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vannybelly83
26.01.2022 •
Business
Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250.
The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government.
Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021.
Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue.
Contracts were issued for contracted services in the amount of $102,250.
Contracted services were performed relating to $91,500 of the contracts with invoices amounting to $89,100.
Other expenditures amounted to $981,500.
Accounts payable were paid in the amount of $1,122,500.
The books were closed.
Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.
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