The following events occurred in the general fund of the City of Summerville during the fiscal...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund Total Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund Total S 1,817,974 101,054 70,638 30,334 $ 2,020,000 S 1,637,084 137.423 9,095 181,897 S 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that S181,797 of this amount would delinquent and $54,539 would be uncollectible. 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of 5167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at year-end. 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent gn June 30, 2021. Required a. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget joumal entry. No further closing entries are required. (5 points) Requirement 1: Prepare journal entries for the general fund to record these transactions involving the City of Stillwater for the year ended June 30, 2021. (36 points) City of Stillwater Chart of Accounts Cash Property Tax Receivable - current Property Tax Receivable - delinquent Allowance for Uncollectible Taxes - current Allowance for Uncollectible Taxes - delinquent Due From Fund Due To Revenue-License and Permits Other Financing Sources - Transfer in from Other Financing Uses Transfer out to Expenditures BUDGETARY FUND BALANCE-UNASSIGNED BUDGETARTY FUND BALANCE - ASSIGNED FOR ENCUMBRANCES APPROPRIATIONS CONTROL ENCUMBRANCES Fund Vouchers Payable Fund Balance - Unassigned Fund Balance - Assigned for Encumbrançes Property Tax Revenue Revenue- Sales Tax Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries ESTIMATED OTHER FINANCING SOURCES - TRANSFER IN ESTIMATED OTHER FINANCING USES - TRANSFER OUT ESTIMATED REVENUE CONTROL The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund Total Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund Total S 1,817,974 101,054 70,638 30,334 $ 2,020,000 S 1,637,084 137.423 9,095 181,897 S 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that S181,797 of this amount would delinquent and $54,539 would be uncollectible. 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of 5167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at year-end. 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent gn June 30, 2021. Required a. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget joumal entry. No further closing entries are required. (5 points) Requirement 1: Prepare journal entries for the general fund to record these transactions involving the City of Stillwater for the year ended June 30, 2021. (36 points) City of Stillwater Chart of Accounts Cash Property Tax Receivable - current Property Tax Receivable - delinquent Allowance for Uncollectible Taxes - current Allowance for Uncollectible Taxes - delinquent Due From Fund Due To Revenue-License and Permits Other Financing Sources - Transfer in from Other Financing Uses Transfer out to Expenditures BUDGETARY FUND BALANCE-UNASSIGNED BUDGETARTY FUND BALANCE - ASSIGNED FOR ENCUMBRANCES APPROPRIATIONS CONTROL ENCUMBRANCES Fund Vouchers Payable Fund Balance - Unassigned Fund Balance - Assigned for Encumbrançes Property Tax Revenue Revenue- Sales Tax Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries ESTIMATED OTHER FINANCING SOURCES - TRANSFER IN ESTIMATED OTHER FINANCING USES - TRANSFER OUT ESTIMATED REVENUE CONTROL
Expert Answer:
Answer rating: 100% (QA)
a Prefare jalinal entries for genaal fund th record these trawa dos 2 6 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
The following transactions occurred in the General Fund of Smyth County. Prepare the journal entry(s) as instructed for each. Assume each item is independent of each other. A. The total estimated...
-
The following selected events occurred in the general fund of the Village of Sleepy Hollow during the fiscal year ended June 30, 20X6: 1. Had the following resou rce inflows and outflows in the...
-
The trial balance for the General Fund of the City of Monte Vista as of December 31, 2012, is presented here: .:. Transactions of the General Fund for the year ended December 31, 2013, are...
-
For the given year, find the standard quotas for the New York City boroughs given in Table 17.5 in Problems 23-28. Assume there are eight council seats. Table 17. 5 1990 Year Total 1790 49 1800 81...
-
Which of the following would be a passive activity? Explain. a. Kevin is a limited partner in Marlin Bay Resort and owns a 15% interest in the partnership. b. Tom owns a 15% interest in a real estate...
-
Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and...
-
Revenue Recognition} Mary Wade owns a small business that rents parking spaces to students at the local university. Mary's typical rental contract requires the student to pay the year's rent of \(\$...
-
Indicate whether each of the following costs for a moped manufacturer is a product or a period cost, a variable or a fixed cost, a value-adding or a nonvalue-adding cost, and, if it is a product...
-
Current Attempt in Progress These transctions took pluce for Splish Brothers Inc.. 2 0 2 1 May 1 Recelved a $ 9 , 6 0 0 , 1 2 months, A note in exhange for an cutstanding sccount rectivble from R ....
-
The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares...
-
In 1983 the Zimbabwe to dollar exchange rate was roughly $/$ 1. After rising to power in the late 1980's Robert Mugabe's government worked to maintain political control by paying supporters with...
-
An insurer has liabilities at the end of the year that are normally distributed with mean of $500 million and standard deviation of $50 million. In contrast to question 3, assets are invested in a...
-
Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore 179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table...
-
How does the interplay between genotype and environmental factors influence the developmental trajectory and phenotypic plasticity of organisms, particularly in the context of adaptive responses to...
-
How does ecological niche specialization drive speciation, and what role does coevolution play in shaping ecological communities?
-
In 2019, before the pandemic, 8% of full-time college students purchased any music. This year, after the pandemic, a random sample of 50 full-time students showed that 7 purchased any music. Has the...
-
Consider the following distribution and random numbers: Demand Frequency 0.15 1,0.252,0.303,0.154,0.15 Random Numbers are represented by r_(i) . Where 0
-
Find the radius of convergence in two ways: (a) Directly by the CauchyHadamard formula in Sec. 15.2. (b) From a series of simpler terms by using Theorem 3 or Theorem 4.
-
Refer to the situation described in BE 6-6. How much will Leslie accumulate in three years by depositing $500 at the beginning of each of the next 12 quarters?
-
The Dow Chemical Company provides chemical, plastic, and agricultural products and services to various consumer markets. The following excerpt is taken from the disclosure notes of Dows 2008 annual...
-
A convertible security may appear to be dilutive when looked at individually but might be antidilutive when included in combination with other convertible securities. How should the order be...
-
Computing unit cost for department and for completed units} with beginning inventory Robert E. Lee Company has two production departments. Blending had 1,000 units in process at the beginning of the...
-
Identifying cost flows in process cost system} List in columnar form the transactions and the accounts debited and credited to reflect the flow of costs through a process cost accounting system for...
-
Departmental cost work sheet analysis; cost of production} summary, three departments, no beginning inventories Goode Manufacturing Co. has three departments and uses the process cost system of...
Study smarter with the SolutionInn App