SEQ CHAPTER \H \R 1Selected Transactions of the City of Miser

question 14

Essay

SEQ CHAPTER \h \r 1Selected transactions of the City of Miser Station General Fund for the 20X1 fiscal year are presented on the following page. All amounts are in thousands of dollars.
General instructions:
a. Dates and formal explanations may be omitted, but number your entries appropriately.
b. All interest rates are annual percentage rates APRs.
c. Record your entries on the lined paper provided with your answer pages. Sufficient space has been provided to allow you to skip lines between entries.
d. When recording Revenues, classify them as Revenues-Property Taxes or Revenues-Other. When recording expenditures, classify them as Expenditures-Operating, Expenditures-Debt Service, or Expenditures-Capital Outlay. Additional detail for budgetary entries is not required.
e. Show all work for any amount required in an entry that is not given in the exam except when recording the amount necessary to balance the journal entry.
Requirements:
1. Prepare the general ledger journal entries for the transactions. If no entry is required, do not leave it blank. State "No Entry Required" and briefly explain why.
2. Indicate the effects of the transaction on the accounting equations for the General Fund and the General Capital Assets and General Long-Term Liabilities accounts. Do not leave a cell blank. If a transaction has no effect on a particular element, use "NE".
3. Maintain the subsidiary ledgers for Revenues - Property Taxes and Expenditures - Operating for all appropriate entries.
Transactions:
1. The City Council approved the following budget for the fiscal year:
$\begin{array}{llr} \text { Appropriations } &14,000\\ \text { Estimated Revenues } &12,000\\\end{array}$
Of these amounts, $8,000 is for operating expenditures and $10,000 is for property tax revenues.
2. The property tax levy was recorded, $10,000, of which 3% will probably prove uncollectible.
3. The city ordered $200 in supplies.
4. The City borrowed $500 from the Blount National Bank on a two-month, 6% note.
5. Cash receipts were see entry #2:
Property Taxes 8,500
License and Permits 150
Total Receipts 8,650
6. The City Council revised the budget see entry #1. Appropriations were reduced $3,000 and Estimated Revenues were reduced $2,000 Appropriations for Expenditures - Operating were reduced $1,000; property tax revenues were not affected.
7. Of the previous supplies order Entry #3, 75% of the order was received. The actual cost of the goods received was $135. The amount due the vendor will be paid at a later date.
8. City employees were paid, $25.
9. The city ordered a new police car. The estimated cost is $21.
10. The City repaid the short-term note see entry #4 when due.
11. Wrote off $100 of taxes receivable as uncollectible see entry #2.
12. Paid $12 to the Special Revenue Fund to repay it for General Fund employee salaries that were inadvertently recorded as expenditures of that fund.
13. The city received the police car see entry #9. The actual cost was $22. The vendor will be paid at a later date.
14. The city collected $50 for licenses.
15. The city paid $157 on account.

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