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The following information is necessary to complete the problems portion of this exam. Calhoun County General Fund Balance Sheet Dec 31, 2010 Assets...

Calhoun County
General Fund
Balance Sheet
Dec 31, 2010

Assets Liabilities and Fund Balance

Cash $ 15,000 Accounts Payable $ 6,000
Accounts Receivable 2,500 Total Liabilities 6,000

Reserve for Encumbrances 500
Unreserved Fund Balance 11,000

Total Assets $ 17,500 Total Liabilities and Fund Balance $ 17,500


14. (2pts) County Commissioners spend $30,000 for Dare police van. Journalize payment and recognition of grant revenue. No encumbrance set up for van. Do Journal Entry
The following information is necessary to complete the problems portion of this exam. Calhoun County General Fund Balance Sheet Dec 31, 2010 Assets Liabilities and Fund Balance Cash $ 15,000 Accounts Payable $ 6,000 Accounts Receivable 2,500 Total Liabilities 6,000 Reserve for Encumbrances 500 Unreserved Fund Balance 11,000 Total Assets $ 17,500 Total Liabilities and Fund Balance $ 17,500 Journalize the following transactions for the Calhoun County General Fund for 2011. 1. (2pts) Reinstate Encumbrances closed Dec 31. Account Name Debit Credit Reserve for Encumbrances 500 Unreserved Fund Balance 500 2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues = $690,000. Book the budget. Account Name Debit Credit Estimated Revenues Control 690,000 Budgetary Fund Balance 10,000 Expenditures Control 700,000
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3. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. Journalize Receivable. Account Name Debit Credit Taxes Receivable – Current 700,000 Estimated Uncollectible Current Taxes 21,000 Revenues Control 679,000 4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each. Journalize Encumbrance. Account Name Debit Credit Encumbrances Control 130,000 Budgetary Fund Balance – Reserve For Encumbrances 130,000 5. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaid in 6 months. Journalize Cash transfer for General Fund only. Account Name Debit Credit Other Financing Uses – Transfers Out Control 7,500 Due to Special Revenue Fund #4 7,500 6. (2pts) $500,000 in property taxes collected. Journalize receipt of Cash. Account Name Debit Credit Cash 500,000 Taxes Receivable – Current 500,000 7. (2pts) $150,000 loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize cash transfer for General Fund only. Account Name Debit Credit Other Financing Uses – Transfers Out Control 150,000 Due From Capital Projects Fund #2 150,000 Due From Capital Projects Fund #2 150,000 Cash 150,000
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