The Following Transactions Occurred for the City of Fontaine's General

question 66

Essay

The following transactions occurred for the City of Fontaine's General Fund.
1. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000.
2. Encumbrances issued against the appropriations during the year were $931,000.
3. The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000.
4. Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000.
5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500.
6. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues.
7. Payments on Vouchers Payable totaled $1,505,000.
Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

---

Definitions:

Scale of Production

Refers to the size of the operation or the volume of output produced by a business or manufacturing plant.

Average Total Cost

Average Total Cost is the total cost of production divided by the total quantity produced, representing the per unit cost of production.

Returns to Scale

The change in output as a result of proportionately changing all inputs in the production process.

Student Enrollment

The process through which students register or enter into a course of study at educational institutions.