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##### The trial balance of the General Fund of the city...

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The trial balance of the General Fund of the city of Claire on January 1, 20X0, was as follows: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \$15,000 Taxes Receivable?Delinquent . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Allowance for Uncollectible Taxes?Delinquent . . . . . . . . . . \$ 3,000 Interest and Penalties Receivable on Taxes . . . . . . . . . . . . . . . 1,000 Allowance for Uncollectible Interest and Penalties . . . . . . . . . 75 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Allowance for Uncollectible Accounts . . . . . . . . . . . . . . . . . . . 1,000 Vouchers Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500 Reserve for Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Unreserved Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,425 \$46,000 \$46,000 The following transactions and events took place during 20X0: 1. Revenues were estimated at \$110,000; appropriations of \$108,000 were made. 2. An order for materials placed at the end of the preceding year and estimated to cost \$10,000 was received; the invoice indicated an actual cost of \$9,500. 3. Taxes of \$110,000 accrued; an allowance of 5% was made for possible losses. 4. Collections were made as follows: Current Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \$90,000 Delinquent Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Interest and Penalties Receivable on Taxes . . . . . . . . . . . . . . . . 300 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 5. Taxes totaling \$20,000 have become delinquent; the balance of Allowance for Uncollectible Taxes?Current was reclassified to Allowance for Uncollectible Taxes?Delinquent. 6. Delinquent taxes of \$2,000 were written off; interest and penalties receivable on taxes of \$20 were also written off. 7. Orders were placed for (a) materials estimated to cost \$20,000 and (b) a truck estimated to cost \$28,000. 8. Delinquent taxes of \$200, which were written off in preceding years, were collected with interest and penalties of \$35 (\$25 of which had been previously accrued and written off). 9. Payments were made as follows: Vouchers Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \$15,500 Payrolls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000 10. The materials and truck ordered (in 7) were received; bills for \$21,000 and \$28,000, respectively, were also received. 11. Operating lease payments of \$15,000 were paid. 12. Interest of \$600 accrued on delinquent taxes, and an allowance for uncollectible losses thereon of 10 percent was provided. 13. An order was placed for materials estimated to cost \$15,000. Post the opening trail balance to T-accounts. Prepare journal entries for the above transactions. Post transactions to T-accounts. Prepare closing entries. Post closing entries to T-accounts. Prepare post closing trial balance at December 31, 20X0. Prepare Statement of Revenues, Expenditures, and Changes in Fund Balances for the year ended December 31, 20X0. Prepare a Balance Sheet as of December 31, 20X0.

Paper#4281 | Written in 18-Jul-2015

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