The January 1, 2015, trial balance, the calendar year 2015 budget, and the 2015 transactions of the City of Roseburg are presented here City of Roseburg Trial Balance January 1, 2015 DebitCredit Cash$155,450 Certificates of Deposit200,000 Accounts Receivable28,675 Supplied Inventory37,600 Due from Federal Government58,000 Property Taxes Receivable75,600 Allowance for Uncollectible Taxes$32,150 Vouchers Payable181,000 Fund Balance Unassigned226,075 Fund Balance Nonspendable (inventory)37,600 Fund Balance Assigned (encumbrances)78,500 $555,325$555,325 City of Roseburg Budget for General Fund Calendar Year 2015 Estimated Revenue City vehicle and retail license fees$252,000 Property taxes1,448,000 City sales tax327,000 Collections for trash service153,000 Sale of city owned property 88,000 Total estimated revenue 2,268,000 Appropriations General government261,000 Public safety and security875,000 Health and welfare434,000 Recreation and parks126,000 Street maintenance367,000 Sanitation 162,000 Total appropriations 2,225,000 Excess of Revenues over Appropriations43,000 Transfer from Water and Sewer Fund118,000 Less Payments (transfers) to Debt Service Funds (55,000) Excess of Revenue and Fund Transfer to General Fund over Appropriations and Fund Transfers out of General Fund $106,000 Transactions of the City of Roseburg that affected the General Fund during the year are summarized below The City Council approved the budget and it was recorded Orders of goods and services were issued for a total of $1,202,000 during the year Goods and services were delivered against all orders placed with a total invoice amount of $1,165,600 Of this, $80,000 was for orders placed in the prior year The City accepted a low bid of $78,000 for a new street sweeper for the sanitation department A purchase order was issues The City received $92,500 from the sale of an old street sweeper and one obsolete fire engine at public auction The street sweeper cost $60,000 7 years ago, at which time it was estimated to have a useful life of 10 years The fire engine cost $200,000 8 years ago, at which time it was estimated to have a useful life of 12 years Property tax statements were issued The tax levy was 8 of the assessed valuation of $18,500,000 An estimated 2 of the tax levy will be uncollectible Payment was received from the federal government This was a grant to be used for upgrading sanitation department equipment The amount of $55,000 was transferred to the Debt Service Fund for the payment of interest on the outstanding bond issue The city billed residents for trash service Total billings amounted to $155,675 Property taxes totaling $1,438,455 were collected, of which $34,200 was past due collections from the prior year, $18,250 of past due taxes was charged off as uncollectible Wages paid to employees during the year amounted to $998,765 City retail establishments remitted a total of $333,650 in sales tax collections for the year Other cash receipts during the year were Vehicle license fees and parking fines$98,682 Retail license fees130,000 For trash services (including $28,675 Due at end of prior year)148,720 Transfer from Water and Sewer Fund118,000 Cash purchases of printed forms and other office supplies for the year amounted to $57,680 The street sweeper was delivered and an invoice for $78,000 plus freight charges of $1,280 was received The invoice was approved for payment and a check issued Checks were issued in payment of outstanding vouchers totaling $1,207,100 End of year activities (adjustments) Supplies Inventory 12 31 15 $38,250 Accrued interest on CDs at 5 The city uses the purchases method to account for supplies expenditures Required Enter the opening trail balance data in t accounts Prepare journal entries for the years transactions Do not include entries for year end adjustments Post entries to t accounts Prepare a preclosing trail balance Prepare journal entries to adjust the Supplies Inventory and record the interest on the CDs Prepare journal entries to close the revenue, expenditures, and encumbrance accounts Prepare a comparative balance sheet for 2014 2015 Prepare a statement of revenues, expenditures, and changes in fund balance for 2015 The January 1, 2015, trial balance, the