Ch_4_in_class_activity_KEY

Ch_4_in_class_activity_KEY - IN CLASS EXERCISE 4-10. a....

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Unformatted text preview: IN CLASS EXERCISE 4-10. a. CITY OF ASHLAND JOURNAL ENTRIES FY 2011 Debits Credits General Fund: (1) ESTIMATED REVENUES APPROPRIATIONS BUDGETARY FUND BALANCE 3,140,000 3,100,000 40,000 General Fund: (2) CASH EXPENDITURES2011 TAX ANTICIPATION NOTES PAYABLE (COMPUTATION OF DISCOUNT: $300,000 X .06 X 1/3 YEAR = $6,000.) 294,000 6,000 300,000 General Fund: (3) TAXES RECEIVABLECURRENT UNCOLLECTIBLE CURRENT TAXES REVENUES 43,000,000 x 20% = $2,150,000 GROSS LEVY; $2,150,000 GROSS LEVY X .04 = $86,000 ESTIMATED UNCOLLECTIBLE.) 2,150,000 86,000 2,064,000 (COMPUTATIONS: $43,000,000 ASSESSED VALUATION X $5 TAX RATE PER $100 (5/100 – 20%) = General Fund: (4) ENCUMBRANCES2011 RESERVE FOR ENCUMBRANCES2011 2,059,000 2,059,000 General Fund: (8) BUDGETARY FUND BALANCE ESTIMATED REVENUES BALANCE TO A NET DECREASE OF $40,000.) 4-1 80,000 80,000 (THIS ENTRY ADJUSTS THE ORIGINAL BUDGETARY INCREASE OF $40,000 IN BUDGETARY FUND General Fund: (9) EXPENDITURES2011 DUE TO FEDERAL GOVERNMENT DUE TO STATE GOVERNMENT CASH 819,490 166,400 34,400 618,690 General Fund: (10) EXPENDITURES2011 DUE TO FEDERAL GOVERNMENT 62,690 62,690 General Fund: (11) CASH REVENUES 946,700 946,700 General Fund and Governmental Activities: (12) DUE TO FEDERAL GOVERNMENT DUE TO STATE GOVERNMENT VOUCHERS PAYABLE 288,580 34,400 322,980 General Fund: (13) RESERVE FOR ENCUMBRANCES2011 ENCUMBRANCES2011 EXPENDITURES2011 VOUCHERS PAYABLE 1,987,570 1,987,570 1,988,040 1,988,040 General Fund: (14) VOUCHERS PAYABLE CASH EXPENDITURES2011 2,301,660 2,293,630 8,030 4-2 General Fund (15) TAX ANTICIPATION NOTES PAYABLE CASH General Fund: (17) INVENTORY OF SUPPLIES RESERVE FOR INVENTORY OF SUPPLIES 3,000 3,000 300,000 300,000 4-3 ...
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Ch_4_in_class_activity_KEY - IN CLASS EXERCISE 4-10. a....

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