The Roosevelt City General Fund trial balance at fiscal year-end, June 30, 2018 is as follows:

Debit. Credit

Cash. $75,000

Property Taxes Receivable. 11,000

Allowance for Uncollectible Taxes. $ 2,000

Supplies Inventory. 3,000

Accounts Payable. 7,500

Assigned Fund Balance. 17,000

Unassigned Fund Balance. ______ 62,500

$89,000. $89,000

The General Fund budget for fiscal year 2018-2019 is as follows:

Revenues and Other Financing Sources

Property taxes $150,000

Miscellaneous revenue 60,000

Fines & penalties 23,000

Federal grant 30,000

Appropriations and Other Financing Uses

Program operations $125,000

Administration 35,000

Supplies 18,000

Equipment 42,000

Transfer to other funds 17,000

Record the appropriate journal entries for Roosevelt City for the following transactions. The city uses encumbrance accounting and maintains a provision for uncollectible accounts. The purchases method is used to record the purchase and use of supplies.

The Assigned Fund Balance represents the open encumbrances from the prior year ($14,000) and Supplies Inventory ($3,000).

The city’s administrative offices share leased office space with the Park Improvement Fund. The city pays rental invoices from the General Fund and records the interfund transaction due from the Park Improvement Fund for a 50% share of the lease.

At the beginning of the fiscal year, the city maintained one General Fund and three Special Revenue Funds.

Note: Each transaction may involve more than one fund. The appropriate fund must be identified to receive credit.

1. The General Fund budget was approved by the city council.

2. Purchase orders outstanding at the beginning of the year, included in Assigned Fund Balance, are reencumbered.

3. The property tax bills were issued for the full amount budgeted. The city anticipates 10% of the taxes will not be collected.

4. The administrative offices ordered supplies expected to cost $17,000 and furniture expected to cost $7,000.

5. Miscellaneous revenue of $58,000 was received.

6. Fines & penalties revenue of $24,000 were received.

7. Invoices against prior year encumbrances for $14,000 were received and paid.

8. Property taxes of $134,000 were received.

9. Federal grant of $30,000 was received.

10. Property taxes of $10,000 were written off.

11. The lease invoice of $16,000 was received and paid. The lease was not encumbered.

12. The General Fund provided a short-term loan of $2,000 to the Landscaping Fund.

13. Supplies ordered in transaction 4 arrived with an invoice for $17,050. The invoice was paid.

14. The Park Improvement Fund paid the General Fund for its share of the lease invoice.

15. The Landscaping Fund repaid the General Fund for the short-term loan.

16. Annual salaries of $105,000 for program and administrative staff were paid. (These amounts were not previously encumbered.)

17. A transfer of $17,000 was made to the Community Education Fund.

18. By the end of the fiscal year, the city earned 80% of the federal grant. The remainder will be earned in the next fiscal year.

19. Supplies on hand at June 30, 2019 were valued at $4,000.

20. Closing entries were prepared for General Fund budget and General Fund outstanding encumbrances. The outstanding encumbrances will be charged to the next year’s appropriation.

21. Closing entries were prepared for General Fund temporary accounts.
 

The Roosevelt City General Fund trial balance at fiscal year-end, June 30, 2018 is as follows: Cash Property Taxes Receivable Allowance for Uncollectible Taxes Supplies Inventory Accounts Payable Assigned Fund Balance Unassigned Fund Balance Debit $75,000 11,000 Federal grant Appropriations and Other Financing Uses Program operations Administration Supplies Equipment Transfer to other funds The General Fund budget for fiscal year 2018-2019 is as follows: Revenues and Other Financing Sources Property taxes Miscellaneous revenue Fines & penalties 3,000 $89,000 $150,000 60,000 23,000 30,000 $125,000 35,000 18,000 42,000 17,000 Credit $2,000 7,500 17,000 62,500 $89.000 Record the appropriate journal entries for Roosevelt City for the following transactions. The city uses encumbrance accounting and maintains a provision for uncollectible accounts. The purchases method is used to record the purchase and use of supplies. The Assigned Fund Balance represents the open encumbrances from the prior year ($14,000) and Supplies Inventory ($3,000). The city's administrative offices share leased office space with the Park Improvement Fund. The city pays rental invoices from the General Fund and records the interfund transaction due from the Park Improvement Fund for a 50% share of the lease.