P 20-5 Reconstruct general fund journal entries [AICPA adapted]

The following summary of transactions was taken from the accounts of the Oslo School District general fund before the books had been closed for the fiscal year ended June 30, 2016:

Postclosing Balances June 30, 2015 Preclosing Balances June 30, 2016 Cash $400,000 $700,000 Taxes receivable 150,000 170,000 Estimated uncollectible taxes (40,000) (70,000)

Estimated revenues — 3,000,000 Expenditures — 2,842,000 Expenditures—prior years — —

Encumbrances — 91,000

$510,000 $6,733,000

(Continued)

708 CHAPTER 20 Postclosing Balances June 30, 2015 Preclosing Balances June 30, 2016 Vouchers payable $80,000 $408,000 Due to other funds 210,000 142,000 Fund balance—committed 60,000 91,000 Fund balance—unassigned 160,000 182,000 Revenues from taxes — 2,800,000 Miscellaneous revenues — 130,000 Appropriations — 2,980,000

$510,000 $6,733,000 ADDITIONAL INFORMATION 1. The estimated taxes receivable for the year ended June 30, 2016, were $2,870,000, and current-year taxes collected during the year totaled $2,810,000.