P 17-4 Entries, Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance

The trial balance for the General Fund of the City of Monte vista as of December 31, 2012 is presented here:

The trial balance for the General Fund of the City of Monte Vista as of December 3, 2012, is presented here:

Debit

Credit

Cash

$300,000

Supplies Inventory

75,000

Unreserved Fund Balance

$300,000

Reserve for Supplies Inventory

75,000

$375,000

$375,000

Transactions of the General Fund for the year ended December 31, 2013 are summarized as follows:

1.) The City Council adopted the following budget for 2013:

Estimated revenue

$1,600,000

Transefer from trust fund

50,000

Appropriations

1,530,000

Transefer to debt service fund

80,000

2.) Property taxes of $1,500,000 were levied, of which it is estimated that $30,000 will not be collected.

3.) Purchase orders in the amount of $1,400.000 were placed with suppliers and other vendors.

4.) Property taxes in the amount of $1,450,000 were collected.

5.) Cash was received from the Trust Fund in the amount of $50,000.

6.) Invoies in the aount of $1,380,000 were approved for payment. The amount originally embraced

for these invoices was $1,360,000. The invoices included $25,000 net of trade-in allowance for the purchase

of a new minicom and minicomputer and $400,000 for supplies.

The City received a trade0in allowance of $4,000 on its old minicomputer, which had mbbe purchased three years

earlier for $16,000. At the time the old minicomputer was purchased, it was estimated that it would have

a useful life of four years. The new minicomputer is expected to last at least six years. The City of Monte

Vsta uses the purchase method to account for supplies inventory.

7.) Licenses and fees in the amount of $48,000 were collected.

8,) Vouchers in the amount of $1,300,000 were paid.

9.) Cash in the amount of $80,000 was transferred to the Debit Service Fund.

10.) Supplies on hand at the end of the year amount to $100,000.