Blog

Record the journal entries 5 points   Prepare entries in general journal form to record the following transactions in General Fund for fiscal year 2020.    The legal budget for the year provided for $5,000,000 of estimated revenues and $4,960,000 appropriations. Purchase orders were issued for supplies in the amount of $210,000. Property taxes were levied in the amount of $3,300,000. It is estimated that 2 percent of the taxes will not be collected. Supplies ordered in #b were received and invoice was paid in cash in the amount of $220,000. Collections of current property taxes amounted to $2,950,000.    

Bonus   – 10 points   Required:  Prepare, in good form, a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the year ended June 30, 2020.     The City of Davis had the following partial list of pre-closing account balances in its General Fund as of June 30, 2020.                 Debits   Credits                               Appropriations Control Budgetary Fund Balance Budgetary Fund Balance — Reserve for Encumbrances Due to Other Funds Encumbrances Control Estimated Other Financing Uses Control Estimated Revenues Control Expenditures Control Fund Balance Other Financing Uses Control-Transfers Out Revenues Control Taxes Receivable-Delinquent Vouchers Payable                                                                                                                                                         107,000   4,846,000 2,788,000   306,000     75,000     ________ 8,122.000            $2,975,000 385,000 107,000 40,000   300,000     272,000   3,768,000     275,000   ———- 8,122,000          

A city government collects local option gasoline taxes legally restricted to pay for a new bridge construction.  Which fund should account for the receipt of the gasoline taxes? A. Special revenue fund B. Capital projects fund C. Private-purpose trust fund D. General fund

Which of the following funds would be used to account for an activity that provides centralized purchasing and sales of goods or services to other departments of the government on a cost-reimbursement basis? A. Enterprise fund. B. Fiduciary fund. C. Internal service fund. D. Permanent fund.

The Appropriations account of a governmental fund is credited when: A. The budgetary accounts are closed. B. The budget is recorded. C. Supplies are purchased. D. Expenditures are recorded.

At year-end, a city’s expenditures exceed its revenues.  When the accounts are closed, which of the following entries will be made to record this fact? A. A credit to fund balance B. A debit to fund balance C. A credit to Appropriations D. A debit to budgetary fund balance

 Which of the following statement(s) are not included in the proprietary funds for a government entity: A. Statement of Revenues, Expenditures, and Changes in Fund Balances B. Statement of Cash Flows C. Statement of Net Position D. All of the above are included  

Which of the following accounts of a government is credited when a purchase order is submitted or issued? A. Encumbrances.B. Encumbrances Outstanding.C. Vouchers Payable.D. Appropriations. 

The journal entry to record budgeted revenues will include: A. A debit to Estimated Revenues. B. A credit to Estimated Revenues. C. A debit to Revenues Receivable. D. Only a memorandum entry is necessary.

The journal entry to record the property tax levy for a government would include: A. A debit to Bad Debts Expense B. A credit to Estimated Uncollectible Current Taxes C. A credit to Taxes Receivable – Current D. A and B would both be included in the journal entry