Please answer the red boxes only. (Note: the answer for the 1st red box is not account: encumbrances, expenditures prior, or expenditures current. The 1st red box cost is not $134,000 or 132,000. The 2nd red box account is not: fund balance assigned, fund balance unassigned, or vouchers payable. The 2nd red box cost is not $132,000, 2,100, or (2,100).)
Exercise 17-8 Your answer is partially correct. Try again. During 2015, the City of Greenfield engaged in the following financial activities: 1. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,926,000 and appropriations for expenditures of $1,881,000. 2. Property tax assessments for 2015 were compiled and statements mailed to property owners. Assessments total $940,000. Past collection experience indicates that approximately 5% of assessed property taxes are delinquent or uncollectible during the year of billing. 3. A low bid of $17,000 was accepted for a new vehicle for the fire chief. A purchase order was issued providing for additional costs for painting and ancillary equipment (negotiated after the bid) prior to delivery. The estimate of additional costs is $1,300. 4. Additional purchase orders placed during the year amount to $148,000. 5. City employees are issued paychecks for the month of April. The total payroll amounts to $86,000. 6. The City received a statement from the State Treasurer that the City's portion of the state sales tax for the first half-year is $376,000. 7. Vouchers for expenditures totaling $132,000 are approved for payment. Encumbrances against these vouchers were recorded at a total of $134,100. 8. The vehicle for the fire chief was delivered and accepted. The invoice in the amount of $18,100 was approved for payment. 9. Property tax collections for the month of June amounted to $466,000. 10. The City Treasurer issued checks in payment of the vouchers totaling $132,000 and for the invoice for the fire chief's vehicle. 11. A purchase order previously issued for an electric typewriter (estimated price $630) was canceled when the vendor indicated a three-month delay in delivery. Prepare journal entries to record and account for the foregoing transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)No. Account Titles and Explanation Debit Credit 1. Estimated Revenue 1,926,000 Appropriations 1,881,000 Fund Balance - Unassig 45,000 2. Property Tax Receivable 940,000 Estimated Uncollectible 47,000 Revenue 893,000 3. Encumbrances 18,300 Fund Balance - Assigne 18,300 4 w Encumbrances 148,000 Fund Balance - Assigne 148,000 5 Expenditures - Current Yea 86,000 Cash 86,000 6. Due from State 376,000 Revenue 376,000 7. Expenditures - Current Yea 132,000 Vouchers Payable 132,000 (To record expenditure)Fund Balance - Assigned 134,100 Encumbrances 134,100 (To remove encumbrances) 8. Expenditures - Current Yea 18,100 Vouchers Payable 18,100 (To record expenditure) Fund Balance - Assigned 18,300 Encumbrances 18,300 (To remove encumbrances) 9. Cash 466,000 Property Tax Receivable 466,000 10. Encumbrances 132,000 x X Vouchers Payable -2,100 11. Fund Balance - Assigned 630 Encumbrances 630
