1. Estimated Revenue 1826000 Appropriations 1776000 Fund Balance - Unassig 50000 2. Property Tax Receivable 922000 Estimated Uncollectible 46100 Revenue 875900 3 Encumbrances 16200 Fund Balance - Assigne 16200 4 Encumbrances 127000 Fund Balance - Assigne 127000 5 Expenditures - Current Yea 85000 Cash 85000 5. Cash 369000 X Due from State 369000 7. Expenditures - Current Yea 130000 Vouchers Payable 130000 (To record expenditure) Fund Balance - Assigned 132200 Encumbrances 132200 (To remove encumbrances) Expenditures - Current Yea 16000 Vouchers Payable 16000 (To record expenditure) Fund Balance - Assigned 16000 x Encumbrances 16000 (To remove encumbrances) 9. Cash 460000 Property Tax Receivable 460000 10. Vouchers Payable 132200 Cash 132200 11 Fund Balance - Assigned 580 Encumbrances 580Exercise 17-8 Your answer is partially correct. Try again. During 2015, the City of Greenfield engaged in the following financial activities: 1. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,826,000 and appropriations for expenditures of $1,776,000. N N Property tax assessments for 2015 were compiled and statements mailed to property owners. Assessments total $922,000. Past collection experience indicates that approximately 5% of assessed property taxes are delinquent or uncollectible during the year of billing. A low bid of $15,000 was accepted for a new vehicle for the fire chief. A purchase order was issued providing for additional costs for painting and ancillary equipment (negotiated after the bid) prior to delivery. The estimate of additional costs is $1,200. Additional purchase orders placed during the year amount to $127,000. City employees are issued paychecks for the month of April. The total payroll amounts to $85,000. The City received a statement from the State Treasurer that the City's portion of the state sales tax for the first half-year is $369,000. Vouchers for expenditures totaling $130,000 are approved for payment. Encumbrances against these vouchers were recorded at a total of $132,200. 8 . The vehicle for the fire chief was delivered and accepted. The invoice in the amount of $16,000 was approved for payment. 9 . Property tax collections for the month of June amounted to $460,000. 10. The City Treasurer issued checks in payment of the vouchers totaling $130,000 and for the invoice for the fire chief's vehicle. 11. A purchase order previously issued for an electric typewriter (estimated price $580) was canceled when the vendor indicated a three-month delay in delivery. Prepare journal entries to record and account for the foregoing transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
