Exercise 17 2 Listed are typical financial activities of a local governmental unit 1 The legislative unit approved the budget for the general operating fund Estimated revenues are $4,180,000, and appropriations for expenditures are $3,980,000 2 Statements of property tax assessments totaling $2,850,000 were mailed to property owners It is estimated that 4 of the assessed taxes will be uncollectible 3 Notification was received from the state that this units share of sales tax revenues from the fourth quarter of the previous year will be $495,000 4 The manager signed a contract to purchase equipment costing $230,000 5 The equipment ordered above was received and paid for 6 Employees were paid their biweekly wages of $33,000 7 Property taxes in the amount of $2,200,000 were collected Prepare the necessary journal entries to record the transactions listed above in the records of the General Fund (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 ) No Account Titles and Explanation Debit Credit 1 2 3 4 5 (To record equipment received) (To remove encumbrances) (To record payment) 6 7 3 Exercise 17 2 Listed are typical financial activities of a local governmental unit 1 The legislative unit approved the budget for the general operating fund Estimated revenues are $4,180,000, and appropriations for expenditures are $3,980,000 2 Statements of property tax assessments totaling $2,850,000 were mailed to property owners It is estimated that 4 of the assessed taxes will be uncollectible Notification was received from the state that this unit's share of sales tax revenues from the fourth quarter of the previous year will be $495,000 4 The manager signed a contract to purchase equipment costing $230,000 5 The equipment ordered above was received and paid for Employees were paid their biweekly wages of $33,000 7 Property taxes in the amount of $2,200,000 were collected Prepare the necessary journal entries to record the transactions listed above in the records of the General Fund (Credit account titles are automatically indented wh for the amounts ) 6 No Account Titles and Explanation Debit Credit 1 2 3 5 (To record equipment received) (To remove encumbrances) (To record payment) 6 7

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Exercise 17-2 Listed are typical financial activities of a local governmental unit. 1. The legislative unit approved the budget for the general operating fund. Estimated

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Exercise 17-2

Listed are typical financial activities of a local governmental unit.

1.		The legislative unit approved the budget for the general operating fund. Estimated revenues are $4,180,000, and appropriations for expenditures are $3,980,000.
2.		Statements of property tax assessments totaling $2,850,000 were mailed to property owners. It is estimated that 4% of the assessed taxes will be uncollectible.
3.		Notification was received from the state that this units share of sales tax revenues from the fourth quarter of the previous year will be $495,000.
4.		The manager signed a contract to purchase equipment costing $230,000.
5.		The equipment ordered above was received and paid for.
6.		Employees were paid their biweekly wages of $33,000.
7.		Property taxes in the amount of $2,200,000 were collected.

Prepare the necessary journal entries to record the transactions listed above in the records of the General Fund. (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.)

No.	Account Titles and Explanation	Debit	Credit
1.


2.


3.

4.

5.

	(To record equipment received)


	(To remove encumbrances)


	(To record payment)
6.

7.

3. Exercise 17-2 Listed are typical financial activities of a local governmental unit. 1. The legislative unit approved the budget for the general operating fund. Estimated revenues are $4,180,000, and appropriations for expenditures are $3,980,000. 2. Statements of property tax assessments totaling $2,850,000 were mailed to property owners. It is estimated that 4% of the assessed taxes will be uncollectible. Notification was received from the state that this unit's share of sales tax revenues from the fourth quarter of the previous year will be $495,000. 4. The manager signed a contract to purchase equipment costing $230,000. 5. The equipment ordered above was received and paid for. Employees were paid their biweekly wages of $33,000. 7. Property taxes in the amount of $2,200,000 were collected. Prepare the necessary journal entries to record the transactions listed above in the records of the General Fund. (Credit account titles are automatically indented wh for the amounts.) 6. No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. (To record equipment received) (To remove encumbrances) (To record payment) 6. 7