P17-14 LO 17-7, 17-8 General Fund Entries [AICPA Adapted] The following trial balances were taken from the accounts of Omega City's general fund before the books had been closed for the fiscal year ended June 30, 20X2: Trial Balance June 30, 20X2 Trial Balance July 1, 20X1 $400,000 150,000 (40,000) Cash Taxes Receivable Allowance for Uncollectible Taxes Estimated Revenues Control Expenditures Encumbrances $ 700.000 170,000 (70,000) 3,000,000 2,900,000 91,000 Total $6,791,000 $510,000 $ 80,000 210,000 60,000 160,000 $ 408,000 142,000 Vouchers Payable Due to Other Funds Fund Balance-Assigned for Encumbrances Fund Balance-Unassigned Revenue from Taxes Miscellaneous Revenues Appropriations Control Budgetary Fund Balance --Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total 220,000 2,800,000 130,000 2,980,000 91,000 20,000 $510,000 $6,791.000 Additional Information 1. The estimated taxes receivable for the year ended June 30, 20X2, were $2,870,000, and the taxes collected during the year totaled $2,810,000. Miscellaneous revenue of $130,000 also was collected during the year. 2. Encumbrances in the amount of $2,700,000 were recorded. In addition, the $60,000 of lapsed encumbrances from the 20x1 fiscal year was renewed. 3. During the year, the general fund was billed $142,000 for services performed on its behalf by other city funds (debit Expenditures). Advanced Financial Accounting, 12th Edition 375 Chapter 17 Governmental Entities: Introduction and General Fund Accounting 901 4. An analysis of the transactions in the Vouchers Payable account for the year ended June 30, 20X2, follows: Debit (Credit) Current expenditures (liquidating all encumbrances to date except for renewed 20X1 commitment) Expenditures applicable to previous year Vouchers for payments to other funds Cash payments during year Net change $(2.700,000) (58,000) (210,000) 2,640.000 $ (328,000 5. On May 10, 20X2, encumbrances were recorded for the purchase of next year's supplies at an estimated cost of $91,000. Required On the basis of the data presented, reconstruct the original detailed journal entries that were required to record all transactions for the fiscal year ended June 30, 20X2, including the recording of the current year's budget. Do not prepare closing entries for June 30, 20X2