Preparation F General Fund And Special Fund Accounts - 1375 Words

Preparation F General Fund And Special Fund Accounts (Math Problem Sample) Content: STUDENTS NAME:COURSE NUMBER:PROFESSORS NAME:DATE OF THE PAPER:Part I * Recording the budget for the General Fund and post to the ledger. * Account tittle Debit CreditDr. Property tax receivable and other revenue $11,150,000Cr. deferred revenue and other revenue $11,150,000(To record property tax levied for the general fund in the tax year 2017)Property tax receivable and other revenues accountDescription Debit ($) Credit ($)Deferred revenue and other revenue 11,150,000Totals 11,150,000 11,150,000Deferred revenue accountDescription Debit ($) Cr edit ($)Property tax receivable and other revenue 11,150,000Totals 11,150,000 11,150,000 * Account tittle Debit CreditDr. Appropriation for expenditure account $9,350,000Cr. Expenditure account $9,350,000(To record appropriation for expenditure for the general fund in the year 2017)Appropriation for expenditure accountDescription Debit ($) Credit ($)Expenditure account 9,350,000Totals 9,350,000 9,350,000Expenditure accountDescription Debit ($) Credit ($)Appropriation for expenditure account 9,350,000Totals 9,350,000 9,350,000 * Account tittle Debit CreditDr. Inter-fund loan payable ($) 1,700,000Cr. Cash ($) 1,700,000(To record payment of principal and interest)Inter-fund loan payable accountDescription Debit ($) Credit ($)Cash 1,700,0001,700,000 1,700,000Cash accountDescription Debit ($) Credit ($)Inter-fund loan payable 1,700,0001,700,000 1,700,000b)Account tittle Debit ($) Credit ($)Estimated revenues 1,068,000Appropriated fund balances 21,000Appropriations for expenditure 1,047,000(To record the annual budget of the street and highway fund as adopted by the city council for the fiscal year 2017)Part IIGeneral fund transactions * Journal entries following transactions for the year 2017 Account Description Debit ($) Credit ($) i) Encumbrances 817,000 Reserved for encumbrances 817,000 ii) Deferred inflows-property taxes 21,000 Deferred compensation receivable 21,000 iii) General tax levy 6,800 Uncollectible tax levy 153 revenues 6,647 i v) Cash 500,000 Notes payable 500,000 v) Reserved for encumbrances 16,600 Encumbrances 16,600 vi) Accounts payable 126,000 Warrants outstanding 126,000 vii) Cash 10,811,500 Deferred taxes receivables 158,000 Deferred interest and taxes receivables 3,500 Current taxes 6,400,000 State government funding 210,000 Licenses and permits 800,000 Sales taxes 2,890,000 Miscellaneous revenue 350,000 viii) Expenditure 3,465,000 Warrants outstanding 3,465,000 ix) General fund payroll account 5,070,000 Employees income tax account 498,000 FICA and medicare tax liability 357,000 Cash 4,215,000 x) Prior years corrections or reinstatements 28,000 Due to FICA and medicare taxes 28,000 Xi) Reserved for encumbrances 3,375,000 Cash 32,000 Encumbrances 3,407,000 xii) Notes payable 18,000 Cash 18,000 xiii) Grant receivable account 332,000 Contribution revenue account 332,000 xiv) Expenditure 37,000 Water and sewer fund account 37,000 Expenditure 313,200 cash 310,000 Encumbrance 3,200 xv) Revenue-sales taxes 52,000 Due to state and federal government 52,000 xvi) Accounts payable 3,175,000 Due to federal and state government 52,000 Inter-fund loan receivable 1,662,000 cash 4,889,000 xvii) Estimated Revenues 73,000 Budgetary fund balance 73,000 Estimated appropriations 109,000 Budgetary fund balance 109,000 xviii) Uncollectible revenues-Property taxes 51,000 Estimated uncollected revenue-property taxes 51,000 Uncollectible revenues-interest and penalties 1,600 Estimated uncollectible revenues-interest and penalties 1,600 xix) Accruals- interest and penalties 17,200 Uncollectible interest and penalties 1,100 Revenue 16,100 xx) Deferred revenue-tax receivables 10,500 Taxes receivable 10,500 * General Fund Trial balanceAs at 31st December, 2017Account Tittle Debit ($) Credit ($)Encumbrances 3,409,800Reserved for encumbrances 3,374,600Deferred revenue-property taxes 21,000Deferred compensation receivable 21,000General tax levy 6,800Uncollectible tax levy 153Revenues 22,747Cash 1,911,500Accounts payables 3,301,000Warrants outstanding 3,591,000Notes payables 482,000Expenditure 3,815,200Deferred taxes receivables 158,000Deferred interest receivables 3,500Current taxes 6,400,000State government funding 210,000Licenses and permits 800,000Sales taxes 2,890,000Miscellaneous revenue 350,000General fund-payroll account 5,070,000Employees income tax ...