Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 3P
To determine
Prepare
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Journal entries for General Fund financial transactions for Croton City
Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.)
Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300).
Accrued salaries from the previous year ($700) were paid.
Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established.
During the year, property taxes of $8,100 were collected in cash.
The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state.
The Parks Department collected $700 in recreation fees during the year.
Croton paid salaries of…
Prepare journal entries in general journal format to record the following transactions for the City of Dallas General Fund (subsidiary detail may be omitted)
1. The budget prepared for the fiscal year included total estimated revenues of $4,693,000, appropriations of $4,686,000 and estimated other financing uses of $225,000.
2. Purchase orders in the amount of $451,000 were mailed to vendors.
3. The current year’s tax levy of $4,005,000 was recorded; uncollectible taxes were estimated to be 2% of the tax levy.
4. Collections of delinquent taxes from prior years’ levies totaled $82,700; collections of the current year’s levy totaled $3,524,900.
5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in transaction (#2) of this problem. The estimated liability for the related items was $351,200. Actual invoices were $353,500.
6. Revenue other than taxes collected during the year consisted of licenses and permits, $177,600;…
The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made.
a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019.
b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund.
c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year.
d. The city transferred the required pension contribution of $2 million from the general fund to the…
Chapter 4 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 4 - Prob. 1QCh. 4 - What characteristics of expenditures distinguish...Ch. 4 - How does the purchase of a capital asset affect...Ch. 4 - Prob. 4QCh. 4 - Explain what is meant by General Ledger control...Ch. 4 - List and explain the five fund balance reporting...Ch. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 11Q
Ch. 4 - Prob. 12QCh. 4 - Define the following interfund transaction terms...Ch. 4 - What are the most likely circumstances to cause...Ch. 4 - Explain the purpose, nature, and effect of the...Ch. 4 - Which of the following is a characteristic of a...Ch. 4 - Prob. 1.2ECh. 4 - Assume that Nathan County has levied its...Ch. 4 - Refer to the previous question. What amount of tax...Ch. 4 - Assume the following transactions that affected...Ch. 4 - Prob. 1.6ECh. 4 - The GAAP-based statements that are required to be...Ch. 4 - A city levies property taxes of 500,000 for its...Ch. 4 - At year end a school district purchases...Ch. 4 - A state borrowed 10,000,000 on a 9-month, 9% note...Ch. 4 - Charges for services rendered by a countys General...Ch. 4 - Prob. 2.5ECh. 4 - In the Statement of Revenues, Expenditures, and...Ch. 4 - The minimum expenditure classifications required...Ch. 4 - Which fund balance category is affected by having...Ch. 4 - Prob. 3.2ECh. 4 - Prob. 3.3ECh. 4 - The GAAP fund balance classifications are...Ch. 4 - The fund balance category that can have either a...Ch. 4 - The fund balance category used to reflect a...Ch. 4 - The fund balance category that must be zero if...Ch. 4 - Enabling legislation requiring that resources be...Ch. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 5ECh. 4 - (Expenditure Accounting Entries) Record the...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - (Fund Balance Classification) Your firm is...Ch. 4 - (Interfund Transactions and Errors) (a) Prepare...Ch. 4 - (General FundTypical Transactions) Prepare all...Ch. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - (GL and SL Entries) Prepare in proper form the...Ch. 4 - (Debt-Related Transactions) Prepare the general...Ch. 4 - (Closing Entries and Financial Statements) The...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - Statement of Revenues, Expenditures, and Changes...Ch. 4 - Fund Balance Reporting (Fund Balance Reporting)...Ch. 4 - Prob. 1CCh. 4 - (Financial Statement PreparationCity of Savannah,...
