Government & Non-Profit Accounting Question:

Selected transactions of the City of Miser Statuon General Fund for the 20X1 fiscal year are presented on the following page. All amounts are in thousands of dollars.

Requirements: 1. Prepare the general ledger journal entries for the transactions. If no entry is required, do not leave it blank. State "No entry required"

1. The City Council approved the following budget for the fiscal year: Appropriations $14,000 Estimated Revenues 12,000

Of these amounts $8,000 is for operating expenditures and $10,000 is for property tax revenues.

2. The property tax levy was recroded, $10,000 of which 3% will probably prove uncollectible

3. The city ordered $200 in supplies

4. The city borrowed $500 from the Blount national Bank on a two-month, 6% note.

5. Cash receipts were (see entry #2): Property Taxes: $8500 License and Permits: 150 Total Receipts: $8,650

6. The City Council revised the budget (see entry #1). Appropriations were reduced $3,000 and Estimated Revenues were reduced $2,000 (Appropriations for Expenditures-- Operating were reduce $1,000; Property tax revnues were not affected)

7. Of the previous supplies order (entry #3), 75% of the order was received. The actual cost of the goods received was $135. The amount due the vendor will be paid at a later date.

8. CIty emloyees were paid $25

9. The city ordered a new police car. The estimated cost is $21.

10. The City repaid the short-term note (see entry #4) when due.

11. Wrote off $100 of taxes receivable as uncollectible (see entry #2)

12. Paid $12 to the Special Revenue Fund to repay it for General Fund employee salaries that were inadvertenly recorded as expenditures of that fund.

13. The city received the police car (see entry 9). The actual cost was $22. The vendor will be paid at a later date.

14. The city collected $50 for licenses

15. The city paid $157 on account