The following events occurred in the general fund of the City of Summerville during the fiscal...
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The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund Total Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund Total S 1,817,974 101,054 70,638 30,334 $ 2,020,000 S 1,637,084 137.423 9,095 181,897 S 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that S181,797 of this amount would delinquent and $54,539 would be uncollectible. 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of 5167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at year-end. 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent gn June 30, 2021. Required a. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget joumal entry. No further closing entries are required. (5 points) Requirement 1: Prepare journal entries for the general fund to record these transactions involving the City of Stillwater for the year ended June 30, 2021. (36 points) City of Stillwater Chart of Accounts Cash Property Tax Receivable - current Property Tax Receivable - delinquent Allowance for Uncollectible Taxes - current Allowance for Uncollectible Taxes - delinquent Due From Fund Due To Revenue-License and Permits Other Financing Sources - Transfer in from Other Financing Uses Transfer out to Expenditures BUDGETARY FUND BALANCE-UNASSIGNED BUDGETARTY FUND BALANCE - ASSIGNED FOR ENCUMBRANCES APPROPRIATIONS CONTROL ENCUMBRANCES Fund Vouchers Payable Fund Balance - Unassigned Fund Balance - Assigned for Encumbrançes Property Tax Revenue Revenue- Sales Tax Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries ESTIMATED OTHER FINANCING SOURCES - TRANSFER IN ESTIMATED OTHER FINANCING USES - TRANSFER OUT ESTIMATED REVENUE CONTROL The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund Total Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund Total S 1,817,974 101,054 70,638 30,334 $ 2,020,000 S 1,637,084 137.423 9,095 181,897 S 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that S181,797 of this amount would delinquent and $54,539 would be uncollectible. 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of 5167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at year-end. 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent gn June 30, 2021. Required a. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget joumal entry. No further closing entries are required. (5 points) Requirement 1: Prepare journal entries for the general fund to record these transactions involving the City of Stillwater for the year ended June 30, 2021. (36 points) City of Stillwater Chart of Accounts Cash Property Tax Receivable - current Property Tax Receivable - delinquent Allowance for Uncollectible Taxes - current Allowance for Uncollectible Taxes - delinquent Due From Fund Due To Revenue-License and Permits Other Financing Sources - Transfer in from Other Financing Uses Transfer out to Expenditures BUDGETARY FUND BALANCE-UNASSIGNED BUDGETARTY FUND BALANCE - ASSIGNED FOR ENCUMBRANCES APPROPRIATIONS CONTROL ENCUMBRANCES Fund Vouchers Payable Fund Balance - Unassigned Fund Balance - Assigned for Encumbrançes Property Tax Revenue Revenue- Sales Tax Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries ESTIMATED OTHER FINANCING SOURCES - TRANSFER IN ESTIMATED OTHER FINANCING USES - TRANSFER OUT ESTIMATED REVENUE CONTROL
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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