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17-13 - Record actual expenditures(8 Vouchers Payable...

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P17-13 General Fund Entries [AICPA Adapted] (1) ESTIMATED REVENUES CONTROL 2,000,000 APPROPRIATIONS CONTROL 1,940,000 BUDGETARY FUND BALANCE – UNRESERVED 60,000 Record the budget. (2) Taxes Receivable 1,870,000 Allowance for Uncollectible Taxes 10,000 Property Tax Revenue 1,860,000 Record the property tax levy. (3) Allowance for Uncollectible Taxes 8,000 Taxes Receivable 8,000 Write off uncollectible taxes receivable. (4) Cash 1,820,000 Taxes Receivable 1,820,000 Record property tax collections. (5) ENCUMBRANCES 1,070,000 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 1,070,000 Record purchase commitments. (6) BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 1,000,000 ENCUMBRANCES 1,000,000 Reverse for purchase orders received. (7) Expenditures 1,840,000 Vouchers Payable 1,840,000
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Unformatted text preview: Record actual expenditures. (8) Vouchers Payable 1,852,000 Cash 1,852,000 Record payment of vouchers during period. (9) APPROPRIATIONS CONTROL 1,940,000 BUDGETARY FUND BALANCE – UNRESERVED 60,000 ESTIMATED REVENUES CONTROL 2,000,000 Close budgetary accounts. (10) BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 70,000 ENCUMBRANCES 70,000 Close remaining encumbrances by reversing remaining budgetary balance. (11) Fund Balance – Unreserved 70,000 Fund Balance – Reserved for Encumbrances 70,000 Reserve fund balance for outstanding purchase commitments. (12) Property Tax Revenue 1,860,000 Expenditures 1,840,000 Fund Balance – Unreserved 20,000 Close operating statement accounts....
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