Janet Ridge School System began the fiscal year July 1, XXXX, with the following account balances in the general fund:

a. Local property taxes were assessed and levied in the amount of $85,000.

b. Cash was received for the entire amount of the local property tax levy of transaction (a).

c. Local property taxes were assessed and levied in the amount of $70,000.

d. An amount of $65,000 was borrowed from the Cape Jennifer National Bank against anticipated tax revenues.

e. Cash was received for the amount of the property tax levy in transaction (c).

f. Paid the amount due on the tax anticipation warrants issued in transaction (d).
g. Paid regular teacher salaries of $40,000.
h. Purchased general supplies in the amount of $35,000.
i. Paid regular custodial salaries of $20,000.
j. Paid salaries of regular bus drivers in the amount of $15,000.
Assume the chart of accounts for the school district consists of the following:

Expenditure (object codes 110, 610)
Instructions:

Record the beginning balances to the general ledger accounts.
Record the transactions to the general ledger accounts.
Prepare a trial balance for June 30, XXXX (end of fiscal year).

Transcribed Image Text:

101 Cash 111 Investments 730 Unreserved fund balance $5,000 90,000 95,000 During the fiscal year, which ended June 30, XXXX, the following transactions were completed: