Old MathJax webview

the question in government and not for profit making accounting is full and complete. From the trial balance in requirement 3, prepare all necessary financial statements for the general fund of the city of Mongu

1. Required: 1. Post the opening trial balance to T-accounts. 2. Prepare journal entries and Post the journal entries to the T-accounts opened in (1) 3. Prepare preclosing trial balance at December 31, 20X1. 4. Prepare closing entries. 5. Prepare a post-closing trial balance at December 31, 20X1. Suggested Solutions Requirements (1. Post the opening trial balance to T-accounts), (2. Posting the journal entries to the T-accounts opened in (1 and 2) Commented [U1]: The T-Accounts here include the opening balances in requirement! and the journal entry Allowance in collecte balances in the T-Accounts in requirement Two Taxes Recehallen Taxes 38,00 8 25,400 (2) 5.900 (B) J 98.00 60,200 (12) 350 350 W 350 28,00 6300 (11) 53.250 2.550 241.950 9.MM 9,730 E) 43,754 Commented [U2]: Afterall valus are entered, Thecksing Balming entry (E) is taken to the trial balance. Cash 2,800 %) (105) (R) (10) (a) 2,800 (2) &500 16) 390 (10) ) Powelers Payable ceww Recehwe 15,500 2. JUNI X200 (6) ) E) ulowance for Uwcollecwhile cows 2,500 (R) 2,50 E) (12) (R) (55 w 15,000 JORDI 76,800 JUNI 60,000 E) Estimated Revenwes 276,000 212 Fwd Bule 24,100 379 da) 9) ACU) 11 En www wowding 16,000 16,00 (R) J&500 18,500 (4) 24.000 24.00 (13) 5500 58,500 B) C2) E) Commented [U3]: Closing entry for Estimated Revenues credited () Budgetary Fwd Balance 13.00 2 ACU) CI) . 229,000 229,000 () (3) (R) (4) Ewwwwws 16,00 J4000 J&,500 1,500 24,000 24,000 58,500 58,500 (Sa) 1) C) Rewww 203,700 2000 5,000 2018, 208, WM (13) C2) Commented (U4): Closing entry for Revenues Debited Ullowance in wallet Taxes Owen chi 6,300 JUNI 3) (3) 5) Laxes Recehvaherren 270.00 1&2,000 (6) 28 MM (W) 270,000 210.000 Expedwes 15,000 3.000 10,000 19,800 200 138,00 138,00 195) 02) Commented [US]: Closing entry for Expenditure Credited Due to meral Serv Fwww OFL-Trowero Deb Service Fond OFSTEM Call Pro Fwd 3,000 8 38,000 38,000 (C2) 5,000 Commented [U6]: Closing entry for other Financing sources Credited 3.000 (E) Requirement (2) Prepare journal entries and Post the journal entries to the T- accounts opened in (1) Accounts Commented (U7): The journal entries past here are taken to the T- Accounts after the opening balances (B) are posted in the T-Account Dr. Cr. E R 16,000 Encumbrances (Materials) Encumbrances Outstanding To reestablish encumbrances 16,000 216,000 13.000 229,000 2,800 2,800 210,000 6,300 203,700 1. Estimated Revenues Budgetary Fund Balance Appropriations. To record budget adoption 2. Allowance for Uncollectible Taxes-Delinquent Taxes Receivable-Delinquent To record write-off of taxes 3. Taxes Receivable-Current Allowance for Uncollectible Taxes-Current. Revenues (Taxes)..... To record tax levy 4. Encumbrances (Uniforms, K 15,000; snowplow, K3,500) Encumbrances Outstanding ... To record encumbrances for uniforms and snowplow ordered 5a. Encumbrances Outstanding Encumbrances (Materials) To reverse encumbrance entry 5h. Expenditures (Materials) Vouchers Payable To record expenditure for materials 18,500 18,500 16,000 16,000 15,000 15,000 198,000 6 Cash Taxes Receivable-Current Taxes Receivable-Delinquent Revenues (Interest and Penalties) Accounts Receivable To record cash receipts 182,000 &500 200 7,300 7. Expenditures (Printing Services) 3,000 Due to Internal Service Fund 3.000 To record