Exam 2 Solutions - Exam 2 Solutions Problem 1 B Estimated...

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Exam 2 Solutions Problem 1 B. Estimated Revenues .................................... 950,000 Appropriations .................................... 940,000 Unreserved Fund Balance .................................... 10,000 To record adoption of the budget. Revenues Ledger (Estimated Revenues) : Property Taxes .................................... 500,000 Sales Taxes .................................... 200,000 Federal Grants .................................... 100,000 Service Charges .................................... 80,000 Fines .................................... 50,000 Other .................................... 20,000 950,000 B=Budgetary entry Expenditures Ledger (Appropriations) : Manager ..................................................................................... 110,000 Commission ................................................................................ 90,000 Roads and Bridges ..................................................................... 400,000 Courts ........................................................................................ 60,000 Sheriff ......................................................................................... 180,000 Jail ............................................................................................. 70,000 Other .......................................................................................... 30,000 940,000 1. Taxes Receivable–Current ......................................................... 530,000 Allowance for Uncollectible Current Taxes ........................ 25,000 Revenues ............................................................................. 505,000 To record property tax levy. Revenues Ledger (Revenues) : Property Taxes ........................................................................... 505,000 2. Encumbrances ............................................................................ 270,000 Reserve for Encumbrances ................................................. 270,000 To record encumbrances on purchase orders and contracts. Expenditures Ledger (Encumbrances) : Manager ..................................................................................... 20,000 Roads and Bridges ..................................................................... 200,000 Sheriff ......................................................................................... 40,000 Jail ............................................................................................. 10,000 270,000 3a. Reserve for Encumbrances ........................................................ 270,000 Encumbrances .................................................................... 270,000 To reverse the encumbrance entry.
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Expenditures Ledger (Encumbrances) : Manager ..................................................................................... 20,000 Roads and Bridges ..................................................................... 200,000 Sheriff ......................................................................................... 40,000 Jail ............................................................................................. 10,000 270,000 3b. Expenditures .............................................................................. 269,700 Vouchers Payable ............................................................... 269,700 To record expenditures. Expenditures Ledger (Expenditures) : Manager ..................................................................................... 19,500 Roads and Bridges ..................................................................... 200,000 Sheriff ......................................................................................... 40,300 Jail ............................................................................................. 9,900 269,700 4a. Cash ........................................................................................... 503,000 Taxes Receivable–Current .................................................. 503,000 To record property tax collections. 4b. Taxes Receivable–Delinquent .................................................... 27,000 Allowance for Uncollectible Current Taxes ............................... 25,000 Taxes Receivable–Current .................................................. 27,000 Allowance for Uncollectible Delinquent Taxes .................. 25,000 To reclassify property taxes receivable and related allowance as delinquent.
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