Accountancy Problems on Journal Entries Essay

Submitted By Katherine-Silva
Words: 928
Pages: 4
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ACCT-4300-01
Prof. Xu
May 2, 2013
Group Quiz # 3
Problem# 1

1. Journal Entries

1. Estimated revenue 750,000
Appropriations 710,000
Unreserved fund balance 40,000

2. Property tax receivable 475,000 Estimated uncollectible taxes 20,000 Revenue 455,000

3. Cash 32,000 Revenue 32,000

4. Cash 90,000 Revenue 90,000

5. Encumbrances 595,000 F/B reserved for Encumbrances 595,000

6. Expenditures 435,000 Vouchers Payable 435,000

Reserve for Encumbrances 446,000 Encumbrances 446,000

7. Expenditures-2013 19,000 Vouchers Payable 19,000

8. Cash 425,000 Property Tax Receivable 425,000

9. Vouchers Payable 385,0000 Cash 385,000

10. Cash 41,000 Due from Trust fund 41,000

11. Estimated Uncollectable property tax 15,000 Property Tax Receivable 15,000 2. Closing Entries
Appropriation 710,000 Expenditures 435,000 Encumbrances 149,000 Unreserved Fund Balance 126,000
Revenue
Unreserved Fund Balance 577,000 Estimated Revenue 577,000 Unreserved for Encumbrances-2013 20,000 Expenditures-2013 19,000 Unreserved Fund Balance 1,000
Problem# 2
1. General Fund
OFU-transfer to capital project 3,000,000 Cash 3,000,000
Capital Project Fund
Cash 6,000,000 OFS- bonds payable 3,000,000 OFS-general funds 3,000,000
GLTDAG
Amount to be provided 3,000,000 Bond payable 3,000,000

2. Debt Service Fund
Expenditures- Payable 300,000
Expenditures- Interest 75,000 Cash 375,000
GLTDAG
Bond payable 375,000 Amount to be provided 375,000
3. General Fund
Cash 24,000 OFS 24,000
GFAAG
Investment-general fund 24,000 Truck 24,000

4. Trust Fund-Endowment fund
OFS to special revenue fund 160,000 Cash 160,000
Special Revenue Fund Cash 160,000 OFS from Trust fund 160,000
5. General Fund
Cash 175,000 OFS 100,000 Accumulated depreciation 75,000
6. General Fund
Expenditures 400,000 Due to enterprise fund 400,000
Enterprise fund
Due from General Fund 400,000 Revenue 400,000
7. General Fund
Cash 90,000 OFS-enterprise fund 90,000
Enterprise Fund
Transfer to General Fund 90,000 Cash 90,000
8. General Fund
OFU 300,000 Cash 300,000
Special Revenue Fund
Due from Internal Service 130,000 Cash 130,000
Internal Service Fund
Cash 610,000 OFS-contribution from GF 300,000 Due to special revenue fund 130,000 OFS-contribution from bonds 180,000
GLTDAG
Amount to be provided 610,000 Bond payable 610,000

9. General Fund
Expenditures 15,000 Due to Internal Service 15,000
Internal Service Fund
Due from General Fund 15,000
Due from Special Revenue 8,500 Revenue 23,500

10. Agency Fund
Cash 7,000 Customer deposit refundable 7,000

11. Debt Service Fund
Required Annual Contributions 60,000
Retain earning 5,000 Unreserved Fund Balance 65,000
Problem# 3
1. Cash 10,000,0000
Unrestricted revenue 10,000,000
Bed debts expenses 1,200,000 Unrestricted revenue 800,000 Allowances for uncollectable accounts 400,000
Cash 8,500,000 Account Receivable 8,500,000

2. Cash 1,000,000
Unrestricted revenue 1,000,000

3. Expense-salary and wages 4,800,000
Expenses- employees
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