Prepare entries in the general fund to record

Assignment Help Accounting Basics

Reference no: EM131125163

Prepare entries in the general fund to record the following transactions and events:

1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000.
2. The tax levy for the fiscal year, of which 99% is believed to be collectible, was $200,000.
3. Taxes collected were $150,000.
4. A short-term loan of $15,000 was made to the special revenue fund.
5. Orders for supplies were placed in the amount of $18,000.
6. The items ordered in transaction 5 were received. Actual cost was $18,150, and vouchers for that amount were prepared.
7. Materials were acquired from the stores fund (an internal service fund) in the amount of $800 (without encumbrance).
8. A $5,000 payment (transfer) was made to the debt service fund.
9. A cash payment of $15,000 was made for the purchase of equipment.
10. Licenses were collected in the amount of $3,000.
11. The balance of taxes receivable became delinquent.
12. Delinquent taxes of $30,000 were collected before year-end. The remaining net realizable value of delinquent taxes is expected to be collected uniformly over the first four months of the next fiscal year.

Reference no: EM131125163

Questions Cloud

Staff accountant with the local cpa : Ethical Issues. The following situation involves Kevin Smith, staff accountant with the local CPA firm of Hobb, Mary, and Khang (HM&K). The bookkeeper of Mirage Manufacturing Company resigned three months ago and has not yet been replaced.

Comment on the importance of quickly returning the milk : The surface emissivity is 0.90. Assume the milk carton temperature remains at 5°C during the process. Your parents have taught you the importance of refrigerating certain foods from the food safety perspec- tive. Comment on the importance of quick..

Identify the key brain structures involded in memory : Identify the key brain structures involded in memory, and explain the roles of neuronal networks and long-term potentiation

Record the transactions in the general journal : C-Cell Wireless needed additional capital to? expand, so the business incorporated. The charter from the state of Georgia authorizes C- Cell to issue 50,000 shares of 7%?,?$100 par value cumulative preferred? stock, 120,000 shares of? $3 par value..

Prepare entries in the general fund to record : 1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000. 2. The tax levy for the fiscal year, of which 99% is believed to be collectible, was $200,000.

Analyze the results in terms of success or failure : How would you design a research study to better understand the generic competitors for this product? What are the limitations of the game theory approach to understanding competitive strategy?

Determine the work and the heat transfer in the process : Determine the work and the heat transfer in the process.

Analyze the role of the practitioner-scholar model : Analyze the role of the practitioner-scholar model in guiding professional development. Explain how the practitioner-scholar model supports professional development

Any of the stocks clearly inferior choices : A. Are any of the stocks clearly inferior choices? (Explain. You can eliminate any inferior choice(s) from the rest of the analysis). B. What is the alternative chosen using the optimistic (maximax) criterion?

User Account

All Pages