Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare general journal entries, including appropriate interest accruals, to record the following transactions in the general ledger of the General Fund of Wick Township. 1.

Prepare general journal entries, including appropriate interest accruals, to record the following transactions in the general ledger of the General Fund of Wick Township. 1. Township Council adopted the budget for the fiscal year: Budgeted revenues, $23 million Appropriations, $24 million 2. Township levied property taxes for the current year, $20 million. All except the expected uncollectible portion (1%) are expected to be collected by year end. 3. Taxes of $12 million were collected before the due date. The remaining taxes were declared past due. 4. Taxes receivable of $7 million were collected. 5. Fines and forfeits of $300,000 were collected in cash. 6. Police uniforms were ordered at an estimated cost of $15,000. 7. Salaries and wages paid, $10 million; accrued but not paid, $580,000. 8. Three million dollars was loaned to an Enterprise Fund. It is to be repaid in 5 years. 9. Borrowed $500,000 on a 6 month, 12%, interest-bearing note due three months after year-end. The note is not considered general long-term debt. 10. Received half of the police uniforms that were ordered. Actual cost was $7,450. 11. Temporarily invested $400,000 of idle cash in securities. 12. Purchased goods on account from an Internal Service Fund department, $20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

Students also viewed these Accounting questions