problems 40 journal entries basic events and transactions prepare entries to record 4311992

problems 40 journal entries basic events and transactions prepare entries to record 4311992

Problems

40.(Journal entries – basic events and transactions)

Prepare entries to record the following events and transactions for Tropical Township for the year 2013.

a.The Township adopted a budget calling for appropriations of $360,000.  The estimated revenues (all property taxes) were $340,000.

b.The Township sent property tax bills amounting to $340,000 to property owners.

c.Property owners paid $335,000 of property taxes to the Township.

d.A purchase order of $25,000 was sent to a vendor of supplies.

e.The supplies ordered in transaction d. were received in good order and the accompanying invoice of $24,000 was approved.

41.(Journal entries – budgetary and financial)

Prepare journal entries to record the following transactions for Cosmotown for 2013. The Town records encumbrances only for its Supplies appropriation.

a.Cosmotown adopted the following budget for the year:

Revenues:

Property taxes$275,000

Licenses and fees35,000

Appropriations:

Salaries255,000

Supplies40,000

Interest1,500

b.Property tax bills amounting to $275,000 were sent to the property owners.

c.Because property taxes were not due to be received for several months and the town needed cash to finance its activities, Cosmotown borrowed $100,000 from a local bank using tax anticipation notes.

d.Cosmotown paid salaries in the amount of $75,000.

e.The town sent out two purchase orders for supplies: purchase order A for $6,000 and purchase order B for $5,000.

f.The town received $130,000 from property owners in payment of their property taxes.

g.Cosmotown repaid the bank on its borrowing in transaction c.  The amount paid was $101,000, which included interest of $1,000.

h.The town collected $15,000 for fishing licenses.

i.The town received the supplies ordered on purchase order A in transaction e. All the supplies arrived in good condition and the invoice for $6,100 was approved for payment.

j.The town Treasurer paid the invoice in transaction i. for $6,100.

42.(Closing entries)

The preclosing trial balance of the General Fund for the City of Thomaston shows the following balances at the end of its fiscal year. 

Budgetary fund balance $   10,000

Fund balance, beginning (actual) 150,000

Estimated revenues620,000

Appropriations610,000

Revenues (actual)625,000

Expenditures605,000

Based on information presented above:

  1. Prepare closing entries for the budgetary and financial accounts.
  2. Calculate the ending fund balance for the city of Thomaston.  (Show your work.)

43.(Preparing closing entries and financial statements)

Presented below is the adjusted trial balance for the General Fund of the Township of Whitt at June 30, 2013, the end of the fiscal year.  Based on this information, prepare, in good form:

a.closing entries

b.the statement of revenues, expenditures, and changes in fund balance for the year

c.the balance sheet at June 30, 2013.  (Classify the fund balance as Unassigned.)

Township of Whitt

General Fund

Adjusted Trial Balance

June 30, 2013

Cash

$      6,200

Taxes receivable

40,000

Investments

65,000

Vouchers payable

38,750

Tax anticipation notes payable

12,750

Unassigned fund balance

57,000

Estimated revenues

101,000

Appropriations

99,000

Budgetary fund balance

2,000

Revenues-taxes

100,000

Revenues-other

2,080

Expenditures-personal services

94,700

Expenditures-supplies

  4,680  

        0

$ 311,580

$ 311,580

 

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