calendar year 2015 budget, and the 2015 transactions of the City of Roseburg are presented here City of Roseburg Trial Balance January 1, 2015 Cash Certificates of Deposit Accounts Receivable Supplied Inventory Due from Federal Government Property Taxes Receivable Allowance for Uncollectible Taxes Vouchers Payable Fund Balance Unassigned Fund Balance Nonspendable (inventory) Fund Balance Assigned (encumbrances) Debit $155,450 200,000 28,675 37,600 58,000 75,600 $32,150 181,000 226,075 37,600 $555,325 City of Roseburg Budget for General Fund Calendar Year 2015 Estimated Revenue City vehicle and retail license fees Property taxes City sales tax Collections for trash service Sale of city owned property Total estimated revenue Appropriations General government Public safety and security Health and welfare Recreation and parks Street maintenance Sanitation Total appropriations Excess of Revenues over Appropriations Transfer from Water and Sewer Fund Less Payments (transfers) to Debt Service Funds Excess of Revenue and Fund Transfer to General Fund over Appropriations and Fund Transfers out of General Fund Credit $252,000 1,448,000 327,000 153,000 88,000 2,268,000 261,000 875,000 434,000 126,000 367,000 162,000 2,225,000 43,000 118,000 (55,000) $106,000 78,500 $555,325 Transactions of the City of Roseburg that affected the General Fund during the year are summarized below 1 The City Council approved the budget and it was recorded 2 Orders of goods and services were issued for a total of $1,202,000 during the year 3 Goods and services were delivered against all orders placed with a total invoice amount of $1,165,600 Of this, $80,000 was for orders placed in the prior year 4 The City accepted a low bid of $78,000 for a new street sweeper for the sanitation department A purchase order was issues 5 The City received $92,500 from the sale of an old street sweeper and one obsolete fire engine at public auction The street sweeper cost $60,000 7 years ago, at which time it was estimated to have a useful life of 10 years The fire engine cost $200,000 8 years ago, at which time it was estimated to have a useful life of 12 years 6 Property tax statements were issued The tax levy was 8 of the assessed valuation of $18,500,000 An estimated 2 of the tax levy will be uncollectible 7 Payment was received from the federal government This was a grant to be used for upgrading sanitation department equipment 8 The amount of $55,000 was transferred to the Debt Service Fund for the payment of interest on the outstanding bond issue 9 The city billed residents for trash service Total billings amounted to $155,675 10 Property taxes totaling $1,438,455 were collected, of which $34,200 was past due collections from the prior year, $18,250 of past due taxes was charged off as uncollectible 11 Wages paid to employees during the year amounted to $998,765 12 City retail establishments remitted a total of $333,650 in sales tax collections for the year 13 Other cash receipts during the year were Vehicle license fees and parking fines $98,682 Retail license fees 130,000 For trash services (including $28,675 Due at end of prior year) 148,720 Transfer from Water and Sewer Fund 118,000 14 Cash purchases of printed forms and other office supplies for the year amounted to $57,680 15 The street sweeper was delivered and an invoice for $78,000 plus freight charges of $1,280 was received The invoice was approved for payment and a check issued 16 Checks were issued in payment of outstanding vouchers totaling $1,207,100 17 End of year activities (adjustments) Supplies Inventory 12 31 15 $38,250 Accrued interest on CDs at 5 The city uses the purchases method to account for supplies expenditures Required A Enter the opening trail balance data in t accounts B Prepare journal entries for the year's transactions Do not include entries for year end adjustments Post entries to t accounts C Prepare a preclosing trail balance D Prepare journal entries to adjust the Supplies Inventory and record the interest on the CDs E Prepare journal entries to close the revenue, expenditures, and encumbrance accounts F Prepare a comparative balance sheet for 2014 2015 G Prepare a statement of revenues, expenditures, and changes in fund balance for 2015

