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1. I. Prepare entries in general journal form to r...




1. I. Prepare entries in general journal form to record the following transactions for fiscal year 2014. Use modified accrual accounting. (a) The legal budget for the year provided for $5,000,000 of estimated revenues and $4,960,000 appropriations. (b) Assume there are $210,000 of purchase orders outstanding at the end of last year and that these will be honored in the current year. (c) Property taxes were levied in the amount of $3,300,000. It is estimated that 2 percent of the taxes will never be collected. (d) Purchase orders were issued for equipment and supplies in the amount of $4,000,000. (e) Supplies, relating to all of the prior year purchase orders, were received along with invoices amounting to $207,000. (f) Collections of current property taxes amounted to $2,950,000. The uncollected taxes recorded as delinquent. (g) It was estimated that $210,000 in property taxes would be collected in the first 60 days of 2015 and that $160,000 would be collected in later periods. II. What amount of property tax revenues should the government report in the General Fund financial statements for the current fiscal year?


Paper#11155 | Written in 18-Jul-2015

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