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The following transactions occurred for the City of Fontaine's General Fund. 1. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000
The following transactions occurred for the City of Fontaine's General Fund. 1. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. 2. Encumbrances issued against the appropriations during the year were $931,000. 3. The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. 4. Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000. 5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. 6. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. 7. Payments on Vouchers Payable totaled $1,505,000. Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Encumbrances issued against the appropriations during the year were $931,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the estimated liability. Note: Enter debits before credits. Transaction General Journal Debit Credit 5(a) Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the actual expenditures incurred. Note: Enter debits before credits. Transaction General Journal Debit Credit 5(b) Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. Note: Enter debits before credits. Transaction General Journal Debit Credit 06 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Payments on Vouchers Payable totaled $1,505,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 07 Record entry Clear entry View general journal
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