Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.c. Purchase orders amounting to $240,000 are authorized.d. Tax receipts total $280,000.e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.f. Salaries amounting to $135,000 are approved for payment.g. A state grant-in-aid of $100,000 is received.h. Fines and penalties of $10,000 are collected.i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.j. Additional recreational property valued at $88,000 is donated.k. Amounts of $12,000 due to other village funds are approved for payment. (Note: To establish the liability to other funds, credit Due to Other Funds.)l. The village’s share of sales tax due fromthe state is $30,000. Payment will be received in 30 days.m. Vouchers totaling $175,000 are paid.n. Accounts are closed at year-end.
Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:
a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.
b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.
c. Purchase orders amounting to $240,000 are authorized.
d. Tax receipts total $280,000.
e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.
f. Salaries amounting to $135,000 are approved for payment.
g. A state grant-in-aid of $100,000 is received.
h. Fines and penalties of $10,000 are collected.
i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.
j. Additional recreational property valued at $88,000 is donated.
k. Amounts of $12,000 due to other village funds are approved for payment. (Note: To establish the liability to other funds, credit Due to Other Funds.)
l. The village’s share of sales tax due fromthe state is $30,000. Payment will be received in 30 days.
m. Vouchers totaling $175,000 are paid.
n. Accounts are closed at year-end.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
