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GENERAL FUND ACCOUNTS FOR THE FISCAL YEAR 201

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GENERAL FUND ACCOUNTS FOR THE FISCAL YEAR 2012;Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for the fiscal year 2012.;a. The legal budget for the provided for $6,530,000 of estimated revenues and $5,975,000 of appropriations.;b. Assume that are $340,000 of purchase orders outstanding at the end of last fiscal year and these purchase orders will be honored in the current year. Prepare the entries to re-establish the encumbrance.;c. Property taxes were levied in the amount of $4,650,000. It is estimated that 3.5 percent of the taxes will not be collected.;d. Purchase orders were issued for equipment and supplies in the amount of $2,760,000.;Supplies that were relating to all of the prior year purchase orders ($ 340,000) were received along with invoices amounting to $336,800.;Collections of current property taxes amounted to $4,190,000. The uncollected taxes were recorded as delinquent.

 

Paper#28565 | Written in 18-Jul-2015

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