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.

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.