expenditures and liability to central printing shop (an interfund services transaction) & Expenditures (Personal Services) 100,000 OF U-Transfer to Debt Service Fund 38,000 Cash 138,000 To record payment of payroll and transfer 9a. Encumbrances Outstanding 18,500 Encumbrances (uniforms, K15,000; snowplow, K 3,500) 18,300 To reverse encumbrance entry for uniforms and snowplow 95. Expenditures (uniforms, KI6,000; snowplow, K3,800) 19,800 Vouchers Payable 19,800 To record expenditures for uniforms and snowplow 10a. Taxes Receivable-Delinquent --- 350 Allowance for Uncollectible TaxesDelinquent 350 To re-establish taxes receivable previously written off Ioh. Cash 350 Taxes Receivable-Delinquent 350 To record collection of taxes previously written off 10. Alternative entry acceptable with assumption that taxpayer ledger account updated for payment of taxes: 350 350 28.000 28,000 6,300 Cash Allowance for Uncollectible Taxes-Delinquent To record collection of taxes previously written of Taxpayer ledger account has been updated 11 Threx ReviwahleDelinquent Taxes Receivable-Current To record taxes becoming delinquent 11h. Allowance for Uncollectible Taxes-Current Allowance for Uncollectible Taxes-Delinquent To reclassify allowance account as relating to delinquent taxes 12. Expenditures (Materials) Vouchers Payable Cash To pay vouchers and reimburse Special Revenue Fund 13. Encumbrances (Equipment) Encumbrances Outstanding 6300 200 60,000 60,200 24,000 24,000 To record encumbrance for equipment ordered 14. Cash 10,000 Revenues (Miscellaneous) OF S-Transfer from Capital Projects Fund To record collection of various revenues not previously accrued and transfer in 5.000 5.000 Requirement (3) Prepare pre-closing trial balance at December 31, 2030. Commented (U8): The procksing trial balance is the basis kr preparing Financial Statements. City of Mangu General Fund Preckosing Trial Balance December 31, 20X1 Accounts Cash Taxes Recevable-Delinquent Allowance for Uncollective Taxes-Delinquent Accounts Receivable Allowance for Uncollectible Accounts Vouchers Payuhle Encuentrances Outstanding Ford Balance Ridgetary Fund Balance Estimated Revenues powiations Encarances Revenues Expenditures Due to Internal Service Ford OFU-Transfer to Del Service Ford OF S-Transfer from Capital Projects Food D. 0. K 1.750 12,100 K 9.750 4200 2,500 16,800 24.000 24.100 13,000 216,000 229,000 24.000 208.900 138.000 3.000 28.000 5.000 K523.050 523.050 From the trial Balance in requirement number Three, Prepare all necessary financial statements for the General Fund of the City of Mongu (10 Marks) Requirement (3) Prepare pre-closing trial balance at December 31, 20x0. Commented [US]: The procksing trial balance is the basis kr preparing Financial Statements. City of Mongu General Fund Preckasing Trial Balance December 31, 20X7 Accounts Cash Taxes Recetube-Delinquent Allowance for Uncollectible Taxes-Delinquent Accounts Receivable Allowance for Uncollectible Accounts Vouchers Payable.... Encuentrances Outstanding Ford Balance ... Badgetary Fond Balance Estimated Revenues Appropriations Enchances Reverses Expenditures Due to Internal Service Ford OFU-Transfer to Del Service Ford OF S-Transfer from Capital Projects Food Dr. 0 K 13.750 42,100 K 9.750 &200 2,500 16,800 24.000 24,100 13,000 216,000 229.000 24.000 208.900 138,000 3.000 38,000 5.000 K523.050 X523.050 From the trial Balance in requirement number Three, Prepare all necessary financial statements for the General Fund of the City of Mongu (10 Marks)