after posting the general journal entries prepared in item (a). Show agreement with the control accounts c. Prepare the general journal entry(ies) to close the revenue accounts in the General Ledger and Revenues Ledger
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