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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