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Chap017-baker 29

Chap017-baker 29 - 1,590,000 Property Taxes Receivable –...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-29 P17-15 General Fund Entries and Statements a. Entries for 20X2 budget and transactions: 1. ESTIMATED REVENUES CONTROL 1,877,000 APPROPRIATIONS CONTROL 1,840,000 ESTIMATED OTHER FINANCIAL USES – TRANSFER OUT 37,000 Record budget. ENCUMBRANCES 21,000 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 21,000 Renew encumbrances from prior period. Fund Balance – Reserved for Encumbrances 21,000 Fund Balance – Unreserved 21,000 Reverse reserve for renewed encumbrances. Property Tax Receivable – Current 1,600,000 Allowance for Uncollectibles – Current 16,000 Property Tax Revenue 1,584,000 Record property tax levy. 2. Cash
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Unformatted text preview: 1,590,000 Property Taxes Receivable – Current 1,507,000 Property Taxes Receivable – Delinquent 83,000 Collect property taxes. Allowance for Uncollectibles – Delinquent 9,000 Property Taxes Receivable – Delinquent 7,000 Property Tax Revenue 2,000 Write off remaining delinquent property taxes. Property Taxes Receivable – Delinquent 93,000 Allowance for Uncollectibles – Current 16,000 Property Taxes Receivable – Current 93,000 Allowance for Uncollectibles – Delinquent 16,000 Reclassify remainder of uncollected 20X2 property taxes. Cash 333,000 Sales Tax Revenue 284,000 Miscellaneous Revenue 39,000 Due to Motor Pool Fund 10,000 Other cash receipts....
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