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

question 75

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 journal entries in the General Fund general journal to record the transactions. (Subsidiary detail may be omitted.)

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Definitions:

Pitch

A perceptual property of sounds that allows their ordering on a scale from low to high, primarily associated with the frequency of sound waves.

Loudness

A perceptual characteristic of sound that enables the differentiation of sounds on a scale from quiet to noisy, often measured in decibels.

Perceptual Adaptation

The ability of the body to adjust to an environment by filtering out distractions and adjusting to new stimuli.

Stimuli Grouping

The cognitive process of organizing elements of the environment into coherent units, often based on principles such as similarity or proximity.