1

$.$ Prepare a trial balance in an Excel worksheet.

$2.$ Prepare a balance sheet for the General Fund in an Excel worksheet.

$3.$ Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund in an Excel worksheet.

$1.$ Estimated revenues for the year are $$600,000.$ Appropriations are $$590,000.$

$2.$ Property taxes of $$400,000$ are levied. It is estimated that $3$ percent $($$$12,000)$

will not be collected.

$3.$ Other revenues of $$10,000$ meet the criteria for accrual. Estimated uncollectible revenues amount to $$400.$

$4.$ An order was placed for supplies for the police department in the amount of $$3,000.$ When the supplies were received, the invoice amounted to $$3,050$ which included freight charges.

$5.$ Payroll costs of $$40,000$ were vouchered.

$6.$ Cash collections amounted to $$350,000$ for property taxes levied and $$5,000$ of previously accrued revenues for a total of $$355,000.$

$7.$ Uncollected property taxes are now delinquent.

$8.$ Self$-$assessed taxes, license fees, and fines were collected, amounting to $$205,000.$

$9.$ The bill for the supplies order in $(4)$ above, was paid.

$10.$ Miscellaneous supplies were ordered from various vendors. The total amount of the orders amounts to $$30,000.$

$11.$ Invoices were received for the items ordered in $10$ above, amounting to $$20,000.$ There were no differences between the respective purchase orders and the invoices.

$12.$ Taxes were collected in advance in the amount of $$800.$

$13.$ Delinquent taxes of $$8,000$ are uncollectible and are to be written off.

$14.$ Delinquent taxes of $$12,000$ and $$800$ of interest and penalties were collected. The interest has not yet been accrued.

$15.$ Interest and penalties on delinquent taxes amount to $$4,000.$ This is in addition to the amount in $14$ above. Uncollectible interest is estimated at $$300.$

$16.$ Other expenditures during the year amount to $$420,000.$ For purposes of this discussion, these expenditures are paid without vouchering them.

$17.$ The Internal Service Fund furnished the fire department with $$2,000$ of operating supplies.

$18.$ Interest and principal paid to the Debt Service Fund amounted to $$99,000.$

$19.$ The entry to close the budget is made.

$20.$ All other closing entries are made.

$21.$ The $$non$-$lapsing$$ encumbrances are reversed.

$22.$ An appropriate amount of Fund Balance is reserved for the non$-$lapsing encumbrances.

$23.$ Inventory of supplies at year end is $$3,200,$ which is considered material. Accordingly, an asset is established, and a portion of Fund Balance is set aside as $$unspendable$.<br>$