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Chap018-baker 31

Chap018-baker 31 - Excess of $600 actual cost over estimate...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-31 P18-14 Entries to Adjust Account Balances [AICPA Adapted] a. General Fund Adjusting entries: 1. Allowance for Uncollectibles – Delinquent 2,200 Fund Balance – Unreserved 2,200 Reduce estimated losses on prior year's taxes to amount of receivables of $8,000. 2. Revenue 27,000 Donated Land 27,000 Remove accounts belonging only in the government-wide financial statements. 3. Fund Balance – Unreserved 8,800 Fund Balance – Reserved for Encumbrances – 20X0 8,800 Record purchase orders outstanding on June 30, 20X0. Expenditures – 20X0 8,800 Other Expenditures 8,800 Reclassify purchases of supplies chargeable to prior year's appropriations.
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Unformatted text preview: Excess of $600 actual cost over estimate is approved and charged to current year expenditures. 4. ENCUMBRANCES 2,100 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 2,100 Record encumbering of appropriations for purchase orders outstanding on June 30, 20X1. 5. Special Assessment Bonds Payable 100,000 Due to Capital Projects Fund 100,000 Record liability to capital projects fund for cash obtained from sale of special assessment bonds. 6. Revenue 21,000 Tax Anticipation Notes Payable 20,000 Due to Water Utility Fund 1,000 Record tax anticipation notes payable and liability to water utility fund for funds obtained from sale of scrap....
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