Government Accounting.

A. Prepare Journal entries for the following:

Jan 2 Real property Tax bills are prepared and mailed amounting to $50,000.

Jan 5 Sales tax revenue (410,000 for the 4^th quarter of last year is received.

Jan 10 A state Aid Youth claim is prepared and submitted for $1,000. Money are anticipated to be received during the towns fiscal year.

Jan 15 Payroll is paid Police $1,500, Parks $750.

Jan 20 Received prior year State Aid claim accrued minus $500 disallowance.

Jan 29- Payroll for the second period is paid - Police $1,500, Parks $750.

Jan 30 Park equipment, uniforms, Handy plumbing, hardware, Janitorial service are paid in the amount of $1,250,000

Jan 31- Tax collector remits tax money for $40,000.

Feb 1 The Police Department issues a purchase order for equipment in the amount of $13,000.

Feb 2 Receives State Aid for youth program in the amount of $1,100 ($100 adjustment for the mathematical mistake).

Feb 10 Tax collector submits balance of taxes ($10,000) in addition to $200 in interest.

Feb 16 Payroll for the third period is paid - Police $1,500, Parks $750.

Feb 17 - The Police Department issues a purchase order for equipment in the amount of $9,000.

Feb 22 Paid uniforms, Handy plumbing, hardware, and printing for $13, 200.

Feb 28 Record payroll for the fourth period - Police $1,500, Parks $750.

B. Prepare Closing entries.

C. Prepare Year-End Financial Statement.

The Towns opening balances are:

Cash $40,000

State and federal, and other $10,000

Due from Other Governments $10,000

Fund Balance $60,000

The following budget was approved for 20XX year:

Estimated revenues $100,000

Real Property Taxes $50,000

Sales Tax $40,000

State Aid $10,000

Appropriated Fund balance $30,000

Appropriations $130,000