ALLUUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points). The City of Lime prepared and approved the attached budget for its General Fund for the fiscal year ending September 30, 20X1. The city also had the attached trial balance at September 30, 20X0 and summary transactions for the General Fund for the fiscal year ending September 30, 20X1. REQUIRED: (1) Prepare the general journal entries, in good form, to record all transactions required for the city for the fiscal year ending September 30, 20X1. Include the appropriate entries to the subsidiary ledgers. Omit explanations. Use the letter of the transaction as the date. (2) Prepare an unadjusted trial balance at September 30, 20X1. S CITY OF LIME APPROVED BUDGET FOR GENERAL FUND FOR FISCAL YEAR ENDING SEPTEMBER 30, 20X1 Revenues: Property Taxes License Fees Fines and Penalties Parking Meter Charges State Grants Total Revenues 125,000 25,000 32,000 4,200 30,000 216,200 S Appropriations: Salaries and Wages Materials and Supplies Purchases of Vehicles Interest Total Appropriations 132,000 25,000 35,000 2,500 194,500 S Credits CITY OF LIME POST CLOSING TRIAL BALANCE AT SEPTEMBER 30, 20X0 Debits $ 7,500 Due From State Government 15,000 Vouchers Payable Fund Balance--Unassigned Totals 22,500 $ Cash $ 12,000 10,500 22,500 S CITY OF LIME SUMMARY TRANSACTIONS FOR GENERAL FUND FOR FISCAL YEAR ENDING SEPTEMBER 30, 20X1 (a) The budget was recorded in the accounting records. (b) Property tax bills in the amount of $125,000 were sent to property owners in the city. The city expects all of this amount to be collectible. (c) Two vehicles estimated at $30,000 were ordered from a supplier. (d) Received a check from the state government for $30,000 for the remainder of last year's grant and for half of the current year's grant. The state has indicated that the remaining amount for this year will not be sent until the first month of the next fiscal year. (e) Borrowed $25,000 from the Usury Bank of Lime for a period of nine months at 12% interest (1) Ordered materials and supplies in the amount of $22,500. (g) Paid the vouchers payable from the previous fiscal year. (h) Revenues were received in the following amounts: License Fees, $26,400; Fines and Penalties, $31,600; Parking Meter Fees, $3,200. (6) The vehicles ordered in (b) above were received with an invoice of $31,600. 0 The loan, along with the appropriate interest, was paid to the bank at the end of nine months. (k) Salaries and wages were vouchered and paid during the year in the amount of $128,000. 0 Property taxes collected during the year totaled $118,000. ALLUUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points). The City of Lime prepared and approved the attached budget for its General Fund for the fiscal year ending September 30, 20X1. The city also had the attached trial balance at September 30, 20X0 and summary transactions for the General Fund for the fiscal year ending September 30, 20X1. REQUIRED: (1) Prepare the general journal entries, in good form, to record all transactions required for the city for the fiscal year ending September 30, 20X1. Include the appropriate entries to the subsidiary ledgers. Omit explanations. Use the letter of the transaction as the date. (2) Prepare an unadjusted trial balance at September 30, 20X1. S CITY OF LIME APPROVED BUDGET FOR GENERAL FUND FOR FISCAL YEAR ENDING SEPTEMBER 30, 20X1 Revenues: Property Taxes License Fees Fines and Penalties Parking Meter Charges State Grants Total Revenues 125,000 25,000 32,000 4,200 30,000 216,200 S Appropriations: Salaries and Wages Materials and Supplies Purchases of Vehicles Interest Total Appropriations 132,000 25,000 35,000 2,500 194,500 S Credits CITY OF LIME POST CLOSING TRIAL BALANCE AT SEPTEMBER 30, 20X0 Debits $ 7,500 Due From State Government 15,000 Vouchers Payable Fund Balance--Unassigned Totals 22,500 $ Cash $ 12,000 10,500 22,500 S CITY OF LIME SUMMARY TRANSACTIONS FOR GENERAL FUND FOR FISCAL YEAR ENDING SEPTEMBER 30, 20X1 (a) The budget was recorded in the accounting records. (b) Property tax bills in the amount of $125,000 were sent to property owners in the city. The city expects all of this amount to be collectible. (c) Two vehicles estimated at $30,000 were ordered from a supplier. (d) Received a check from the state government for $30,000 for the remainder of last year's grant and for half of the current year's grant. The state has indicated that the remaining amount for this year will not be sent until the first month of the next fiscal year. (e) Borrowed $25,000 from the Usury Bank of Lime for a period of nine months at 12% interest (1) Ordered materials and supplies in the amount of $22,500. (g) Paid the vouchers payable from the previous fiscal year. (h) Revenues were received in the following amounts: License Fees, $26,400; Fines and Penalties, $31,600; Parking Meter Fees, $3,200. (6) The vehicles ordered in (b) above were received with an invoice of $31,600. 0 The loan, along with the appropriate interest, was paid to the bank at the end of nine months. (k) Salaries and wages were vouchered and paid during the year in the amount of $128,000. 0 Property taxes collected during the year totaled $118,000