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Jefferson County General Fund began the year 2012...




Jefferson County General Fund began the year 2012 with the following account balances: Cash Debit 132348 Taxes Recievable Debit 47220 Allowance for uncollectible taxes Credit 500 Supplies Debit 660 Budgetary fund balance reserve for encumbrances Credit 4800 deferred Property taxes credit 22000 Wages Payable credit 970 Fund Balance Credit 151958 Totals 180228 180228 during 2012 Jefferson experiaenced the following transactions: 1. The budget was passed by the county commission, providing estimated revenues of 250000 and appropriations of 180000 and estimated other financing uses of 40000. classify expenditures in the general fund as either general government or capital outlay. make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers. 2. The encumbrances outstanding at Dec 31 2011 were reestablished. 3. The deferred revenue at Dec 31 2011 is recognized as revenue in the current period. 4. Property Taxes in the amount of 260000 were levied by the county. It was estimated 0.5% will be uncollectible. 5. Property tax collections totaled 247000. Accounts totaling 950 were written off as uncollectible. 6. Encumbrances were issued for supplies in the amount of 36000 7. supplies in the amount of 39800 were received. Jefferson county records supplies as an asset when aquired . The related encumbrances for these items totaled 40000 and included the 4800 encumbered last year. The county paid 35650 on accounts payable during the year. 8. the county contracted to have alarm systems (capital assets) installed in the administration building at a cost of 46600. The systems were installed and the amount was paid. 9. Paid wages totaling 131970 including the amount payable at the end of 2011.(there were for general government operations.) 10. Paid other general government operating items of 7600. 11. The general fund transferred 38500 to the debt service fund in anticipation of bond interest and principle payments. 12. Wages earned but unpaid at the end of the year amounted to 2200 13. supplies of 250 were on hand at the end of the year (Supplies are used for general government operations. 14. A review of property taxes received indicates that 17500 of the outstanding balances would likely be collected more than 60 days after year-end and should be deferred. Required use the attached Excel template. A seperate tab is provided in Excel for each of these steps: a. Prepare journal entries to record the information described in the items 1 to 14. b. Post these entries to T-Accounts c. Prepare closing journal entries; psot to the T-Accounts prov ided. classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances. d. Prepare a statement of Revenues, Expenditures and Changes in Fund Balance for the General fund for the year ending 2012. Use Excel forumulas to calculate the cells shaded in blue. e. Prepare a Balance sheet for eht general fund as of Dec 31 2012. Use Excel formula to calculate the cells shaded in blue.,I started the assignment but am unsure if my answers are correct. Please double check journal entries and T account entries. I am stuck and am unable to get any further in the assignment. If you could fix and complete the assignment so I can understand what I need to do.


Paper#12942 | Written in 18-Jul-2015

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