17-14 - BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES...

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P17-14 General Fund Entries [AICPA Adapted] 1. ESTIMATED REVENUES CONTROL 3,000,000 APPROPRIATIONS CONTROL 2,980,000 BUDGETARY FUND BALANCE – UNRESERVED 20,000 Record the budget. Taxes Receivable 2,870,000 Allowance for Uncollectible Taxes 70,000 Revenue from Taxes 2,800,000 Record tax levy. Cash 2,810,000 Taxes Receivable 2,810,000 Record tax collection. Allowance for Uncollectible Taxes 40,000 Taxes Receivable 40,000 Record write-off of uncollectible taxes: July 1, 20X1, taxes receivable balance $ 150,000 20X2 tax levy 2,870,000 Less: Taxes collected (2,810,000) Taxes receivable final balance (170,000 ) Taxes written off as uncollectible $ 40,000 Cash 130,000 Miscellaneous Revenue 130,000 Collect miscellaneous revenue. 2. Fund Balance – Reserved for Encumbrances 60,000 Fund Balance – Unreserved 60,000 Reverse prior reserve which has been renewed. ENCUMBRANCES 60,000 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 60,000 Renew encumbrances from prior period. ENCUMBRANCES 2,700,000
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Unformatted text preview: BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES 2,700,000 Record encumbrances. P17-14 (continued) 3. Expenditures 142,000 Due to Other Funds 142,000 Record liability to other funds for services received. 4. BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES 2,700,000 ENCUMBRANCES 2,700,000 Reverse encumbrances for items received. Expenditures 2,700,000 Vouchers Payable 2,700,000 Record expenditures. BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES 60,000 ENCUMBRANCES 60,000 Reverse reserve for encumbrances. Expenditures (Prior Period) 58,000 Vouchers Payable 58,000 Actual expenditure for goods received. Due to Other Funds 210,000 Vouchers Payable 210,000 Record approval for payment to other funds. Vouchers Payable 2,640,000 Cash 2,640,000 Record voucher payments. 5. ENCUMBRANCES 91,000 BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES 91,000 Record May 10 encumbrance....
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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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17-14 - BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES...

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