i just need C and D please
introduction In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues eamed or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: General Journal Cash Disbursements Joumal Cash Receipts Journal General Ledger Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledgor. Practice Set CHART OF ACCOUNTS General Fund-General Ledger Account Codes Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reeerved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues Practice Set-Assumptions and Exhibits The following assumptions and exhibits will be used in prepering the practice set. The Town's opening balances are: (General Ledgers are already posted) Exhibit A The following budget was approved for 200 year. Exhibita The following payrolis were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Practice Set PRoF The following abstracts were paid during the two-month period of our practice set. Exhlbit C Abstract \#1 \begin{tabular}{clcr} Claim * & \multicolumn{1}{c}{ Claimant } & Account & Amount \\ 1 & ABC Park Equipment & 7110.2 & $300.00 \\ 2 & Lewis Uniforms & 3120.4 & 500.00 \\ 3 & Handy Plumbing & 7110.4 & 100.00 \\ 4 & King Hardware & 7110.4 & 250.00 \\ 5 & Eager Janitorial Service & 3120.4 & 100.00 \\ & & & $1.250.00 \end{tabular} Summary3120.47110.27110.4$600.00300.00350.00$1,250,000 Abstract 12 \begin{tabular}{clr} Claim : & \multicolumn{1}{c}{ Claimant } & Accou \\ 6 & Jack's Printing Company & 7110 \\ 7 & XYZ Equipment & 3120 \\ 8 & Jones Lumber & 7110 \\ 9 & Hendy Plumbing & 7110 \\ 10 & Lewis Uniforms & 3120 \\ & & \\ & & \\ Summary & 3120.2 & $12,400.00 \\ & 3120.4 & 400.00 \\ & 7110.4 & 400.00 \\ & & $13.200.00 \end{tabular} - This was originally encumbered. A. Accounting Entries January 2 - The budget included in Exhibit A is joumalized and posted to the appropriate ledgers. January 2 - Real Property Tax bills are prepared and malled amounting to $50,000. January 5 - Sales Tax Revenues ($10,000) for the 4 quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscail year. January 15 - Payroll \#1 in Exhibit B is paid. January 20 - Received prior year State aid claim accrued minus $500 disallowance. January 29 - Payroll w2 in Exhibit B is paid. January 30 - Abstract 21 in Exhibit C is paid. January 31 - Tax Collector remits tax moneys in the amount of $40,000. February 1 - The Police Department issues purchase order tw1 for equipment (3120.2) in the amount of $13,000. February 2 Recelves State ald for youth program in the amount of $1,100 ( $100 adjustment for mathematical mistake). February 10 - Tax Collector submils balance of taxes ($10,000) in addition to $200 in interest. February 16 - Payroll 3 in Exhibit B is paid. February 17 - The Police Department issues purchase order 22 for equipmant in the amount of 59,000 . (Hint: If there is insufficient appropriations, transfer from 3120.4 .) February 22 . Paid Abstract 2 Exhibit C February 28 - Record Payroll \#4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) introduction In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues eamed or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: General Journal Cash Disbursements Joumal Cash Receipts Journal General Ledger Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledgor. Practice Set CHART OF ACCOUNTS General Fund-General Ledger Account Codes Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reeerved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues Practice Set-Assumptions and Exhibits The following assumptions and exhibits will be used in prepering the practice set. The Town's opening balances are: (General Ledgers are already posted) Exhibit A The following budget was approved for 200 year. Exhibita The following payrolis were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Practice Set PRoF The following abstracts were paid during the two-month period of our practice set. Exhlbit C Abstract \#1 \begin{tabular}{clcr} Claim * & \multicolumn{1}{c}{ Claimant } & Account & Amount \\ 1 & ABC Park Equipment & 7110.2 & $300.00 \\ 2 & Lewis Uniforms & 3120.4 & 500.00 \\ 3 & Handy Plumbing & 7110.4 & 100.00 \\ 4 & King Hardware & 7110.4 & 250.00 \\ 5 & Eager Janitorial Service & 3120.4 & 100.00 \\ & & & $1.250.00 \end{tabular} Summary3120.47110.27110.4$600.00300.00350.00$1,250,000 Abstract 12 \begin{tabular}{clr} Claim : & \multicolumn{1}{c}{ Claimant } & Accou \\ 6 & Jack's Printing Company & 7110 \\ 7 & XYZ Equipment & 3120 \\ 8 & Jones Lumber & 7110 \\ 9 & Hendy Plumbing & 7110 \\ 10 & Lewis Uniforms & 3120 \\ & & \\ & & \\ Summary & 3120.2 & $12,400.00 \\ & 3120.4 & 400.00 \\ & 7110.4 & 400.00 \\ & & $13.200.00 \end{tabular} - This was originally encumbered. A. Accounting Entries January 2 - The budget included in Exhibit A is joumalized and posted to the appropriate ledgers. January 2 - Real Property Tax bills are prepared and malled amounting to $50,000. January 5 - Sales Tax Revenues ($10,000) for the 4 quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscail year. January 15 - Payroll \#1 in Exhibit B is paid. January 20 - Received prior year State aid claim accrued minus $500 disallowance. January 29 - Payroll w2 in Exhibit B is paid. January 30 - Abstract 21 in Exhibit C is paid. January 31 - Tax Collector remits tax moneys in the amount of $40,000. February 1 - The Police Department issues purchase order tw1 for equipment (3120.2) in the amount of $13,000. February 2 Recelves State ald for youth program in the amount of $1,100 ( $100 adjustment for mathematical mistake). February 10 - Tax Collector submils balance of taxes ($10,000) in addition to $200 in interest. February 16 - Payroll 3 in Exhibit B is paid. February 17 - The Police Department issues purchase order 22 for equipmant in the amount of 59,000 . (Hint: If there is insufficient appropriations, transfer from 3120.4 .) February 22 . Paid Abstract 2 Exhibit C February 28 - Record Payroll \#4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet)