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The January 1, 2015, trial balance, the calendar-year 2015 budget, and the 2015 transactions of the City of Roseburg are presented here: City of Roseburg

The January 1, 2015, trial balance, the calendar-year 2015 budget, and the 2015 transactions of the City of Roseburg are presented here:

City of Roseburg

Trial Balance

January 1, 2015

DebitCredit

Cash$155,450

Certificates of Deposit200,000

Accounts Receivable28,675

Supplied Inventory37,600

Due from Federal Government58,000

Property Taxes Receivable75,600

Allowance for Uncollectible Taxes$32,150

Vouchers Payable181,000

Fund Balance-Unassigned226,075

Fund Balance- Nonspendable (inventory)37,600

Fund Balance- Assigned (encumbrances)78,500

-------------------------

$555,325$555,325

City of Roseburg

Budget for General Fund

Calendar Year 2015

Estimated Revenue

City vehicle and retail license fees$252,000

Property taxes1,448,000

City sales tax327,000

Collections for trash service153,000

Sale of city-owned property88,000

Total estimated revenue2,268,000

Appropriations

General government261,000

Public safety and security875,000

Health and welfare434,000

Recreation and parks126,000

Street maintenance367,000

Sanitation162,000

Total appropriations2,225,000

Excess of Revenues over Appropriations43,000

Transfer from Water and Sewer Fund118,000

Less Payments (transfers) to Debt Service Funds(55,000)

Excess of Revenue and Fund Transfer to

General Fund over Appropriations and Fund

Transfers out of General Fund$106,000

Transactions of the City of Roseburg that affected the General Fund during the year are summarized below:

The City Council approved the budget and it was recorded.
Orders of goods and services were issued for a total of $1,202,000 during the year.
Goods and services were delivered against all orders placed with a total invoice amount of $1,165,600. Of this, $80,000 was for orders placed in the prior year.
The City accepted a low bid of $78,000 for a new street sweeper for the sanitation department. A purchase order was issues.
The City received $92,500 from the sale of an old street sweeper and one obsolete fire engine at public auction. The street sweeper cost $60,000 7 years ago, at which time it was estimated to have a useful life of 10 years. The fire engine cost $200,000 8 years ago, at which time it was estimated to have a useful life of 12 years.
Property tax statements were issued. The tax levy was 8% of the assessed valuation of $18,500,000. An estimated 2% of the tax levy will be uncollectible.
Payment was received from the federal government. This was a grant to be used for upgrading sanitation department equipment.
The amount of $55,000 was transferred to the Debt Service Fund for the payment of interest on the outstanding bond issue.
The city billed residents for trash service. Total billings amounted to $155,675.
Property taxes totaling $1,438,455 were collected, of which $34,200 was past-due collections from the prior year, $18,250 of past-due taxes was charged off as uncollectible.
Wages paid to employees during the year amounted to $998,765.
City retail establishments remitted a total of $333,650 in sales tax collections for the year.
Other cash receipts during the year were:

Vehicle license fees and parking fines$98,682

Retail license fees130,000

For trash services (including $28,675

Due at end of prior year)148,720

Transfer from Water and Sewer Fund118,000

Cash purchases of printed forms and other office supplies for the year amounted to $57,680.
The street sweeper was delivered and an invoice for $78,000 plus freight charges of $1,280 was received. The invoice was approved for payment and a check issued.
Checks were issued in payment of outstanding vouchers totaling $1,207,100.
End-of-year activities: (adjustments)

Supplies Inventory 12-31-15: $38,250

Accrued interest on CDs at 5%

The city uses the purchases method to account for supplies expenditures.

Required:

Enter the opening trail balance data in t-accounts.
Prepare journal entries for the years transactions. Do not include entries for year-end adjustments. Post entries to t-accounts.
Prepare a preclosing trail balance.
Prepare journal entries to adjust the Supplies Inventory and record the interest on the CDs.
Prepare journal entries to close the revenue, expenditures, and encumbrance accounts.
Prepare a comparative balance sheet for 2014-2015.
Prepare a statement of revenues, expenditures, and changes in fund balance for 2015.

