Business, 25.01.2022 15:00 gbprulesmile

Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250. The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government.

Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021.

Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue.

Contracts were issued for contracted services in the amount of $102,250.

Contracted services were performed relating to $91,500 of the contracts with invoices amounting to $89,100.

Other expenditures amounted to $981,500.

Accounts payable were paid in the amount of $1,122,500.

The books were closed.

Required:

a. Prepare journal entries for the above transactions.

b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.
Journal entry worksheet
Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250.
Note: Enter debits before credits.
Cash
Transaction General Journal Debit Credit
01 Cash 97,000
Taxes Receivable 195,500
Accounts Payable 55,250
Fund Balance 237,250

Journal entry worksheet
The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government.
Note: Enter debits before credits.

Journal entry worksheet
Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021.
Note: Enter debits before credits.

Journal entry worksheet
Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue.

Contracts were issued for contracted services in the amount of $102,250.
Note: Enter debits before credits.
Transaction General Journal Debit Credit
05

Record the invoices amounting to $89,100 from the contracts.
Note: Enter debits before credits.

Record the Contracted services of $91,500 as performed.
Note: Enter debits before credits.

Other expenditures amounted to $981,500.
Note: Enter debits before credits.

Accounts payable were paid in the amount of $1,122,500.
Note: Enter debits before credits.

Transaction General Journal Debit Credit
08

Record the closing entries. Record the transfer of revenues to the relevant control account.
Note: Enter debits before credits.
Transaction General Journal Debit Credit
9a

Record the closing entries. Record the transfer of encumbrances control account.
Note: Enter debits before credits.
Transaction General Journal Debit Credit
9b

Record the closing entries. Record the closure of revenues and expenditure to fund balance.
Note: Enter debits before credits.
9c

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Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and F...

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