Chap017-baker 27

Chap017-baker 27 - 2,870,000 Less Taxes collected(2,810,000...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-27 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
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Unformatted text preview: 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 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 2,700,000 Record encumbrances....
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