The following summary of transactions was taken from the accounts of the Oslo School District general fund

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The following summary of transactions was taken from the accounts of the Oslo School District general fund before the books had been closed for the fiscal year ended June 30, 2014:

The following summary of transactions was taken from the accounts
The following summary of transactions was taken from the accounts

ADDITIONAL INFORMATION
1. The estimated taxes receivable for the year ended June 30, 2014, were $2,870,000, and current-year taxes collected during the year totaled $2,810,000.
2. Estimated uncollectible taxes from the prior year were written off.
3. An analysis of the transactions in the vouchers payable for the year ended June 30, 2014, follows:
Debit (Credit)
Current expenditures................................$(2,700,000)
Expenditures for prior years.............................(58,000)
Vouchers for payment to other funds................(210,000)
Cash payments during the year.......................2,640,000
Net change.............................................$(328,000)
4. During the year the general fund was billed $142,000 for services performed on its behalf by other city funds.
5. On May 2, 2014, commitment documents were issued for the purchase of new textbooks at a cost of $91,000.
REQUIRED
Based on the data presented, reconstruct the original detailed journal entries that were required to record all transactions for the fiscal year ended June 30, 2014, including the recording of the current year's budget. Do not prepare closing entries at June 30, 2014.

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Advanced Accounting

ISBN: 978-0133451863

12th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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