Jefferson County General Fund began the year 2015 with the following account bal

Question

Jefferson County General Fund began the year 2015 with the following account balances:

During 2015, Jefferson experienced the following transactions:

1. The budget was pased by the County Commission, providing estimated revenues of $250,000 and approprations of $200,000 and estimated financing uses of $40,000.

2. Encumbrances totaling $4,800 outstanding at Dec. 31, 2014, were re-established.

3. The Deferred Inflows- Property Taxes at Dec. 31, 2014 is recognized as revenue in the current period.

4. Property taxes in the amount of $265,000 were levied by the County. It is estimated 0.5% (1/2 of 1 percent) will be uncollectible.

5. Property tax collections totaled $258,000. Accounts totaling $1,020 were written off as uncollectible.

6. Encumbrances were issued for supplies in the amount of 36,000.

7. Supplies in the amount of $39,800 were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $40,000 and included the $4,800 encumbered last year. The county paid $37,800 on accounts payable during the year.

8. The County contracted to have alarm systems (capital assets) installed in the administration building at a cost of $39,900. The systems were installed and the amount was paid.

9. Paid wages totaling $133,900, including the amount payable at the end of 2014. (these were general government operation)

10. Paid other general government operating items of $7,600.

11. The general fund transferred $43,000 to the debt service fund in anticipation of bond interest and prncipal payments.

Additional Info:

12. Wages earned but unpaid at the end of the year amounted to $850.

13. Supplies of $350 were on hand at the end of the year. (supplies are used for general government operations.)

14. A review of property taxes receivable indicates that $22,600 of the outstanding balances would likely be colected more than 60 days after year-end and should be deferred.

QUESTION:

Use the Excel template provided to complete the following requirements.

a. Prepare journal entries to record the information decribed in items 1 to 14. Classify expenditures in the General Fund as either General Government or Capital Outlay. Make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers.

b. Post these entries to T accounts

c. Prepare closing journal entries; post to the T accounts provided.Classify fund balances assuming thre are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances.

d. Prepare a Statement of Revenues, Expedituresm and Changes in Fund Balance for the General Fund for the year ending 2015.

e. Prepare a Balance Sheet for the General Fund as of Dec. 31, 2015

Debits Credits Cash $132,328 Taxes Receivable 47,220 Allowance for Uncollectible Taxes $1,570 Supplies 660 Deferred Inflows Property Taxes 21,000 Wages Payable 900 Fund Balance 156,758 Totals $180,228 $180,228

Explanation / Answer

a.

Date Accounts and Explanations Debits Credits 1. Estimated Revenues $250,000 Appropriation $200,000 Other financing uses $40,000 Budgetary Fund balance $10,000 2. Encumbarance $4,800 Fund Balance $4,800 3. Deferred Revenue $21,000 Property Tax Revenue $21,000 4 Tax Receivables $265,000 Allowance for Uncollectible taxes $1325 Property Tax Revenue $263,675 5 Cash $268,000 Tax recivables $268,000 Allowance for uncollectible taxes $1020 Tax Receivables $1020 6 Encumbarance Control $36,000 Budgetary fund Bal. Reserve for Encumbarance $36,000 7. Supplies $39,800 Accounts Payable $39,800 Budgetary fund Bal. Reserve for Encumbarance $40,000 Encumbarance Control $40,000

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

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