1. Required information Goods for which a purchase order had been placed at an e
ID: 2416604 • Letter: 1
Question
1.
Required information
Goods for which a purchase order had been placed at an estimated cost of $1,300 were received at an actual cost of $1,250. The journal entry in the General Fund to record the receipt of the goods will include a:
2.
Required information
Carroll City levies $201,000 of property taxes for its current fiscal year. Two percent of the tax levy is expected to be uncollectible. The city collects $171,000 of its taxes during the year and another $25,500 during the first two months of the following year. In addition, the city collected $3,200 of prior year taxes during the first two months of the current fiscal year and another $2,100 during the remainder of the current fiscal year. What amount of property tax revenues should the city report in the general fund financial statements for the current fiscal year?
3.
Required information
Carroll City levies $201,000 of property taxes for its current fiscal year. Two percent of the tax levy is expected to be uncollectible. The city collects $171,000 of its taxes during the year and another $25,500 during the first two months of the following year. In addition, the city collected $3,200 of prior year taxes during the first two months of the current fiscal year and another $2,100 during the remainder of the current fiscal year. What amount of property tax revenues should the city report in the government-wide financial statements for the current fiscal year?
Goods for which a purchase order had been placed at an estimated cost of $1,300 were received at an actual cost of $1,250. The journal entry in the General Fund to record the receipt of the goods will include a:
Explanation / Answer
1)correct option is "C" - Debit to expenditure 1250
2)correct option is "D" - 196500 . [171000+25500 = 196500]
3)correct option is "B" - 196980 [201000 (1-.02) = 201000*.98 = 196980]
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