P 20-6 Journal entries from trial balance [AICPA adapted]

The following information was abstracted from the accounts of the general fund of the City of Lahti after the books had been closed for the fiscal year ended June 30, 2016:

Trial Balance June 30, 2015 Transactions July 1, 2015, to June 30, 2016 Postclosing Trial Balance June 30, Debit Credit 2016 Cash $700,000 $1,820,000 $1,852,000 $668,000 Taxes receivable 40,000 1,870,000 1,828,000 82,000

$740,000 $750,000 Allowances for uncollectible taxes

$8,000 8,000 10,000 $10,000 Vouchers payable 132,000 1,852,000 1,840,000 120,000 Fund balance:

Committed — 1,000,000 1,070,000 70,000 Unassigned 600,000 140,000 60,000 30,000 550,000

$740,000 $750,000 ADDITIONAL INFORMAT I O N : The budget for the fiscal year ended June 30, 2016, provided for estimated revenues of $2,000,000 and appropriations of $1,940,000.

Accounting for State and Local Governmental Units—Governmental Funds 709 REQuIRED: Prepare journal entries to record the budgeted and actual transactions for the fiscal year ended June 30, 2016.