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(AICPA adapted) DebitCreditCash          62,000Taxes Receivable—Delinquent          46,000

Journal entries, general fund. The general fund trial balance of the city of Oakwood at December 31, 2017, was as follows:

 

Allowance for Uncollectible Delinquent Taxes

           8,000

Inventory

          18,000

Vouchers Payable

         28,000

Fund Balance—Nonspendable (Inventory)

         18,000

Fund Balance—Assigned (Encumbrances)

         12,000

Fund Balance—Unassigned

 

         60,000

Totals

        126,000

       126,000

The following data pertain to 2018 general fund operations:

1. Budget adopted:

Revenues and other financing sources:

Taxes

220,000

Fines, forfeits, and penalties

80,000

Miscellaneous revenues

100,000

Share of bond issue proceeds

200,000

600,000

Expenditures and other financing uses:

Program operations

      300,000

General administration

      120,000

Supplies

        60,000

Capital outlay

        80,000

Transfer to debt service fund

        20,000

      580,000

Encumbrances from 2017 are included in the budget.

2. Taxes were assessed at an amount that would result in revenues of $220,800, after a deduction of 4% of the tax levy as uncollectible.

3. Orders placed for:

Program operations. . .

176,000

General administration

80,000

Capital outlay

60,000

316,000

4. The city council designated $20,000 of the unassigned fund balance for possible appropriation for capital outlay.

5. Cash collections and transfer:

Delinquent taxes (balance is uncollectible)

38,000

Current taxes

226,000

Refund of overpayment on equipment invoice in 2017

4,000

Fines, forfeits, and penalties

88,000

Miscellaneous revenues

90,000

Share of bond issue proceeds

200,000

Operating transfer from capital projects fund

18,000

664,000

6. Vouchers approved for payment (all previously encumbered):

  

Estimated

Actual

Applicable to prior year but re-budgeted

12,000

12,000

Program operations

144,000

154,000

General administration

84,000

80,000

Capital outlay

62,000

62,000

302,000

308,000

7. Additional vouchers approved (not previously encumbered):

Program operations

148,000

Supplies

40,000

General administration

38,000

Capital outlay

18,000

Transfer to debt service fund

20,000

264,000

8. A taxpayer overpaid 2018 taxes by $2,000. (The taxes were credited to miscellaneous revenue upon receipt.) The taxpayer applied for a $2,000 credit against 2019 taxes. The city council granted the request. The council instructed the city controller to adjust the estimated uncollectible current taxes to cover the remaining uncollected balance.

9. Vouchers paid amounted to $580,000.

10. Inventory on December 31, 2018, amounted to $12,000.

Instructions Prepare journal entries to record the foregoing data. Omit explanations.

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(AICPA adapted) Journal entries, general fund. The general fund trial balance of the city of Oakwood at December 31, 2017, was as follows: Debit...
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