General Ledger and Revenues Subsidiary Ledger and SL Trial Balances The City of
ID: 2471937 • Letter: G
Question
General Ledger and Revenues Subsidiary Ledger and SL Trial Balances The City of Asher had the following transactions, among others, in 20X7
1. The Council estimated that revenues of $210,000 would be generated for the General Fund in 20X7. The sources and amounts of expected revenues are as follows: Property Taxes $150,000 Parking meters 5,000 Business Licenses 30,000 Amusement licenses 10,000 Charges for services 8,000 Other revenues 7,000 TOTAL: $ 210,000
2. Property taxes of $152,000 were levied by the council: $2,000 of these taxes are expected to be uncollectible.
3. The council adopted a budged revision increasing the estimate of amusement licenses revenues by $2,000 and decreasing the estimate for business licenses revenues by $2,000.
4. The following collections were made by the city: Property Taxes $140,000 Parking meters 5,500 Business Licenses 28,000 Amusement licenses 9,500 Charges for services 9,000 Other revenues 10,000 TOTAL $ 202,000
5. The resources of a discontinued Capital Projects Fund were transferred to the General Fund, $4,800.
6. Enterprise Fund cash of $5,000 was paid to the General Fund to subsidize its operations.
Explanation / Answer
Business licenses
. Genral Ledger:
Property taxes $150,000
Parking Meters $5,000
Business licenses $30,000
Amusement licenses $10,000
Charges for services $8,000
Other Revenues $7,000
Revenue $ 2,10,000
(C). Closing Genral Entries:
Revenue $ 2,02,000
Property taxes $140,000
Parking Meters $5,500
Business licenses $28,000
Amusement licenses $9,500
Charges for services $9,000
Other Revenues $10,000
Journal entries: Budgetary Entries Particulars Debit S credit S Estimated revenues 8210,000 Fund balance 8210,000 (To record estimated revenues) Cash $210,000 Property taxes receivable $150,000 Parking meters 5.000Business licenses
30.000 Amusement licenses 10,000 Charges for services 8,000 Other revenues 7,000 (To record the collection of revenues)Related Questions
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