The January 1, 2015, trial balance, the calendar-year 2015 budget, and the 2015 transactions of the City of Roseburg are presented here: City of Roseburg Trial Balance January 1, 2015 Cash Certificates of Deposit Accounts Receivable Supplied Inventory Due from Federal Government Property Taxes Receivable Allowance for Uncollectible Taxes Vouchers Payable Fund Balance-Unassigned Fund Balance- Nonspendable (inventory) Fund Balance- Assigned (encumbrances) Debit $155,450 200,000 28,675 37,600 58,000 75,600 $32,150 181,000 226,075 37,600 -----------$555,325 City of Roseburg Budget for General Fund Calendar Year 2015 Estimated Revenue City vehicle and retail license fees Property taxes City sales tax Collections for trash service Sale of city-owned property Total estimated revenue Appropriations General government Public safety and security Health and welfare Recreation and parks Street maintenance Sanitation Total appropriations Excess of Revenues over Appropriations Transfer from Water and Sewer Fund Less Payments (transfers) to Debt Service Funds Excess of Revenue and Fund Transfer to General Fund over Appropriations and Fund Transfers out of General Fund Credit $252,000 1,448,000 327,000 153,000 88,000 2,268,000 261,000 875,000 434,000 126,000 367,000 162,000 2,225,000 43,000 118,000 (55,000) $106,000 78,500 ------------$555,325 Transactions of the City of Roseburg that affected the General Fund during the year are summarized below: 1. The City Council approved the budget and it was recorded. 2. Orders of goods and services were issued for a total of $1,202,000 during the year. 3. Goods and services were delivered against all orders placed with a total invoice amount of $1,165,600. Of this, $80,000 was for orders placed in the prior year. 4. The City accepted a low bid of $78,000 for a new street sweeper for the sanitation department. A purchase order was issues. 5. The City received $92,500 from the sale of an old street sweeper and one obsolete fire engine at public auction. The street sweeper cost $60,000 7 years ago, at which time it was estimated to have a useful life of 10 years. The fire engine cost $200,000 8 years ago, at which time it was estimated to have a useful life of 12 years. 6. Property tax statements were issued. The tax levy was 8% of the assessed valuation of $18,500,000. An estimated 2% of the tax levy will be uncollectible. 7. Payment was received from the federal government. This was a grant to be used for upgrading sanitation department equipment. 8. The amount of $55,000 was transferred to the Debt Service Fund for the payment of interest on the outstanding bond issue. 9. The city billed residents for trash service. Total billings amounted to $155,675. 10. Property taxes totaling $1,438,455 were collected, of which $34,200 was past-due collections from the prior year, $18,250 of past-due taxes was charged off as uncollectible. 11. Wages paid to employees during the year amounted to $998,765. 12. City retail establishments remitted a total of $333,650 in sales tax collections for the year. 13. Other cash receipts during the year were: Vehicle license fees and parking fines $98,682 Retail license fees 130,000 For trash services (including $28,675 Due at end of prior year) 148,720 Transfer from Water and Sewer Fund 118,000 14. Cash purchases of printed forms and other office supplies for the year amounted to $57,680. 15. The street sweeper was delivered and an invoice for $78,000 plus freight charges of $1,280 was received. The invoice was approved for payment and a check issued. 16. Checks were issued in payment of outstanding vouchers totaling $1,207,100. 17. End-of-year activities: (adjustments) Supplies Inventory 12-31-15: $38,250 Accrued interest on CDs at 5% The city uses the purchases method to account for supplies expenditures. Required: A. Enter the opening trail balance data in t-accounts. B. Prepare journal entries for the year's transactions. Do not include entries for year-end adjustments. Post entries to t-accounts. C. Prepare a preclosing trail balance. D. Prepare journal entries to adjust the Supplies Inventory and record the interest on the CDs. E. Prepare journal entries to close the revenue, expenditures, and encumbrance accounts. F. Prepare a comparative balance sheet for 2014-2015. G. Prepare a statement of revenues, expenditures, and changes in fund balance for 2015