Need Subsidiary Revenue Ledger

MAR-18-2310 a7:43P FROM:I CHOICE LLC 145123030 TO:5123200 PRACTICE SET In the practice set you will have the opportunity to maintain a set of accounting records for a typical ocal town gavenment 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 i lt were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified acorual basis of accounting. This means that all material items of revenues earned or expenditures incurred areaccrued 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: PGeneral Journal Cash Disbursements Journal 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 ofexhibits to assist in recording the appropriate transactions. Balanoes from the previous year have been brought forward in the General Ledger Practice Set CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues 2 Practice Set Revenue Account Codes A1001 A1090 A1120 A1255 A3820 Real Property Taxes Interest on Taxes Non-Property Tax Distribution by County (Sales Tax) Clerk Fees Youth Programs Expenditure Account Codes A19904 Contingent Account A3120.1 Police Personal Services A31202 Police Equipment and Other Capital Outlay A31204 Police Contractual Expenditure A7110.1 Parks - Personal Services A7110.2 Parks- Equipment and Other Capital Outlay A7110.4 Parks Contractual Expenditure The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances ane $40,000 $10,000 $10,000 Cash State and Federal, Other Due from Other Governments 200 410 440 $60,000 909 Fund Balance (General Ledgers are already posted) ExhibitA The following budget was approved for 20XX year: A510 Estimated Revenues 100,000 $50,000 40,000 10,000 A1001 A1120 Real Property Taxes Sales Tax State Aid 30,000 A599 Appropriated Fund Balance 130,000 A960 3 Practice Set The following abstracts were paid during the two-month perlad of our practice set Exhihitc Abstract #1 Amount 300.00 500.00 100.00 250.00 100.00 $1,250.00 Check # Claimant ABC Park Equipment Account 7110.2 31204 7110.4 7110.4 3120.4 Claim # 2 Lewis Uniforms 3 Handy Plumbing 4 King Hardware Eager Janitorial Service 3120.4 600.00 300.00 350,00 $1,250,000 Summary 7110.2 7110.4 Abstract #2 Amount 200.00 12,400.00 100.00 100.00 400.00 Check # Account Claim # Claimant 6 Jack's Printing Company 7110.4 3120.2 7110.4 7110.4 3120.4 7 XYZ Equipment 8 Jones Lumber 9 Handy Plumbing 10 Lewis Uniforms 3120.2 S 12.400.00 400.00 400.00 $13,200.00 Summary 3120.4 7110.4 This was originally encumbered. Practice Set A. Accounting Entries January 2The budget included in Exhibit A is journalized and posted to the January 2 . Real Property Tax bills are prepared and mailed 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 January 15 - Payroll #1 in Exhibit B is paid. January 20 Received prior year State aid claim accrued minus $500 disallowance January 29 - Payrol! #2 in Exhibit B is paid January 30 . Abstract #1 in Exhibit C is paid. January 31Tax Collector remits tax moneys in February 1 The Police Department issues purchase order #1 for equipment (31202) are anticipated to be received during the towns fiscal year, n the amount of $13,000. -Receives State aid for youth program in the amount of $1,100 ($100 February 10 Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest February 16 Payroll #3 in Exhibit B is paid . The Police Department issues purchase order#2 for equipment i, the amount of $9,000. (Hint: If there is insufficient from 3120.4.) February 17 - appropriations, transfer February 22 Paid Abstract #2 Exhibit C. - Practice Set Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. February 28 - B. Adjusting Entries Park equipment in the amount of $4.000. (7110.2) was received but never recorded. 1. A State aid claim has just been submitted $5,000 (youth program). 2. C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) MAR-18-2310 a7:43P FROM:I CHOICE LLC 145123030 TO:5123200 PRACTICE SET In the practice set you will have the opportunity to maintain a set of accounting records for a typical ocal town gavenment 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 i lt were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified acorual basis of accounting. This means that all material items of revenues earned or expenditures incurred areaccrued 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: PGeneral Journal Cash Disbursements Journal 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 ofexhibits to assist in recording the appropriate transactions. Balanoes from the previous year have been brought forward in the General Ledger Practice Set CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues 2 Practice Set Revenue Account Codes A1001 A1090 A1120 A1255 A3820 Real Property Taxes Interest on Taxes Non-Property Tax Distribution by County (Sales Tax) Clerk Fees Youth Programs Expenditure Account Codes A19904 Contingent Account A3120.1 Police Personal Services A31202 Police Equipment and Other Capital Outlay A31204 Police Contractual Expenditure A7110.1 Parks - Personal Services A7110.2 Parks- Equipment and Other Capital Outlay A7110.4 Parks Contractual Expenditure The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances ane $40,000 $10,000 $10,000 Cash State and Federal, Other Due from Other Governments 200 410 440 $60,000 909 Fund Balance (General Ledgers are already posted) ExhibitA The following budget was approved for 20XX year: A510 Estimated Revenues 100,000 $50,000 40,000 10,000 A1001 A1120 Real Property Taxes Sales Tax State Aid 30,000 A599 Appropriated Fund Balance 130,000 A960 3 Practice Set The following abstracts were paid during the two-month perlad of our practice set Exhihitc Abstract #1 Amount 300.00 500.00 100.00 250.00 100.00 $1,250.00 Check # Claimant ABC Park Equipment Account 7110.2 31204 7110.4 7110.4 3120.4 Claim # 2 Lewis Uniforms 3 Handy Plumbing 4 King Hardware Eager Janitorial Service 3120.4 600.00 300.00 350,00 $1,250,000 Summary 7110.2 7110.4 Abstract #2 Amount 200.00 12,400.00 100.00 100.00 400.00 Check # Account Claim # Claimant 6 Jack's Printing Company 7110.4 3120.2 7110.4 7110.4 3120.4 7 XYZ Equipment 8 Jones Lumber 9 Handy Plumbing 10 Lewis Uniforms 3120.2 S 12.400.00 400.00 400.00 $13,200.00 Summary 3120.4 7110.4 This was originally encumbered. Practice Set A. Accounting Entries January 2The budget included in Exhibit A is journalized and posted to the January 2 . Real Property Tax bills are prepared and mailed 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 January 15 - Payroll #1 in Exhibit B is paid. January 20 Received prior year State aid claim accrued minus $500 disallowance January 29 - Payrol! #2 in Exhibit B is paid January 30 . Abstract #1 in Exhibit C is paid. January 31Tax Collector remits tax moneys in February 1 The Police Department issues purchase order #1 for equipment (31202) are anticipated to be received during the towns fiscal year, n the amount of $13,000. -Receives State aid for youth program in the amount of $1,100 ($100 February 10 Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest February 16 Payroll #3 in Exhibit B is paid . The Police Department issues purchase order#2 for equipment i, the amount of $9,000. (Hint: If there is insufficient from 3120.4.) February 17 - appropriations, transfer February 22 Paid Abstract #2 Exhibit C. - Practice Set Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. February 28 - B. Adjusting Entries Park equipment in the amount of $4.000. (7110.2) was received but never recorded. 1. A State aid claim has just been submitted $5,000 (youth program). 2. C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet)