Kimberly Hills School System began the fiscal year July 1, XXXX, with the following account balances in
Question:
Kimberly Hills School System began the fiscal year July 1, XXXX, with the following account balances in the general fund:
To be computed by reader.
During the year that ended on June 30, XXXX (end of fiscal year), the following transactions were completed:
a. Local property taxes were assessed and levied in the amount of $150,000.
b. Received $200,000 in general state aid.
c. Paid salary of instructional staff of the special education program in the amount of $58,000.
d. Purchased equipment for the vocational home economics program in the amount of $35,000.
e. Paid instructional staff salaries in the amount of $15,000.
f. Collected $120,000 of the taxes that were previously assessed and levied.
g. Purchased and paid for general supplies in the amount of $35,000.
h. Paid salary of $15,000 for custodian.
i. General supplies were purchased on account in the amount of $6,000.
j. An amount of $65,000 was borrowed from the New Douglas State Bank against anticipated tax revenues.
Assume the chart of accounts for the school district consists of the following:
Assets (101, 111, 121)
Liabilities (421, 423)
Fund balance (730)
Revenue (1110, 3100)
Expenditures (object codes 110, 610, 733)
Instructions:
Record the beginning balances to the general ledger accounts.
Record the transactions to the general ledger accounts.
Prepare a trial balance as of June 30, XXXX (end of fiscal year).
Prepare a statement of revenues, expenditures and fund balance for the fiscal year.
Prepare a balance sheet as of June 30, XXXX (end of fiscal year).
Step by Step Answer:
Financial Accounting For School Administrators Tools For School
ISBN: 9781610487719
3rd Edition
Authors: Ronald E. Everett, Donald R. Johnson, Bernard W. Madden