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Unformatted text preview: Chapter 2 Trial Balance General Fund as of 12/31/2010 2010 journal view Debit Credit General Fund 2-b Cash 70,000 2-b Taxes Receivable - Delinquent 470,000 2-b Estimated Uncollectible Delinquent Taxes 42,500 2-b Interest and Penalties Receivable on Taxes 23,690 2-b Estimated Uncollectible Interest and Penalties 1,304 2-b Vouchers Payable 354,000 2-b Due to Other Funds 13,000 2-b Fund Balance 152,886 563,690 563,690 a. The post-closing trial balance for the General Fund of the City of Bingham as of December 31, 2010, is shown on the following page. Select the [Journal] view and create a journal entry to enter the balance sheet accounts and amounts shown in the trial balance [Review software operating procedures in Chapter 1 of these instructions if necessary]. Be sure to enter 2010 from the drop-down [Year] menu and enter the paragraph number from these instructions in the [Transaction Description] box of the [Journal] view. For this entry you should enter 2-b (be sure to include the hyphen) . Select the appropriate accounts individually and insert the appropriate amounts. [Note: Enter all dollar amounts without dollar signs and without commas. For all entries, it is vitally important that the correct year be selected.] a. Select [Governmental ActivitiesGovernment-Wide] in the Current Accounting Entity drop-down menu and the [Accounts ] view tab. You will see all of the accounts included in the preceding trial balance, plus many other accounts that will be used in the various chapters of the City of Bingham project. b. Select the [Journal] view and create a journal entry to enter the statement of net assets (i.e., balance sheet) accounts and amounts shown in the governmental activities, government-wide post-closing trial balance presented on the next page. It is necessary to enter these items in the accounts of the governmental activities category at the government-wide level as the general journal and general ledger for governmental activities comprise a separate set of books from those for the General Fund. Be sure to enter 2010 from the drop-down date menu and enter 2-d (including the hyphen) in the Transaction Description box. Select each account individually and insert the appropriate debit or credit amount for each account. Chapter 3 General Fund Estimated Revenues: 3-a Property Taxes 6,000,000 3-a Sales Taxes 250,000 3-a Interest and Penalties on Taxes 44,000 a. Launch the program and select [Open Existing Project] and then select the file you saved at the end of your Chapter 2 session. Select [General Fund] in the Current Accounting Entity drop-down menu, if it is not already displayed. Select the [Journal] tab. In the [Year] menu, be sure to select the year 2011 . Enter 3-a in the [Transaction Description] box and record the budget adopted for fiscal year 2011. Begin by selecting Estimated Revenues in the drop down [Account #/Account Description] window. This will take you automatically to the Detail Journal where you will enter the detail for each...
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- Spring '09
- Trial Balance