1. P5-2(GL and SL Entries; Statement)

1The following are theestimated revenuesfor a Special Revenue Fund (SRF) of the city of Marcelle on January 1, 20X5:

1. Taxes$175,000
2. Interest and penalties2,000
3. Fines and fees700
4. Permits300
5. Animal licenses900
6. Rents500
7. Other licenses3,500
8. Interest1,000
9. $183,900

2The city records its transactions on a cash basis during the year and adjusts to the modified accrual basis at year end. At the end of January, the following SRFcollections had been made.

1. Taxes$90,000
2. Interest and penalties1,000
3. Fines and fees50
4. Permits140
5. Animal licenses800
6. Rents45
7. Other licenses2,000
8. $94,035

3An unanticipated grant-in-aid of $5,000 was received from the state on February 1.

4Special Revenue Fundcollections for the remaining 11 monthswere as follows:

1. Taxes$70,000
2. Interest and penalties800
3. Fines and fees400
4. Permits30
5. Animal licenses70
6. Rents455
7. Other licenses300
8. Interest900
9. $72,955

5Accrued SRFreceivablesat year end were as follows:

1. Taxes$20,000
2. Interest and penalties300
3. Rents10
4. Interest50
5. $20,360

Onlyhalf of the taxes and interest and penalties receivable is expected to be collected during the first 60days of 20X6. All of the rent and interest receivable should be received in January 20X6.

Required

Prepare the General Ledger and Subsidiary Ledger entries to record the SRF estimated revenues, revenue collections, and revenue accruals.

Post to SRF General Ledger worksheet (or T-accounts) and to subsidiary revenue accounts.

Prepare SRF closing entries for both the General and Revenues Subsidiary Ledgers.

Post to the SRF General Ledger worksheet (or T-accounts) and to the subsidiary revenue accounts.

Prepare a SRF statement of estimated revenues compared with actual revenues (i.e., essentially the revenue portion of a budgetary comparison statement) for 20X5.