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Provided below is the trial balance for the General Fund for the Village of Orchid at July 31, 20x7. Credits 9,200 VILLAGE OF ORCHID GENERAL
Provided below is the trial balance for the General Fund for the Village of Orchid at July 31, 20x7. Credits 9,200 VILLAGE OF ORCHID GENERAL FUND TRIAL BALANCE AS OF JULY 31, 20X7 Debits Cash $ 20,000 Taxes Receivable--Delinquent 77,200 Estimated Uncollectible Taxes--Delinquent $ Inventory of Supplies 18,000 Vouchers Payable Encumbrances 8,000 Encumbrances Outstanding Fund Balance--Nonspendable--Inventory of Supplies Fund Balance --Unassigned Totals $ 123,200 $ 16,000 8,000 18,000 72,000 123,200 The Village of Orchid uses the consumption method to account for all inventories. The attached information is available for the operations of the General Fund for the fiscal year ending July 31, 20X8. REQUIRED: (1) Using the attached forms, prepare general journal entries, in proper form, to record the transactions for the General Fund for fiscal year 20X7-20X8. Use the number of the transaction for the date. Do not make entries for the subsidiary accounts. Omit explanations. Using the attached form, prepare, in proper form, a balance sheet for the Village of Orchid as of July 31, 20X8. (2) VILLAGE OF ORCHID TRANSACTIONS FOR GENERAL FUND OPERATIONS FOR THE FISCAL YEAR ENDING JULY 31, 20X8 (1) The Village adopted its budget for fiscal year 20X7-20X8. The budget reflected estimated revenues of $600,800, estimated other financing uses of $30,000, and estimated expenditures of $564,000. (2) Property taxes were levied to realize $420,800 in revenues. The Village expects a 4% uncollectible rate on property taxes levied. Round computations of the levy to the nearest whole dollar. (3) Purchase orders issued during 20X8 were as follows. VILLAGE OF ORCHID PURCHASES ORDERS ISSUED DURING 20X8 Public Safety $ 152,000 General Government 80,000 Cultural Arts 54,000 Total 286,000 VILLAGE OF ORCHID TRANSACTIONS FOR GENERAL FUND OPERATIONS (CONTINUED) FOR THE FISCAL YEAR ENDING JULY 31, 20X8 (4) Amounts collected and received during the year were as follows. VILLAGE OF ORCHID CASH AMOUNTS COLLECTED AND RECEIVED DURING FISCAL YEAR 20x8 Delinquent taxes $ 39,200 Current taxes 368.000 Fines, forfeits, and penalties 154,000 Miscellaneous revenues 20,000 Equity transfer in 18,000 Total $ 599,200 (5) Purchase orders issued in 20X8 and filled consisted of the following. VILLAGE OF ORCHID PURCHASE ORDERS ISSUED AND FILLED DURING FISCAL YEAR 20X8 Encumbered Actual Amount Amount Public Safety $ 148,000 $ 148,400 General Government 80,000 80,000 Cultural Arts 54.000 54,000 Total $ 282,000 $ 282.400 VILLAGE OF ORCHID TRANSACTIONS FOR GENERAL FUND OPERATIONS (CONTINUED) FOR THE FISCAL YEAR ENDING JULY 31, 20X8 (6) Purchase orders from 20X7 in the amount of $8,000 were received at an actual cost of $8,200 (7) Salaries and wages, which the Village does not encumber, amounted to a total of $270,000 for the year. These were vouchered for payment. (8) Vouchers in the amount of $570,000 were paid during the year. In addition, a $30,000 operating transfer out was made in cash. (9) Inventory of supplies on hand on July 31, 20X8 amounted to $12,000. (10) The Village reclassified its current taxes receivable and estimated uncollectible taxes as delinquent Provided below is the trial balance for the General Fund for the Village of Orchid at July 31, 20x7. Credits 9,200 VILLAGE OF ORCHID GENERAL FUND TRIAL BALANCE AS OF JULY 31, 20X7 Debits Cash $ 20,000 Taxes Receivable--Delinquent 77,200 Estimated Uncollectible Taxes--Delinquent $ Inventory of Supplies 18,000 Vouchers Payable Encumbrances 8,000 Encumbrances Outstanding Fund Balance--Nonspendable--Inventory of Supplies Fund Balance --Unassigned Totals $ 123,200 $ 16,000 8,000 18,000 72,000 123,200 The Village of Orchid uses the consumption method to account for all inventories. The attached information is available for the operations of the General Fund for the fiscal year ending July 31, 20X8. REQUIRED: (1) Using the attached forms, prepare general journal entries, in proper form, to record the transactions for the General Fund for fiscal year 20X7-20X8. Use the number of the transaction for the date. Do not make entries for the subsidiary accounts. Omit explanations. Using the attached form, prepare, in proper form, a balance sheet for the Village of Orchid as of July 31, 20X8. (2) VILLAGE OF ORCHID TRANSACTIONS FOR GENERAL FUND OPERATIONS FOR THE FISCAL YEAR ENDING JULY 31, 20X8 (1) The Village adopted its budget for fiscal year 20X7-20X8. The budget reflected estimated revenues of $600,800, estimated other financing uses of $30,000, and estimated expenditures of $564,000. (2) Property taxes were levied to realize $420,800 in revenues. The Village expects a 4% uncollectible rate on property taxes levied. Round computations of the levy to the nearest whole dollar. (3) Purchase orders issued during 20X8 were as follows. VILLAGE OF ORCHID PURCHASES ORDERS ISSUED DURING 20X8 Public Safety $ 152,000 General Government 80,000 Cultural Arts 54,000 Total 286,000 VILLAGE OF ORCHID TRANSACTIONS FOR GENERAL FUND OPERATIONS (CONTINUED) FOR THE FISCAL YEAR ENDING JULY 31, 20X8 (4) Amounts collected and received during the year were as follows. VILLAGE OF ORCHID CASH AMOUNTS COLLECTED AND RECEIVED DURING FISCAL YEAR 20x8 Delinquent taxes $ 39,200 Current taxes 368.000 Fines, forfeits, and penalties 154,000 Miscellaneous revenues 20,000 Equity transfer in 18,000 Total $ 599,200 (5) Purchase orders issued in 20X8 and filled consisted of the following. VILLAGE OF ORCHID PURCHASE ORDERS ISSUED AND FILLED DURING FISCAL YEAR 20X8 Encumbered Actual Amount Amount Public Safety $ 148,000 $ 148,400 General Government 80,000 80,000 Cultural Arts 54.000 54,000 Total $ 282,000 $ 282.400 VILLAGE OF ORCHID TRANSACTIONS FOR GENERAL FUND OPERATIONS (CONTINUED) FOR THE FISCAL YEAR ENDING JULY 31, 20X8 (6) Purchase orders from 20X7 in the amount of $8,000 were received at an actual cost of $8,200 (7) Salaries and wages, which the Village does not encumber, amounted to a total of $270,000 for the year. These were vouchered for payment. (8) Vouchers in the amount of $570,000 were paid during the year. In addition, a $30,000 operating transfer out was made in cash. (9) Inventory of supplies on hand on July 31, 20X8 amounted to $12,000. (10) The Village reclassified its current taxes receivable and estimated uncollectible taxes as delinquent
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