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Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2009. Use modified accrual accounting.
(a). he legal budget for the year provided for $5,040,000 of estimated revenues and $4,960,000 appropriations.
(b). Assume there are $ 150,000 of purchase orders outstanding at the end of last year and that these will be honored in the current year. Prepare the entries to re-establish the encumbrance.
(c). Property taxes were levied in the amount of $3,200,000. It is estimated that 2.5 percent of the taxes will never be collected.
(d). Purchase orders were issued for equipment and supplies in the amount of $3,040,000.
(e). Supplies, relating to all of the prior year purchase orders ($150,000), were received along with invoices amounting to $144,000.
(f). Collections of current property taxes amounted to $2,750,000. The uncollected taxes recorded as delinquent.
(g). It was estimated that $190,000 in property taxes would be collected in the first 60 days of 2010 and that $180,000 would be collected in later periods.
Specialized U.N. Agency
refers to an autonomous organization affiliated with the United Nations, focusing on specific sectors like health, agriculture, or education, such as WHO or FAO.
International Court of Justice
The International Court of Justice is the principal judicial organ of the United Nations, responsible for settling legal disputes between states and giving advisory opinions on international legal questions.
Sovereign State
An independent and self-governing political entity recognized by other states, with full control over its internal and external affairs.
Sovereign Immunity
Sovereign immunity is the legal doctrine that the government or state cannot be sued or charged in civil or criminal court without its consent.
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