Excel-Based Problems 4-11. Jefferson County\'s General Fund began the year 2017
ID: 2510879 • Letter: E
Question
Excel-Based Problems 4-11. Jefferson County's General Fund began the year 2017 with the following account balances: Debits $132,348 47,220 Credits Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes $ 1,570 660 21,000 900 156,758 $180,228 Wages Payable Fund Balance Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated 2. Encumbrances totaling $4,800 outstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016, is 4. Property taxes in the amount of $290,000 were levied by the County. It 5. Property tax collections totaled $263,400. Accounts totaling $1.020 other financing uses of $40,000 re-established recognized as revenue in the current period. is estimated 0.5 percent (1/2 of 1 percent) will be uncollectible were written off as uncollectible. 6. Encumbrances were issued for supplies in the amount of $37,100 7. Supplies in the amount of $40,500 were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $41,000 and included the $4,800 encumbered last year. The County paid $37,800 on accounts payable during the year.Explanation / Answer
Jefferson County General Fund Journal Entries December 31, 2017 Item # Account Title Debits Credits 1 Estimated Revenue A/c Dr. 285,000 To Appropriations 235,000 To Estimating other Financing Uses 40,000 To Budgetary Fund Balance 10,000 2 Encumbrances A/c Dr. 4,800 To Fund Balances 4,800 3 Deferred Revenue A/c Dr. 21,000 To Property Tax Revenue 21,000 4 Taxes Receivables A/c Dr. 290,000 To Allowance for Uncollectible Taxes 1,450 To Property Tax Revenue 288,550 5 Cash A/c Dr. 263,400 To Taxes Receivable 263,400 6 Allowance for Uncollectible Taxes A/c Dr. 1,020 To Taxes Receivable 1,020 Encumbrances Control A/c Dr. 37,100 To Budgetary Fund Balance - Reserve for Encumbrances 37,100 7 Supplies A/c Dr. 40,500 To Accounts Payable 40,500 Budgetary Fund Balance - Reserve for EncumbrancesA/c Dr. 41,000 To Encumbrances Control 41,000 Accounts Payable A/c Dr. 37,800 To Cash 37,800 8 Emcumbrances A/c Dr 46,000 To Budgetary Fund Balance - Reserve for Encumbrances 46,000 Capital Expenditures A/c Dr. 46,000 To Cash 46,000 Budgetary Fund Balance - Reserve for EncumbrancesA/c Dr. 46,000 To Encumbrances 46,000 9 General Government Expenditures A/c Dr. 135,000 To Wages Payable 900 To Cash 135,900 10 General Government Expenditures A/c Dr. 7,600 To Cash 7,600 11 Other Finance Uses- Transfer Out A/c Dr. 43,000 To Cash 43,000 12 General Government Expenditures A/c Dr. 1,050 To Wages Payable 1,050 13 General Government Expenditures A/c Dr. 40,810 To Supplies 40,810 ( Opeing balance + Purchases - Closing balance ) : ( 660 + 40500- 350 ) 14 Property Tax Revenue A/c Dr. 22,000 To Deferred Property Taxes 22,000
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