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- The General Fund and Special Revenue Funds P4-2 (General Fund-Typical Transactions) Prepare all general journal entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The county levied property taxes of $5,000,000. It is estimated that 2% will be uncollectible. The rest of the taxes are expected to be collected by year end or soon enough thereafter to be considered available at year end. The county collected $4,300,000 of the taxes receivable before the due date and the balance of taxes became delinquent. The county collected another $540,000 of the taxes receivable by the end of the fiscal year. The county paid salariesOn December 31, Year 1, the following balances were due from the state government to Clare City's various funds: Capital projects $300,000 Special revenue fund $18,000 Investment trust fund100,000 Enterprise 80,000 Custodial fund 100,000 Debt servide fund 100,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds? $600,000 $400,000. $300,000. $1,050,000The General Fund of the Town of Mashpee transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include: a. A debit to Interest Expenditures in the General Fund. b. A debit to Interest Expenditures in the governmental activities accounts. c. A credit to Other Financing Sources - Interfund Transfers In in the debt service fund only. d. A credit to Other Financing Sources - Interfund Transfers In in both the debt service fund and governmental activities accounts.
- The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000 Budgetary Fund Balance 19,000 Totals $ 530,000 $ 530,000 Debt Service Fund Debit Credit Cash $ 8,000 Investments 51,000 Taxes Receivable 11,000 Due from General Fund 10,000 Fund Balance—Committed $ 45,000…Fund statements, reconciliation A county government’s total fund balances, governmental funds is $23,000,000. Other information is as follows: Internal service fund net position $1,500,000 General obligation long-term debt 25,000,000 Accrued pension and OPEB liabilities of proprietary funds 3,000,000 Accrued pension and OPEB liabilities of governmental funds 4,200,000 Capital assets used in governmental activities, net. 16,000,000 Proprietary funds capital assets, net. 7,000,000 The government-wide balance sheet reports net position of governmental activities of: $ 29,300,000 $ 11,300,000 $ 9,800,000Agawa City presents the following pre-closing trial balance for its General Fund as of the end of the year: Cash Taxes receivable Estimated uncollectible taxes Due from other funds Vouchers payable Tax anticipation notes payable Fund balance Budgetary fund balance Estimated revenues Revenues Appropriations Expenditures Totals Debit $116,000 29,000 2,000 11,000 249,000 245.000 $652,000 Credit 5,000 14,800 50,000 69,200 258,000 255,000 $652,000 Required: Calculate the amount of fund balance at fiscal year-end after all closing entries are made that is spendable in the next fiscal year.
- Activities of a county recreation center are reported in an enterprise fund. During 2019, $5,000,000 is spent on equipment and bonds are issued for $3,000,000. How are these two transactions reported on the enterprise fund’s operating statement? a. No effect b. Revenues, $3,000,000; expenditures, $5,000,000 c. Other financing sources, $3,000,000 d. Other financing sources, $3,000,000; expenditures, $5,000,000Required: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000. Revenues were received, all in cash, in the amount of $1,019,000. Purchase orders were issued in the amount of $486,000. Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid). Expenditures for payroll not encumbered amounted to $518,000 (not yet paid). Amounts from (d) and (e) are paid in cash. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. WARRENTON LIBRARY DISTRICT Governmental Funds Balance Sheet As of December 31, 2020 General Fund SpecialRevenue Fund Total Assets Cash and cash equivalents $ 133,800 $ 11,300 $ 145,100 Inventories 5,600 5,600 Receivables (net) Taxes receivable 91,200 91,200 Due from general fund 8,100 8,100 Total assets $ 230,600 $ 19,400 $ 250,000 Liabilities Accounts payable 83,000 4,700 87,700 Due to special revenue fund 8,100 8,100 Total liabilities 91,100 4,700 95,800 Fund balance Nonspendable (inventories) 5,600 5,600…
- Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing sources over expenditures and other financing uses, legal budget basis $6,000,000 Revenues accrued on the modified GAAP basis but not on a budget basis 1,500,000 Outstanding encumbrances of governmental funds, beginning of year 200,000 Outstanding encumbrances of governmental funds, end of year 300,000 Repayment of temporary loan to general fund, reported as revenue only for budget purposes 400,000 Unbudgeted transfers in 30,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, on a modified accrual GAAP basis? a. $8,030,000 b. $7,200,000 c. $7,230,000 d. $7,170,000. A pre-closing trial balance included the following account balances for Simpli City: Due from other funds $ 3,500 Fund balance - unassigned 14,000 Estimated revenues 20,000 Revenues 22,000 Appropriations 18,000 Expenditures - current year 19,000 Expenditures - prior year 1,500 Other Financing Source - Nonreciprocal transfer in 1,000 Required: Prepare the necessary closing entries for the General Fund.The following items were included in Simple City's General Fund expenditures for the year ended June 30: Computer for the city treasurer's office $ 6,000 Furniture for the mayor’s office $ 20,000 How much should be classified as capital assets in Simple City's government-wide statement of net position at June 30? Multiple Choice $26,000 $0 $20,000 $6,000