FINANCIAL ACCOUNTING
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Author: Libby
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City of Smithville CH 4 Fiscal year 2023. Questions 8-13
![8. [Para. 4-a-8] Checks were written in the total amount of $3,076,943 during 2023.
These checks were in payment of the following items:
Vouchers Payable
Due to Other Funds/Internal Payables
Due to Federal Government
Due to State Government
Total amount paid
$1,197,963
7,400
1,473,706
397,874
$3,076,943
Required: Record the payment of these items in both the General Fund and
governmental activities general journals.
9. [Para. 4-a-9] Current taxes receivable uncollected at year-end, and the related
Allowance for Uncollectible Current Taxes account, were both reclassified as
delinquent.
Of the amount classified as delinquent it was determined $70,450 would not be
collected within 60 days of the fiscal year end and would therefore be unavailable
for use in the current period. As a result, the related amount of revenues was
reclassified as deferred inflows of resources.
Required: Record the reclassification of the balances in the current taxes
receivable account and related allowance for uncollectible account in the General
Fund and governmental activities journals.
13
O2022 by McGraw Hill. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.](https://content.bartleby.com/qna-images/question/d046fed3-afa8-4b62-b61b-e027e2dbdbcb/e1b3002c-65b6-4144-9356-9ffe28751f7f/q9hyiu5_processed.jpeg)
Transcribed Image Text:8. [Para. 4-a-8] Checks were written in the total amount of $3,076,943 during 2023.
These checks were in payment of the following items:
Vouchers Payable
Due to Other Funds/Internal Payables
Due to Federal Government
Due to State Government
Total amount paid
$1,197,963
7,400
1,473,706
397,874
$3,076,943
Required: Record the payment of these items in both the General Fund and
governmental activities general journals.
9. [Para. 4-a-9] Current taxes receivable uncollected at year-end, and the related
Allowance for Uncollectible Current Taxes account, were both reclassified as
delinquent.
Of the amount classified as delinquent it was determined $70,450 would not be
collected within 60 days of the fiscal year end and would therefore be unavailable
for use in the current period. As a result, the related amount of revenues was
reclassified as deferred inflows of resources.
Required: Record the reclassification of the balances in the current taxes
receivable account and related allowance for uncollectible account in the General
Fund and governmental activities journals.
13
O2022 by McGraw Hill. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
![bus.
Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources
account in the General Fund journal only. To accomplish the reclassification of
revenue, debit the revenue account and credit deferred inflows of resources.
Select “Deferral” in the [Description] menu in the Detail Journal.
10. [Para. 4-a-10] The city's budget for 2023 was legally amended as follows:
туре
Estimated Revenues:
Property Taxes
Interest and Penalties
Appropriations:
General Government
Public Safety
Culture and Recreation
Decreases
$ 22,000
Increases
$17,500
$ 8,500
$ 9,000
$13,000
Required: Record the budget amendments in the General Fund general journal
only. Budgetary items do not affect the government-wide accounting records.
Select "Budget Amendment" in the [Description] box in the Detail Journal.
11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased
by $8,454; $1,536 of this was estimated as uncollectible and based on past history
$2,113 was considered to be unavailable for use in the current fiscal year.
Required: Record this transaction in the General Fund and governmental
activities journals. The $2,113 considered unavailable for use is recorded as
deferred inflows of resources in the General Fund journal and as revenue in the
governmental activities journal.
12. [Para. 4-a-12] Services received by the General Government function of the
General Fund from the Solid Waste Disposal Fund amounted to $28,500 during
the year. Of this amount, $25,400 was paid in cash and $3,100 remained unpaid at
year-end.
liability
Required: Record the receipt of these services, amounts paid during the year,
and remaining liability in the General Fund and governmental activities journals.
At the government-wide level the liability should be credited to Internal Payables
in Business-type Activities. Do not record these items in the Solid Waste
Disposal Fund until instructed to do so in Chapter 7 of this case.
13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a
physical count of consumable supplies was taken at year-end showing an ending
balance of $60,420, an increase of $1,420 during the year. The city uses the
consumption method of accounting for its inventory in the General Fund and at](https://content.bartleby.com/qna-images/question/d046fed3-afa8-4b62-b61b-e027e2dbdbcb/e1b3002c-65b6-4144-9356-9ffe28751f7f/i5irbnf_processed.jpeg)
Transcribed Image Text:bus.
Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources
account in the General Fund journal only. To accomplish the reclassification of
revenue, debit the revenue account and credit deferred inflows of resources.
Select “Deferral” in the [Description] menu in the Detail Journal.
10. [Para. 4-a-10] The city's budget for 2023 was legally amended as follows:
туре
Estimated Revenues:
Property Taxes
Interest and Penalties
Appropriations:
General Government
Public Safety
Culture and Recreation
Decreases
$ 22,000
Increases
$17,500
$ 8,500
$ 9,000
$13,000
Required: Record the budget amendments in the General Fund general journal
only. Budgetary items do not affect the government-wide accounting records.
Select "Budget Amendment" in the [Description] box in the Detail Journal.
11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased
by $8,454; $1,536 of this was estimated as uncollectible and based on past history
$2,113 was considered to be unavailable for use in the current fiscal year.
Required: Record this transaction in the General Fund and governmental
activities journals. The $2,113 considered unavailable for use is recorded as
deferred inflows of resources in the General Fund journal and as revenue in the
governmental activities journal.
12. [Para. 4-a-12] Services received by the General Government function of the
General Fund from the Solid Waste Disposal Fund amounted to $28,500 during
the year. Of this amount, $25,400 was paid in cash and $3,100 remained unpaid at
year-end.
liability
Required: Record the receipt of these services, amounts paid during the year,
and remaining liability in the General Fund and governmental activities journals.
At the government-wide level the liability should be credited to Internal Payables
in Business-type Activities. Do not record these items in the Solid Waste
Disposal Fund until instructed to do so in Chapter 7 of this case.
13. [4-a-13] Adjusting Entry. Because the city uses a periodic inventory system a
physical count of consumable supplies was taken at year-end showing an ending
balance of $60,420, an increase of $1,420 during the year. The city uses the
consumption method of accounting for its inventory in the General Fund and at
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