Acct265 Ch 4 HW - Rosmic Calvo Acct 265 CH 4 HW 4-4 1 GAAP...

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Rosmic Calvo Acct 265 CH 4 HW 4-4 1) GAAP Basis- is the accounting principles used to report in the General Fund Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance and the result of applying GASB standards for Governmental Fund Reporting. 2) Budgetary Basis- is the basis used to report the “Actual” column in the Budgetary Comparison Schedule, which is to be reported on the basis required by law for budget preparation regardless of it differing from GASB standards. Budgetary basis differs from GAAP basis in the way it recognizes revenues and expenditures. 4-7 Town of Quincy General Fund General Journal Dr. Cr. Deferred Revenues - Property Taxes 242,000 Revenues Control 242,000 Taxes Receivable-Current 10,000,000 Est. Uncollectible Current Taxes 300,000 Revenues Control 9,700,000 Cash 4,600,000 Taxes Receivable-Current 4,600,000 Cash 4,800,000 Taxes Receivable-Current 4,800,000 Est. Uncollectible Delinquent Taxes 12,000 Taxes Receivable-Delinquent 12,000 Revenues Control 300,000 Deferred Revenues- Property Taxes 300,000 Continuous Problem PART 1 (a) General journal Date Accounts and Explanation Ref. Debit Credit 3C Estimated revenue control 01-600 10,700,000 Appropriation control 01-700 9,300,000 Estimated other financing uses control 01-750 1,280,000 Budgetary fund balance 01-900 120,000
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4C 1 Encumbrances control 01-800 31,000 Fund balance unreserved 01-321 31,000 2 Deferred revenue property tax 01-221 20,000 Revenue control 01-400 20,000 3 Taxes receivable current 01-121 6,700,000 Estimated uncollectible current tax 3% 01-122 201,000 Revenue control 01-400 6,499,000 4 Cash 01-101 500,000 Tax anticipation note payable 01-205 500,000 5 Reserve for encumbrance 01-950 31,000 Encumbrances control 01-800 31,000 Expenditure control 2008 01-500 30,000 Account payable 01-201 30,000 6 A/P 01-201 184,750 Due to other funds 01-211 35,250 cash 01-101 220,000 7 Cash 01-101 11,076,500 Taxes receivable delinquent 01-123 180,000 Interest and penalties 01-125 16,500 Taxes receivable current 01-121 6,400,000 Due from state government 01-141 330,000 Revenue control 01-400 4,150,000 8 Encumbrance control 01-800 4,266,000 Reserve for encumbrance 01-950 4,266,000 9 Expenditure control 01-500 4,600,000 Due to federal government 01-212 867,100 Cash 01-101 3,732,900 10 Expenditure control 01-500 396,100 Due to federal government 01-212 361,100 Due to state government 01-213 35,000 11 Reserve for encumbrances 01-950 4,038,200 Encumbrance control 01-800 4,038,200 Expenditure control 01-500 4,037,300
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A/P 01-201 4,037,300 12 Tax anticipation Note payable 01-205 500,000 Expenditure control 01-500 22,000 Cash 522,000 13 Due from state government 01-141 288,000 Revenue control 01-400 288,000 14 Expenditure control 04-500 358,200 Due to other funds 01-211 358,200 Due to other funds 01-211 300,000 Cash 01-101 300,000 15 Due to from state government 01-141 35,000 Revenue control 01-400 35,000 16 A/P 01-201 3,980,000 Due to federal government 01-212
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Acct265 Ch 4 HW - Rosmic Calvo Acct 265 CH 4 HW 4-4 1 GAAP...

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