Prepare Journal Entries for Jan-Feb please

Practice Set CHART OF ACCOUNTS General Fund -General Ledger Account Codes Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues Practice Set RODE B General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 A1090 A1120 A1255 A3820 Real Property Taxes Interest on Taxes Non-Property Tax Distribution by County (Sales Tax) Clerk Fees Youth Programs Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police - Personal Services A3120.2 Police-Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks - Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: 200 410 440 909 Cash State and Federal, Other Due from Other Governments Fund Balance $40,000 $10,000 $10,000 $60,000 (General Ledgers are already posted) Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 Real Property Taxes A1120 Sales Tax A3820 State Aid A599 Appropriated Fund Balance $ 100,000 $50,000 40,000 10,000 $ 30,000 A960 Appropriations $ 130,000 INTRODUCTION TO GOVERNMENTAL ACCOUNTING Practice Set Appropriation Subsidiaries A3120.1 A3120.2 A3120.4 A7110.1 A7110.2 A7110.4 A1990.4 Police - Personal Services Police - Equipment Police - Contractual Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Exhibit. B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Payroll #1 Police 3120.1 $1,500.00 Parks 7110.1 $ 750.00 (only gross payroll entries will be made) Police Parks Payroll #2 3120.1 7110.1 $ 1,500.00 $ 750.00 Police Parks Payroll #3 3120.1 7110.1 $ 1,500.00 $ 750.00 Police Parks Payroll #4 3120.1 7110.1 $ 1,500.00 $ 750.00 Practice Set PROFB The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Check # Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Account 7110.2 3120.4 7110.4 7110.4 3120.4 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Summary 3120.4 $ 600.00 7110.2 300.00 7110.4 350.00 $1,250,000 Abstract #2 Check # Claim # 6 7 8 9 10 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Account 7110.4 3120.2 7110.4 7110.4 3120.4 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Summary 3120.2 $ 12,400.00 3120.4 400.00 7110.4 400.00 $13,200.00 * This was originally encumbered. January 2 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. January 2 Real Property Tax bills are prepared and mailed amounting to $50,000. January 5 Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. January 15 Payroll #1 in Exhibit B is paid. January 20 Received prior year State aid claim accrued minus $500 disallowance. January 29 Payroll #2 in Exhibit B is paid. January 30 Abstract #1 in Exhibit C is paid. January 31 Tax Collector remits tax moneys in the amount of $40,000. February 1 . The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. February 2 Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). February 10 Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest February 16 - Payroll #3 in Exhibit B is paid. February 17 - The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) February 22 - Paid Abstract #2 Exhibit C. 6 MAR-10-2010 07:44P FROM: I CHOICE LLC 9145123eee TO:5123000 P.7 Practice Set February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March Practice Set CHART OF ACCOUNTS General Fund -General Ledger Account Codes Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues Practice Set RODE B General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 A1090 A1120 A1255 A3820 Real Property Taxes Interest on Taxes Non-Property Tax Distribution by County (Sales Tax) Clerk Fees Youth Programs Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police - Personal Services A3120.2 Police-Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks - Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: 200 410 440 909 Cash State and Federal, Other Due from Other Governments Fund Balance $40,000 $10,000 $10,000 $60,000 (General Ledgers are already posted) Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 Real Property Taxes A1120 Sales Tax A3820 State Aid A599 Appropriated Fund Balance $ 100,000 $50,000 40,000 10,000 $ 30,000 A960 Appropriations $ 130,000 INTRODUCTION TO GOVERNMENTAL ACCOUNTING Practice Set Appropriation Subsidiaries A3120.1 A3120.2 A3120.4 A7110.1 A7110.2 A7110.4 A1990.4 Police - Personal Services Police - Equipment Police - Contractual Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Exhibit. B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Payroll #1 Police 3120.1 $1,500.00 Parks 7110.1 $ 750.00 (only gross payroll entries will be made) Police Parks Payroll #2 3120.1 7110.1 $ 1,500.00 $ 750.00 Police Parks Payroll #3 3120.1 7110.1 $ 1,500.00 $ 750.00 Police Parks Payroll #4 3120.1 7110.1 $ 1,500.00 $ 750.00 Practice Set PROFB The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Check # Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Account 7110.2 3120.4 7110.4 7110.4 3120.4 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Summary 3120.4 $ 600.00 7110.2 300.00 7110.4 350.00 $1,250,000 Abstract #2 Check # Claim # 6 7 8 9 10 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Account 7110.4 3120.2 7110.4 7110.4 3120.4 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Summary 3120.2 $ 12,400.00 3120.4 400.00 7110.4 400.00 $13,200.00 * This was originally encumbered. January 2 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. January 2 Real Property Tax bills are prepared and mailed amounting to $50,000. January 5 Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. January 15 Payroll #1 in Exhibit B is paid. January 20 Received prior year State aid claim accrued minus $500 disallowance. January 29 Payroll #2 in Exhibit B is paid. January 30 Abstract #1 in Exhibit C is paid. January 31 Tax Collector remits tax moneys in the amount of $40,000. February 1 . The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. February 2 Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). February 10 Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest February 16 - Payroll #3 in Exhibit B is paid. February 17 - The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) February 22 - Paid Abstract #2 Exhibit C. 6 MAR-10-2010 07:44P FROM: I CHOICE LLC 9145123eee TO:5123000 P.7 Practice Set February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March