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:

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

statement of revenue and expenditure

revenue and expenditure expenditure amount revenue amount written off 1020 deffered tax 21000 supplies 36310 property tax 263675 alarm systme 39900 wages 133900 other exp 7600 surplus 65945 total 284675 total 284675

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