General Journal Entries (General Fund Only)

1. At the beginning of the fiscal year, the county has estimated that revenues of $1,250,000 would be generated for the General Fund and had authorized expenditures of $1,240,000. Included in the budget was $25,000 for the purchase of a new computer.

2. Property taxes are levied for the current period in the amount of $100,000. It was estimated that 10% will be uncollectible and that $5,000 in discounts will be taken.

3. The county collected $50,000 (face value) of the levied taxes within the discount period. Discounts of $6,000 were recorded.

4. The discount period has expired

5. Charges to the Central Motor Pool for inspections (totaling $400) were billed. The Inspection Department is accounted for through the General Fund.

6. A new computer with an estimated cost of $25,000 was ordered.

7. The computer was received along with an invoice for $27,000. The county commissioners authorized the additional amount.

8. At the end of the fiscal year it was determined that $20,000 of the current year tax receivables will not be collected until the last half of the following year.

9. The General Fund was reimbursed $400 from a Capital Projects Fund for an invoice that was paid in error.

10. The County Commissioners authorized a $10,000 three-year loan from the General Fund to a Capital Projects Fund to provide financing for the construction of a new jail.

11. The County Commissioners authorized a payment of $8,000 to be paid from the General Fund to establish a City Hall Bonds Debt Service Fund.

12. The county has been awarded a $1,000,000 federal reimbursement grant to improve bike trails. The county has incurred and paid $500,000 of qualifying expenditures during the current year, for which the federal government has reimbursed the county $200,000.