The General fund entered into the following transactions during the fiscal year:

Question

The General fund entered into the following transactions during the fiscal year:

1.     Levied property taxes of $10,000,000 with 5% estimated uncollectible and collected 98%. 2.Paid salaries and wages of $6,000,000

2.     Compensated absences related to salaries and wages of $200,000 current: $800,00 non-current

3.     Transferred $300,000 to Debt service fund for bond repayment

4.     Purchased office equipment for $700,000 with 7-year useful life (city uses straight-line depreciation)

5.     Purchased water and sewer service from the Enterprises fund for $200,000

6.     Contributed $200,000 to start up a new Internal service fund

7.     Sold fully depreciated computer equipment for $1000 for scrap: original cost $20,000

8.     Paid expenditures for utility bills of $1,000,000

9.     Received judgment for lawsuit of police brutality for $200,000 to be paid during next fiscal year

a.     What journal entry would have been recorded for each of these transactions in the General fund?

b.     Prepare closing entries and a preliminary trial balance

c.      Set up a conversion worksheet using the preliminary trial balance, prepare and post the reconciling adjustments, if any and carry amounts into the government-wide financial statement columns.

Please provide correct information and for those providing information just trying to get points please do not waste mine or your time.  Thank you.

Explanation / Answer

a.

1.

Property Taxes Receivable

a.

1.

Property Taxes Receivable

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.