On June (30,20 times 2 ), the end of the fiscal year, the Wadsworth Park District prepared the following trial balance for the general fund An examination of the records disclosed the following information 1 The recorded estimate of losses for the current year taxes receivable was considered to be ...

The Answer is in the image, click to view ...

On June (30,20 times 2), the end of the fiscal year, the Wadsworth Park District prepared the

Question:

On June $30,20 \times 2$, the end of the fiscal year, the Wadsworth Park District prepared the following trial balance for the general fund:

image text in transcribed

An examination of the records disclosed the following information:
1. The recorded estimate of losses for the current year taxes receivable was considered to be adequate.
2. The local government unit gave the park district 20 acres of land to be used for a new community park. The unrecorded estimated value of the land was $\$ 50,000$. In addition, a state grant of $\$ 300,000$ was received, and the full amount was used in payment of contracts pertaining to the construction of the park buildings. Purchases of playground equipment costing $\$ 22,000$ were paid from general funds.
3. Five years ago, a 4 percent, 10 -year sinking fund bond issue in the amount of $\$ 1,000,000$ for constructing park buildings was sold; it is still outstanding. Interest on the issue is payable at maturity. Budgetary requirements of a contribution of $\$ 130,000$ to the debt service fund were met. Of this amount, $\$ 100,000$ represents the fifth equal contribution for principal repayment.
4. Outstanding purchase orders not recorded in the accounts at year-end totaled $\$ 2,800$.
5. A physical inventory of supplies at year-end revealed $\$ 6,500$ of the supplies on hand.
6. Except where indicated to the contrary, all recordings were made in the general fund.
\section*{Required}
Prepare the adjusting entries to correct the general fund records.