Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 10E
Make all required General Fund
- 1. The Doyle County Public Schools Board of Education adopted the 20X6 General Fund budget presented by Superintendent Jacob Doyle at its final meeting of 20X5. Budgeted revenues were $21 million and appropriations totaled $20.4 million. Record the budget as of the beginning of the 20X6 fiscal year.
- 2. Doyle County Public Schools levied property taxes of $13.5 million. Three percent is expected to be uncollectible.
- 3. Taxes of $11 million were collected prior to the due date. The remainder of the taxes became past due.
- 4. $600,000 of taxes were collected after the due date but prior to year end, which is December 31st.
- 5. $350,000 of taxes were collected in January 20X7, $200,000 in February, and $100,000 in March 20X7.
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Park City uses encumbrance accounting and formally integrates its budget into the general
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Required:
For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries.
The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000.
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Purchase orders were issued in the amount of $486,000.
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Expenditures for payroll not encumbered amounted to $518,000 (not yet paid).
Amounts from (d) and (e) are paid in cash.
Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
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