The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022,...
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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: Cash Debits $265,120 Credits 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 Inventory of Supplies 1,160 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 166,160 6,100 198,130 $471,500 $471,500 a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. c. Prepare a General Fund balance sheet as of June 30, 2023. d. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023. Complete this question by entering your answers in the tabs below. h Required A Required B Required C Required D Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid use details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever require entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Transaction Activities General Journal Debit Credit 2033 provided for Gonoral Fund estimated revenues totaling $3.140.000, appropriations totaling $3,000,000, and an other financing The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year: Cash Debits $265,120 Credits 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 Inventory of Supplies 1,160 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 166,160 6,100 198,130 $471,500 $471,500 a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. c. Prepare a General Fund balance sheet as of June 30, 2023. d. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023. Complete this question by entering your answers in the tabs below. h Required A Required B Required C Required D Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid use details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever require entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Transaction Activities General Journal Debit Credit 2033 provided for Gonoral Fund estimated revenues totaling $3.140.000, appropriations totaling $3,000,000, and an other financing
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Answer rating: 100% (QA)
1 Operating Fund estimated revenues totaling 3140000 appropriations totaling 5000000 and another financing Required A Record the effect of the transac... View the full answer
Related Book For
Accounting For Governmental And Nonprofit Entities
ISBN: 9781260118858
19th Edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely
Posted Date:
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