Journal Entries – General FundSun City incurred the following transactions during the year. Prepare the journal entries to record each transaction in the General Fund and include an explanation for each entry. Skip a line between each journal entry. The Sun City Council passed a resolution approving a general operating budget of $19,500,000 for the fiscal year. Total revenues are estimated to be $20,000,000.Property taxes of $14,000,000 were levied and bills were sent to residents. It is estimated that 2% of these taxes will be uncollectible.$1,500,000 was designated for transfer to the capital projects fund for partial funding of a new municipal building to be constructed.An order was placed with a vendor for the purchase of new textbooks for Sun’s public school system. The texts are expected to arrive later in the month at a cost of $100,000. The cash transfer was made to the capital projects fund for the municipal building construction. The textbooks arrived and a bill was received for $105,000.

General Fund is a fund created by the federal government to record all the inflows of revenue and…

Answered: Journal Entries – General Fund Sun…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal Entries – General Fund

Sun City incurred the following transactions during the year. Prepare the journal entries to record each transaction in the General Fund and include an explanation for each entry. Skip a line between each journal entry.

The Sun City Council passed a resolution approving a general operating budget of $19,500,000 for the fiscal year. Total revenues are estimated to be $20,000,000.
Property taxes of $14,000,000 were levied and bills were sent to residents. It is estimated that 2% of these taxes will be uncollectible.
$1,500,000 was designated for transfer to the capital projects fund for partial funding of a new municipal building to be constructed.
An order was placed with a vendor for the purchase of new textbooks for Sun’s public school system. The texts are expected to arrive later in the month at a cost of $100,000.
The cash transfer was made to the capital projects fund for the municipal building construction.
The textbooks arrived and a bill was received for $105,000.

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