Goodwill County Had the Following Transactions for Their General Fund

question 26

Essay

Goodwill County had the following transactions for their General Fund in the first month of their fiscal 2014 year,which ends June 30,2014.
1.The budget was approved,with $1,200,000 expected from property taxes,and another $5,000,000 expected from sales taxes.The budget showed these funds were expected to be spent on Salaries and Wages,$3,100,000; Utilities,$1,800,000; Rent,$900,000; and Supplies,$200,000.
2.Supplies were ordered in the amount of $33,000.
3.The electric bill was paid upon receipt in the amount of $75,000.
4.Property taxes were billed in the amount of $1,200,000,due on December 31.Bad debts are estimated at 1% of receivables.
5.Supplies were received,but the invoice amount was $35,000 and will be paid in 35 days.Supplies are used quickly and are not inventoried.
6.Property tax payments were received amounting to $100,000.
7.Payment was received from merchants for sales tax collections amounting to $400,000.
Required:
Prepare the journal entries for the General Fund that would be required for these transactions.

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Definitions:

Electronic Funds Transfers

Electronic Funds Transfers (EFT) are the digital exchange of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Electronic Funds Transfers

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions.

Bank Reconciliation

The process of comparing a company's bank account balance with its financial records to identify discrepancies and ensure accuracy.

Sign Cheques

The action of signing a check as a means of authorizing a bank to transfer funds from the signer's account.