Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete 1 and 2 please. 8. Revenue other than taxes collected during the year consisted of licenses and permits, $385,100; intergovernmental revenue, $412,100; and $78,100
Complete 1 and 2 please.
8. Revenue other than taxes collected during the year consisted of licenses and permits, $385,100; intergovernmental revenue, $412,100; and $78,100 of miscellaneous revenues. For purposes of accounting for these revenues at the government-wide level, the intergovernmental revenues were operating grants and contributions for the Public Safety function. Miscellaneous revenues are not identifiable with any function and, therefore, are recorded as General Revenues at the government-wide level. 9. A transfer of $23,100 was made to the debt service fund for principal and interest payments. 10. Payments on Vouchers Payable totaled $2,516,000. Additional information follows: The General Fund Fund BalanceUnassigned account had a credit balance of $107,900 as of December 31, 2022; no entries have been made in the Fund Balance-Unassigned account during 2023. Required a-1. Prepare general journal for fiscal year 2023 for the General Fund and for the governmental activities. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) The following transactions occurred during the 2023 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2023 was as follows: 2. Encumbrances issued against the appropriations during the year were as follows: 3. The current year's tax levy of $2,091,900 was recorded; uncollectibles were estimated to be $76,000. 4. Tax collections of the current year's levy totaled $1,470,000. The City also collected $143,000 in taxes from the prior 8. Revenue other than taxes collected during the year consisted of licenses and permits, $385,100; intergovernmental revenue, $412,100; and $78,100 of miscellaneous revenues. For purposes of accounting for these revenues at the government-wide level, the intergovernmental revenues were operating grants and contributions for the Public Safety function. Miscellaneous revenues are not identifiable with any function and, therefore, are recorded as General Revenues at the government-wide level. 9. A transfer of $23,100 was made to the debt service fund for principal and interest payments. 10. Payments on Vouchers Payable totaled $2,516,000. Additional information follows: The General Fund Fund BalanceUnassigned account had a credit balance of $107,900 as of December 31, 2022; no entries have been made in the Fund Balance-Unassigned account during 2023. Required a-1. Prepare general journal for fiscal year 2023 for the General Fund and for the governmental activities. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) The following transactions occurred during the 2023 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2023 was as follows: 2. Encumbrances issued against the appropriations during the year were as follows: 3. The current year's tax levy of $2,091,900 was recorded; uncollectibles were estimated to be $76,000. 4. Tax collections of the current year's levy totaled $1,470,000. The City also collected $143,000 in taxes from the priorStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started