Essentials of gov. acc. chp 4

The Town of Quincys fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2012. Prepare journal entries for each of the dates as indicated.

a. The balance in deferred property tax revenue was $155,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry.

b. On July 1, 2011, property taxes in the amount of $10,000,000 were levied. It was estimated that .5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2012.

c. October 31, $4,600,000 in property taxes were collected.

d. December 31, $4,800,000 in additional property taxes were collected.

e. Receivables totaling $8,700 were deemed to be uncollectible and written off.

f. On June 30, $175,000, was transferred from Revenues Control to Deferred Revenues, because it was not expected to be collected within 60 days.

Preparejournalentriesin the General Fund of the Brownville SchoolDistrict. a. TheDistricthad outstanding encumbrances of $7,800 for band instruments from the previous year. It is the Districts policy to re-establish those encumbrances in the subsequent year.

b. TheDistrictorderedtextbooksat an estimatedcostof $87,000. c. The band instruments arrived at aninvoicepriceof $7,500 plus $290 shipping. d.Textbooksoriginally estimated tocost$77,000 were received with an invoice priceof $76,900. The remaining portion of the order is backordered. e. A contract was signed with a CPA to provide the annual audit in the amount of $4,500.

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2015: 1. Beginning balances were: Cash, $100,000; Taxes Receivable, $175,000; Accounts Payable, $50,000; and Fund Balance, $225,000. 2. The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1,980,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $1,200,000. All of the taxes are expected to be collected before February 2016. 4. Cash receipts totaled $1,200,000 for property taxes and $620,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $900,000. 6. Contracted services were performed relating to $810,000 of the contracts with invoices amounting to $800,000. 7. Other expenditures amounted to $950,000. 8. Accounts payable were paid in the amount of $1,700,000. 9. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.