part d
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes Wages Payable Fund Balance $ 1,570 660 21,000 156.758 $180,228 Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000 2. Encumbrances totaling $4,800 putstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016, is 4. Property taxes in the amount of $290,000 were levied by the County. It 5. Property tax collections totaled $263,400. Accounts totaling $1,020 re-established. recognized as revenue in the current period. is estimated 0.5 percent (1/2 of 1 percent) will be uncollectible. were written off as uncollectible. 6. Encumbrances were issued for supplies in the amount of $37,100. 7. Supplies in the amount of $40,500 were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $41,000 and included the $4,800 encumbered last year. The County paid $37,800 on accounts payable during the year Accounting for the General and Special Revenue Funds 115 8. The County contracted to have alarm systems (capital assets) installed in the administration building at a cost of $46,000. The systems were installed and the amount was paid. 9. Paid wages totaling $135,900, including the amount payable at the end of 2016. (These were for general government operations.) 10. Paid other general government operating items of $7,600 11. The General Fund transferred $43,000 to the debt service fund in antici- pation of bond interest and principal payments. Additional Information 12. Wages earned but unpaid at the end of the year amounted to $1,050. 13. Supplies of $350 were on hand at the end of the year. (Supplies are used for general government operations.) 14. A review of property taxes receivable indicates that $22,000 of the out- standing balances would likely be collected more than 60 days after year-end and should be deferred. Required: Use the Excel template provided on the textbook website to complete the following requirements. A separate tab is provided in Excel for the follow- ing items: a. Prepare journal entries to record the information described in items 1 to 14. Classify expenditures in the General Fund as either General Government or Capital Outlay. Make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers. b. Post these entries to T-accounts. c. Prepare closing journal entries; post to the T-account provided Classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ending 2017. Use Excel formulas to calculate the cells shaded in blue. e. Prepare a Balance Sheet for the General Fund as of December 31, 2017
