411.

Jefferson Countys General Fund began the year 2020 with the following account balances:

Table Summary: Table has debits and credits columns and each row, other than total row, has data in either column. Debits are rows 1, 2, and 4, while other rows are credits.

Debits Credits Cash $146,348 Taxes Receivable 32,220 Allowance for Uncollectible Taxes $1,900 Supplies 1,660 Deferred InflowsProperty Taxes 21,000 Wages Payable 570 Fund Balance 156,758 Totals $180,228 $180,228

During 2020, Jefferson experienced the following transactions:

1. The budget was passed by the County Commission, providing estimated revenues of $286,500 and appropriations of $233,000 and estimated other financing uses of $40,000.Page 114

2. Encumbrances totaling $4,800 outstanding at December 31, 2019, were re-established.

3. The Deferred InflowsProperty Taxes at December 31, 2019, is recognized as revenue in the current period.

4. Property taxes in the amount of $288,000 were levied by the County. It is estimated 0.5 percent (1/2 of 1 percent) will be uncollectible.

5. Property tax collections totaled $263,400. Accounts totaling $1,850 were written off as uncollectible.

6. Encumbrances were issued for supplies in the amount of $37,100.

7. Supplies in the amount of $40,500 were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $41,000 and included the $4,800 encumbered last year. The County paid $38,100 on accounts payable during the year.

8. The County contracted to have alarm systems (capital assets) installed in the administration building at a cost of $42,900. The systems were installed and the amount was paid.

9. Paid wages totaling $135,900, including the amount payable at the end of 2019. (These were for general government operations.)

10. Paid other general government operating items of $7,600.

11. The General Fund transferred $39,800 to the debt service fund in anticipation of bond interest and principal payments.

12. Wages earned but unpaid at the end of the year amounted to $890.

13. Supplies of $350 were on hand at the end of the year. (Supplies are used for general government operations.)

14. A review of property taxes receivable indicates that $23,000 of the outstanding balances would likely be collected more than 60 days after year-end and should be deferred.

Required:

Use the Excel template provided on the textbook website to complete the following requirements. A separate tab is provided in Excel for the following items:

1. Prepare journal entries to record the information described in items 1 to 14. Classify expenditures in the General Fund as either General Government Operations or Capital Outlay. Make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers.

2. Post these entries to T-accounts.

3. Prepare closing journal entries; post to the T-account provided. Classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances.

4. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ending 2020. Use Excel formulas to calculate the cells shaded in blue.

5. Prepare a Balance Sheet for the General Fund as of December 31, 2020.