Question
1. Calhoun County adopted its General Fund budget for the year ending June 30, 2021 comprising estimated revenues of $12,900,000 and appropriations of $13,200,000. Calhoun
1. Calhoun County adopted its General Fund budget for the year ending June 30, 2021 comprising estimated revenues of $12,900,000 and appropriations of $13,200,000. Calhoun County utilizes the budgetary accounts required by GASB standards. The journal entry to record the budget will include:
A) A credit to Appropriations, $13,200,000.
B) A credit to Encumbrances, $13,200,000.
C) A debit to Estimated Revenues, $13,200,000.
D) A credit to Budgetary Fund Balance, $13,200,000
2.. Which of the following is a fiduciary fund?
A) Enterprise fund.
B) Special revenue fund.
C) Debt service fund.
D) Private-purpose trust fund
3. The Town of Greenville levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include
A) A debit to Cash for $1,584,000.
B) A credit to Revenues for $1,584,000.
C) A debit to Allowance for Uncollectible Current Taxes for $16,000.
D) A debit to Estimated Revenues for $1,600,000.
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