Prepare journal entries to record each transaction and identify the Fund or Group of Accounts in which each entry is recorded. Required: Prepare the necessary journal entries to record the transactions and identify ALL the fund or account group in which it would be recorded.

Notes: Read carefully and follow strictly so that Bb can grade you correctly!

1. Use comma in numbers, one thousand is 1,000, not 1000. No $ sign.

2. If no entry is required, write N/A.

3. For Funds and Account Groups, only use the following: GenF, SRevF, CapPF, DebtSF, Perm/F, Enterp/F, IntnlSF, AgencyF, SAssessF, GFAAG, GLTDAG

For accounts, only use the following: Est/Rev, Appropriations, EstOFS, EstOFU, FB/Unassigned, Cash, PTax/Rec, Allowance for Uncoll, DueTo, DueFrom, Revenues, OFS, Expenses, Expenditures, OFU, Amt/TBProv, Bonds/P

4. Copy Funds, Account Groups, and account names accurately to receive credits. Names are not case sensitive.

1. The City Council passed a resolution approving a general operating budget of $6,200,000 for the fiscal year. Total revenues are estimated at $5,500,000.

Fund/Account Group

Journal Entries

Account Dr.

Account Dr.

Account Cr.

2. The City Council passed an ordinance providing a property tax levy of $1.50 per $100 of assessed valuation for the fiscal year. Total property valuation in Jackson City is $800,000,000. Property is assessed at 50% of current property valuation. Property tax bills are mailed to property owners. An estimated 3% will be uncollectible.

Fund/Account Group

Journal Entries

Account Dr.

Account Cr.

Account Cr.

3. The City sold a general obligation term bond issue for $1,600,000 at 102 to a major brokerage firm. The stated interest rate is 10%. Construction of a new Municipal Courts Building will be financed by the bond issue proceeds.

Fund/Account Group

Journal Entries

Account Dr.

Account Cr.

Fund/Account Group

Journal Entries

Account Dr.

Account Cr.

4. The premium on bond sale in (3) above is transferred to the Debt Service Fund.

Fund/Account Group

Journal Entries

Account Dr.

Account Cr.

Fund/Account Group

Journal Entries

Account Dr.

Account Cr.

5. At the end of fiscal year, the City Council approves the write-off of $65,000 of uncollected taxes because of inability to locate the property owners.

Fund/Account Group

Journal Entries

Account Dr.

Account Cr.