Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record the following transactions in the appropriate fund. General Fund 1. Levied $4,200,000 in property taxes, 1% is estimated to be uncollectible. 2. Ordered $120,000

Record the following transactions in the appropriate fund.

General Fund

1. Levied $4,200,000 in property taxes, 1% is estimated to be uncollectible.

2. Ordered $120,000 in supplies for General Government.

3. Collected $4,150,000 in property taxes.

4. Public Works is awarded $800,000 recycling grant to purchase a new recycling vehicle.

5. The Village Treasurer collects and deposits fines and fees totaling $100,000

6. Transferred $100,000 to Debt Service Fund for payment of interest on bonds.

7. Received and paid the invoice for the supplies, the supplies were for the following departments:

a. Public Safety - $100,000

b. General Government - $20,000

8. Village paid salary and fringes totaling $2,900,000, the allocation to the departments are:

a. Public Safety - $1,300,000

b. General Government - $1,000,000

c. Public Works - $600,000

9. Received and paid $40,000 bill from Water Utility Fund (charged to General Government)

10. Village collects and deposits building permits totaling $755,000

11. Paid other expenditures for the year of:

a. General Government - $500,000

b. Public Safety - $675,000

c. Public Works - $40,000

12. Purchased recycling vehicle for $800,000 on account (charged to Public Works)

13. Received check from state for $800,000 for recycling vehicle

14. Paid bill for recycling vehicle purchased on account

15. Transferred $200,000 to Debt Service Fund for payment of interest and principle on the bonds.

16. Received and paid bill from Computer Services Fund for $80,000 (General Government $40,000, Public Safety $20,000 and Public Works $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

Accounting For Managers Text And Cases

Authors: William J. Bruns

3rd Edition

0324291213, 978-0324291216

More Books

Students also viewed these Accounting questions