The following information pertains to the City of Atlanta at TB for the fiscal year ending...

  

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The following information pertains to the City of Atlanta at TB for the fiscal year ending June 30, 20X3. For each of the following items identified as a. through 1. below, show the journal entry(ies) that would be made in the general fund only for Atlanta at TB. Use the following Chart of Accounts to record your answers. Chart of Accounts: Allowance for Uncollectible Taxes - Current Allowance for Uncollectible Taxes - Delinquent APPROPRIATIONS CONTROL BUDGETARY FUND BALANCE-ASSIGNED FOR ENCUMBRANCES BUDGETARY FUND BALANCE UNASSIGNED Cash Due to ISF ENCUMBRANCES - CAPITAL OUTLAY ENCUMBRANCES - GOODS AND SERVICES ESTIMATED REVENUES CONTROL ESTIMATED TRANSFER OUT TO ISF Expenditures - Capital Outlay Expenditures - Goods and Services Fund Balance Assigned for Encumbrances Fund Balance Nonspendable Fund Balance Unassigned Inventory of Supplies OFU - Transfer Out to ISF Property Taxes Receivable - Current Property Taxes Receivable - Delinquent Revenues - Fine and License Revenues - Property Taxes Vouchers Payable a. The budget for Atlanta at TB was approved, providing for revenues of $800,000, a $40,000 transfer to establish an internal service fund, and expenditures of $750,000. b. Property taxes were assessed in the amount of $700,000, with 4% of the total estimated to be uncollectible. c. Purchase orders were issued in the amount of $90,000 for equipment, and $635,000 for other goods and services. d. Collections for fines and licenses totaled $99,000 for the year. e. Property taxes collected, from those assessed in "b" above, amounted to $680,000; the balance was reclassified as delinquent, and the allowance for uncollectible taxes was reduced to $15,000. The following information pertains to the City of Atlanta at TB for the fiscal year ending June 30, 20X3. For each of the following items identified as a. through 1. below, show the journal entry(ies) that would be made in the general fund only for Atlanta at TB. Use the following Chart of Accounts to record your answers. Chart of Accounts: Allowance for Uncollectible Taxes - Current Allowance for Uncollectible Taxes - Delinquent APPROPRIATIONS CONTROL BUDGETARY FUND BALANCE-ASSIGNED FOR ENCUMBRANCES BUDGETARY FUND BALANCE UNASSIGNED Cash Due to ISF ENCUMBRANCES - CAPITAL OUTLAY ENCUMBRANCES - GOODS AND SERVICES ESTIMATED REVENUES CONTROL ESTIMATED TRANSFER OUT TO ISF Expenditures - Capital Outlay Expenditures - Goods and Services Fund Balance Assigned for Encumbrances Fund Balance Nonspendable Fund Balance Unassigned Inventory of Supplies OFU - Transfer Out to ISF Property Taxes Receivable - Current Property Taxes Receivable - Delinquent Revenues - Fine and License Revenues - Property Taxes Vouchers Payable a. The budget for Atlanta at TB was approved, providing for revenues of $800,000, a $40,000 transfer to establish an internal service fund, and expenditures of $750,000. b. Property taxes were assessed in the amount of $700,000, with 4% of the total estimated to be uncollectible. c. Purchase orders were issued in the amount of $90,000 for equipment, and $635,000 for other goods and services. d. Collections for fines and licenses totaled $99,000 for the year. e. Property taxes collected, from those assessed in "b" above, amounted to $680,000; the balance was reclassified as delinquent, and the allowance for uncollectible taxes was reduced to $15,000.

Answer rating: 100% (QA)

SOLUTION a To record the budget for Atlanta at TB Debit Estimated revenues control 800000 Credit Appropriations control 750000 Credit Estimated transfer out to ISF 40000 Credit Budgetary fund balance ... View the full answer