Question:
The town of Ingalls uses a general fund for all financial transactions. Expenditures are recorded by type of expenditure and by department. The four categories of expenditures are personnel, supplies, other charges, and capital outlays. Departments are: General Government, Public Safety, Fire Protection, and Recreation.
Instructions:
Journalize the transactions for the current year. Use page 1 of a journal.
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Transactions: Jan. 2. Recorded current year's approved operating budget: estimated revenues, $1,270,000.00; appro- priations, $1,224,000.00; budgetary fund balance, $46,000.00. M42. 2. Recorded current year's property tax levy: taxes receivable-current, $1,220,000.00; allowance for uncollectible taxes-current, $12,200.00; property tax revenue, $1,207,800.00. M43. 9. Received cash for current taxes receivable, $57,300.00. R105. 11. Paid cash for gas utility service in general government department, $234.00. C168. 12. Issued a 2-month, 9% note, $200,000.00. NP7. 16. Encumbered estimated amount for supplies in fire protection department, $165.00. M54. 20. Received cash from traffic fines, $225.00. R111. (Other Revenue) 30. Paid cash for pump for fire protection department, $450.00. (Capital Outlays) C182. Feb. 6. Paid cash for fire protection department supplies, $170.00, encumbered January 16 per M54. M58 and C190. 24. Encumbered estimated amount for supplies in recreation department, $133.00. M69. Mar. 1. Recorded reclassification of current taxes receivable to delinquent status, $51,400.00, and the accompanying allowance for uncollectible accounts, $12,200.00. M76. 12. Paid cash for the maturity value of NP7: principal, $200,000.00, plus interest, $3,000.00; total, $203,000.00. C222. 20. Paid cash for a 3-month, 8% certificate of deposit, $400,000.00. C234. 22. Paid cash for recreation department supplies, $131.00, encumbered February 24 per M69. M88 and C241. Apr. 10. Received cash for delinquent taxes receivable, $21,000.00. R355. 25. Paid cash for consultant's services in recreation department, $500.00. C266. (Personnel) June 20. Received cash for the maturity value of certificate of deposit due today: principal, $400,000.00, plus interest, $8,000.00; total, $408,000.00. R497.