User Account

All Pages

Journal entries required in the general fund

Assignment Help Accounting Basics
Reference no: EM13989856

Prepare the general journal entries required in the General Fund of Lincoln 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. Two percent are expected to prove 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 salaries and wages of $3,500,000 to General Fund employees during the year. Accrued salaries at the beginning of the year were $180,000, and accrued salaries at year end were $200,000.
  • $800,000 was loaned from the county General Fund (from resources available for general purposes) to the Lincoln County Inland Port Authority Enterprise Fund. The loan is to be repaid in three years.
  • The county purchased materials and supplies for various General Fund departments. The actual cost of $398,000 was vouchered.
  • The county purchased road maintenance equipment at an actual cost of $40,000, which was vouchered.
  • The county contributed $500,000 of General Fund money to a CPF to provide partial financing for construction of its recently 

Reference no: EM13989856

Questions Cloud

Addressed by the management group at windsor glass : What are the issues that are being addressed by the management group at Windsor Glass? Are there any constraints that they are dealing with? In other words, are there any limitations (i.e. time or resources) that they need to consider? How will they ..
Explain why some organizations will perform audits : What documents is prepared during project closure to help plan how products or services produced as part of a project will be handled in the future?
Contrast windsor glass with the profit and gambit problem : We saw in the Windsor Glass and Profit & Gambit problems that the same excel model worked for both of these problems. However, they were quite different. Compare and contrast Windsor Glass with the Profit and Gambit problem. Include in your answer th..
Discuss the divine command theory in detail : Discuss the Divine Command Theory in detail. What does the theory claim? How does Socrates' question to Euthyphro (W, 24) help to clarify the theory? What are some strengths of the theory? Some weaknesses
Journal entries required in the general fund : Prepare the general journal entries required in the General Fund of Lincoln County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts.
What is the customer segment for this particular product : Select a product, line of products, or brand from a company of your choice and research the company’s social media marketing strategies. Carefully examine the social media presence for the product. What is the customer segment for this particular pro..
What is the purpose of varying order of subjects and verbs : What is the purpose of varying the order of subjects, verbs, and modifiers in different sentences within a paragraph?
Do moral claims really belong to the latter group of claims : What would be a clear example of a claim that is not just a matter of opinion? What would be a clear example of a claim that is just a matter of opinion? Do moral claims really belong to the latter group of claims? Discuss in some detail
Primarily residential architectural firm-expected values : Bradley Architectural, a primarily residential architectural firm, was just notified of an urgent request for a development proposal on a property. They are almost certain that the proposal will go to a competitor, who has been involved with the proj..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Basic ways of ordering ideas for coherence

There are three basic ways of ordering ideas for coherence in paragraphs; they are:

  The alternative valuation date

On August 15 of the current year, Harold received 100 shares of the stock as an inheritance from his mother, Mona, who died on January 20. Mona's adjusted basis in the stock was $45,000.

  Recognition of profit and balance sheet amounts

Harman Construction Company began operations January 1, 2014. During the year, Harman Construction entered into a contract with Kardon Corp. to construct a retail showcase facility.

  Net income and free cash flow

In order to sustain operations and generate sales and cash flow, the firm required to make $1250 of capital expenditures on new fixed assets and to invest $300 in net operating working capital. By how much did the firm's net income exceed its free..

  Should harder give a commission to its salesmen based on 10

peterson company incurred the following high and low maintenance costs totals during 2011 432000 at 20000 units of

  E-tech initiatives limited plans to issue 100000 10-year 7

e-tech initiatives limited plans to issue 100000 10-year 7 percent bonds. interest is payable annually on december 31.

  Would the adoption of ifrs increase transparency

As the U.S considers the adoption of IFRS, changes exist between presentation and disclosure in current U.S GAAP and IFRS. Based on your research, what are some of the similarities and differences between U.S. GAAP and IFRS?

  Identify two reasons why accounting is important for

identify two reasons why accounting is important for business. justify your selections.evaluate the importance of

  Calculate the arr

Eyring Company invested $7,500,000 in a new product line. The life cycle of the product is projected to be 7 years with the following net income stream: $300,000, $300,000, $500,000, $900,000, $1,000,000, $2,100,000, and $1,200,000.

  Yogurt machine and gross income

Only executives are permitted to buy yogurt machines at a discount. What is Sarah's adjusted basis for the yogurt machine and how much must she include in her gross income?

  Linh corporation applies manufacturing overhead to jobs on

linh corporation applies manufacturing overhead to jobs on the basis of pounds of direct material used. linh estimated

  Calculate ending inventory and cost of goods sold

Samuelson and Messenger (S&M) began 2013 with 200 units of its one product.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd