Governmental Accounting

City of Allensville

The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows:

Debits

Accounts Receivable$40,000

Cash75,000

Due from Agency Fund25,000

Encumbrances60,000

Estimated Revenues975,000

Expenditures750,000

Taxes Receivable250,000

$2,175,000

Credits

Allowance for Doubtful Accounts$5,000

Allowance for Uncollectible Taxes 50,000

Appropriations785,000

Due to a Utility Fund40,000

Unassigned Fund Balance(160,000)

Estimated Fund Balance 190,000

Reserve for Encumbrances60,000

Revenues990,000

Taxes Received in Advance15,000

Vouchers Payable200,000

$2,175,000

The $60,000 encumbrance relates to equipment ordered but not received by fiscal year-end.

Required:

1. Prepare Balance Sheet for the General Fund of the City of Allensville as of June 30, 2019.

2. Prepare Statement of Revenues, Expenditures and Changes in Fund Balance for the fiscal year ended June 30, 2019.

Note: Use GASB 54 to classify the Fund Balance on the Balance Sheet as follows:

a) Nonspendable Fund Balance (inherently nonspendable)

b) Restricted Fund Balance (externally enforceable)

c) Committed Fund Balance (self-imposed limitations set in place prior to the end of the period.)

d) Assigned Fund Balance (limitation resulting from intended use E.G. RESERVE FOR ENCUMBRANCES)

e) Unassigned Fund Balance (residual net resources ONLY A GENERAL FUND CAN HAVE THIS