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Exercise 17-8 During 2015, the City of Greenfield engaged in the following financial activities: 1. 2. 3. 4. 5. 6. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,916,000 and appropriations for expenditures of $1,868,000. Property tax assessments for 2015 were compiled and statements mailed to property owners. Assessments total $1,011,000. Past collection experience indicates that approximately 5% of assessed property taxes are delinquent or uncollectible during the year of billing. A low bid of $13,000 was accepted for a new vehicle for the fire chief. A purchase order was issued providing for additional costs for painting and ancillary equipment (negotiate after the bid) prior to delivery. The estimate of additional costs is $1,300. Additional purchase orders placed during the year amount to $152,000. City employees are issued paychecks for the month of April. The total payroll amounts to $98,000. 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 $388,000. Vouchers for expenditures totaling $140,000 are approved for payment. Encumbrances against these vouchers were recorded at a total of $141,800. The vehicle for the fire chief was delivered and accepted. The invoice in the amount of $14,100 was approved for payment. Property tax collections for the month of June amounted to $472,000. The City Treasurer issued checks in payment of the vouchers totaling $140,000 and for the invoice for the fire chief's vehicle. A purchase order previously issued for an electric typewriter (estimated price $620) was canceled when the vendor indicated a three-month delay in delivery. 7. 8. 9. 10. 11. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4 5. 6. 7. (To record expenditure) (To remove encumbrances) 8. (To record expenditure) (To remove encumbrances) 9. 10. 11