17-4 - on the general fund balance sheet) 90,000 [Note: The...

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E17-4 Multiple-Choice Questions on the General Fund 1. b 2. d 3. c The balances in the ENCUMBRANCES CONTROL and the FUND BALANCE- RESERVED FOR ENCUMBRANCES accounts are the same. Therefore, an excess of one account over the other indicates a recording error. 4. c The following entry is made when a purchase order is approved: ENCUMBRANCES CONTROL BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 5. b The 60-day rule for property tax revenues requires that property taxes collected within 60 days after the end of the year are revenues of the preceding fiscal year. The entry to record the tax levy would be: Property Taxes Receivable 700,000 Allowance for Uncollectible Taxes 10,000 Revenue – Property Taxes 600,000 Deferred Revenue (reported as a liability
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Unformatted text preview: on the general fund balance sheet) 90,000 [Note: The estimated uncollectibles are on the property taxes reported as deferred revenue.] 6. a Upon receipt of the order, Oak would record the following entries: BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES 5,000 ENCUMBRANCES CONTROL 5,000 Expenditures Control 4,950 Vouchers Payable 4,950 7. a Johnson would record the following entry: ESTIMATED REVENUES CONTROL 9,000,000 ESTIMATED OTHER FINANCING SOURCE TRANSFER IN (Internal Service) 1,000,000 ESTIMATED OTHER FINANCING SOURCE TRANSFER IN (Debt Service) 500,000 APPROPRIATIONS CONTROL XXXXXX BUDGETARY FUND BALANCE UNRESERVED XXX 8. c 9. a 10. b...
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This note was uploaded on 04/18/2008 for the course ACCT cost taught by Professor Staff during the Spring '08 term at Oklahoma State.

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17-4 - on the general fund balance sheet) 90,000 [Note: The...

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