Question
The following information was abstracted from the accounts of the general fund of the City of Noble after the books had been closed for the
The following information was abstracted from the accounts of the general fund of the City of Noble after the books had been closed for the fiscal year ended June 30, 20X2.
Postclosing | Transactions July 1, | Postclosing | ||||||||||||||
Trial Balance, | 20X1June 30, 20X2 | Trial Balance, | ||||||||||||||
June 30, 20X1 | Debit | Credit | June 30, 20X2 | |||||||||||||
Cash | $ | 730,000 | $ | 1,810,000 | $ | 1,847,000 | $ | 693,000 | ||||||||
Taxes Receivable | 41,000 | 1,920,000 | 1,817,400 | 143,600 | ||||||||||||
Total | $ | 771,000 | $ | 836,600 | ||||||||||||
Allowance for Uncollectible Taxes | $ | 7,400 | 7,400 | 9,400 | $ | 9,400 | ||||||||||
Vouchers Payable | 193,600 | 1,847,000 | 1,835,000 | 181,600 | ||||||||||||
Fund Balance: | ||||||||||||||||
Assigned for Encumbrances | 80,000 | 80,000 | ||||||||||||||
Unassigned | 570,000 | 80,000 | 75,600 | 565,600 | ||||||||||||
Total | $ | 771,000 | $ | 836,600 | ||||||||||||
Additional Information: The budget for the fiscal year ended June 30, 20X2, provided for estimated revenue of $3,000,000 and appropriations of $1,970,000. Encumbrances of $1,090,000 were made during the year. Required: Prepare proper journal entries to record the budgeted and actual transactions for the fiscal year ended June 30, 20X2. Include closing entries.
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A
Record the budget.
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B
Record the property tax levy.
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C
Record the entry to write off the uncollectible taxes receivable.
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D
Record the property tax collections.
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E
Record the purchase commitments.
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F
Record the entry to reverse for the purchase orders received.
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G
Record the actual expenditures.
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H
Record the payment of vouchers during the period.
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I
Record the entry to close the budgetary accounts.
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J
Record the entry to close the remaining encumbrances by reversing the remaining budgetary balance.
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K
Record the entry to reserve the fund balance for the outstanding purchase commitments.
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L
Record the entry to close the operating statement accounts.
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