Knowledge Booster
Similar questions
- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…arrow_forwardFor each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…arrow_forwardOn December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000arrow_forward
- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…arrow_forwardThe following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…arrow_forwardThe following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…arrow_forward
- A County had the following transactions. The county's fiscal year end is December 31. Analyze the effects of each transaction on the accounting equations of each fund or nonfund accounts affected by the transaction. 1. County issued $10 million of general obligation, 10%, 10-year bonds at 105 on October 1, 20X8. Bond interest is payable semiannually on March 31 and September 30. The bonds were issued to finance construction of a new county office building. 2. The county board of supervisors voted to use the premium on the bonds to pay principal and interest charges on the debt when it matures. Resources were transferred to the appropriate fund. 3. The county paid $2 million to Roger Construction Company during 20X8 for work completed during the year. 4. Reflect any interest accrual required or permitted at year end. 5. The county purchased a police vehicle for $22,000 and paid cash. 6. The county owned and operated electric utility billed residents and businesses $2,000,000 for…arrow_forwardThe following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…arrow_forwardRevenue accruals and other adjustmentsMonroe County is preparing financial statements for the year ended December 31, 2022. Based on the following facts, prepare journal entries to record the appropriate year-end revenue accruals and other adjustments in the county’s General Fund.1. At year-end, Monroe’s delinquent property tax receivables were $66,000. The county estimated that $38,500 of those delinquencies would be collected by March 1, 2023, and the balance would trickle in during the rest of 2023. 2. Sales taxes are collected by the state on behalf of the county. On January 20, 2023, the state advised the county that (a) it would send the county a check for $165,000 before February 29, 2023, for taxes collected by merchants for the fourth quarter of 2022; and (b) based on past experience, it anticipated sending an additional check for approximately $49,500 during March or April for taxes received from late filers. Monroe's policy regarding sales taxes is to consider as "available"…arrow_forward
- Following is Grant County's debt service fund pre-closing trial balance for the fiscal year ended June 30. GRANT COUNTY Debt Service Fund Pre-closing Trial Balance June 30 Cash Investments Fund Balance-Restricted Budgetary Fund Balance Estimated Other Financing Sources Estimated Revenue Revenue-Sales Taxes Revenue-Investment Earnings Other Financing Sources-Interfund Transfers In Other Financing Sources-Proceeds of Refunding Bonds Appropriations Estimated Other Financing Uses Expenditures-Bond Interest Expenditures-Bond Principal Other Financing Uses-Payment to Escrow Agent Using Information provided by the trial balance, answer the following. Debits Credits $ 295,000 64,000 $ 63,600 ? 6,165,000 2,614,500 1,479,400 13,000 176,000 7,370,000 7,370,000 1,373,000 503,000 870,000 7,370,000 Required e. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended June 30. (Negative amounts should be Indicated by a minus sign.) GRANT…arrow_forwardLewis County had the following transactions for its General Fund for the current fiscal year. (4) LEWIS COUNTY TRANSACTIONS FOR GENERAL FUND FOR CURRENT FISCAL YEAR (1) (2) A long term note payable matured with a face amount of $400,000 plus interest of $40,000. The interest was paid but the note has not been paid. (3) (5) (6) Salaries and wages incurred during the year amounted to $325,000. Of this amount, only $295,000 were paid. Computers were purchased at a cost of $62,000. The county paid $28,000 in cash and the balance will be paid at the end of the first quarter of the next fiscal year. Purchased office supplies for cash in the amount of $25,000. The county uses the purchases method to account for inventories. Ordered office supplies costing $12,000 which have not been received yet. Determined that the Capital Projects Fund should be reimbursed $3,000 for wages that should have been charged to the General Fund but were paid from the Capital Projects Fund. (7) Repaid a short term…arrow_forwardHere is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit $ 371,000 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 25,000 Cash Taxes receivable Capital outlay Debt service: principal payments Debt service: interest payments Transfers out Due from other funds Allowance for uncollectible taxes Accounts payable Due to other funds Property tax revenues Speeding ticket revenues Transfers in Bond proceeds Appropriations Estimated other financing uses Fund balance-unassigned Totals 2,000 8,000 20,000 12,000 Credit $45,000 50,000 21,000 950,000 400,000 8,000 50,000 1,085,000 22,000 285,000 $2,916,000 $2,916,000 By how much do the closing entries at the end of 2020 increase fund balance- unassigned? $37,000 $40,000 $73,000 $95,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education