ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 17, Problem 17.18.5P
To determine
Concept introduction:
General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.
The treatment of expenditures in the adopted budget for general fund.
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Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020.
1. Estimated revenues (legally budgeted)
Property taxes
Sales taxes
Licenses and permits
Miscellaneous
2. Appropriations:
General government
Culture and recreation
Health and welfare.
3. Revenues received (cash)
Property taxes
Sales taxes
Licenses and permits
General government
Culture and recreation
Health and welfare.
5. Goods and services received (paid in cash)
General government
culture and recreation
Health and welfare
Miscellaneous
4. Encumbrances issued (includes salaries and other recurring items)
Estimated
$5,275,000
4,630,000
995,000
6. Budget revisions
Estimated
Revenues
Appropriations
Increase appropriations:
General government
$ 140,000
110,000
Culture and recreation.
7. Fund balance on January 1, 2020, was $753,000. There were no outstanding
encumbrances at that date.
a. Record the transactions using appropriate journal entries,
b. Prepare…
Journal entries for a series of transactionsPrepare journal entries in the General Fund for each of the following events relating to the City of Bar Harbor (all amounts in $1,000s).
a. The citizens approve the following budget for the year:
ESTIMATED REVENUES
$78,924
ESTIMATED OTHER FINANCING SOURCES
2,000
APPROPRIATIONS
(77,273)
BUDGETARY FUND BALANCE
$3,651
General Journal
Description
Debit
Credit
ESTIMATED OTHER FINANCING SOURCES
APPROPRIATIONS
b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year:
1.
Revenues-real estate and personal property taxes
$68,650
2.
Revenues-intergovernmental
12,685
3.
Other financing sources-bond proceeds
2,400
Description
Debit
Credit
1.
2.
3.
c. The City issues purchase invoices totaling $78,508…
4-24: Transactions and Budgetary Comparison Schedules (LO4-1, LO4-3)
The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year’s appropriation.
1. The budget prepared for the fiscal year 2020 was as follows:
Estimated Revenues:
Taxes
$1,943,000
Licenses and permits
372,000
Intergovernmental revenue
397,000
Miscellaneous
62,000
Total estimated revenues
2,774,000
Appropriations:
General government
471,000
Public safety
886,000
Publics works
650,000
Health and welfare
600,000
Miscellaneous
86,000
Total appropriations
2,693,000
Budgeted increase in fund balance
$81,000
2. Encumbrances issued against the appropriations during the year…
Chapter 17 Solutions
ADVANCED FINANCIAL ACCOUNTING IA
Ch. 17 - Prob. 17.1QCh. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4QCh. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6QCh. 17 - Prob. 17.7QCh. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - When is the expenditure for inventories recognized...Ch. 17 - Prob. 17.12QCh. 17 - Prob. 17.13QCh. 17 - Prob. 17.14QCh. 17 - Prob. 17.15QCh. 17 - Prob. 17.1CCh. 17 - Prob. 17.2CCh. 17 - Prob. 17.3CCh. 17 - Prob. 17.1.1ECh. 17 - Prob. 17.1.2ECh. 17 - Prob. 17.1.3ECh. 17 - Prob. 17.1.4ECh. 17 - Prob. 17.1.5ECh. 17 - Prob. 17.2ECh. 17 - Prob. 17.3.1ECh. 17 - Prob. 17.3.2ECh. 17 - Prob. 17.3.3ECh. 17 - Prob. 17.3.4ECh. 17 - Prob. 17.3.5ECh. 17 - Prob. 17.3.6ECh. 17 - Prob. 17.3.7ECh. 17 - Prob. 17.3.8ECh. 17 - Prob. 17.3.9ECh. 17 - Prob. 17.3.10ECh. 17 - Prob. 17.4.1ECh. 17 - Prob. 17.4.2ECh. 17 - Prob. 17.4.3ECh. 17 - Prob. 17.4.4ECh. 17 - Prob. 17.4.5ECh. 17 - Prob. 17.4.6ECh. 17 - Prob. 17.4.7ECh. 17 - Prob. 17.4.8ECh. 17 - Prob. 17.4.9ECh. 17 - Prob. 17.4.10ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Computation of Revenues Reported on the Statement...Ch. 17 - Prob. 17.9ECh. 17 - Prob. 17.10ECh. 17 - Prob. 17.11ECh. 17 - Prob. 17.12ECh. 17 - General Fund Entries [AICPA Adapted] The following...Ch. 17 - Prob. 17.14PCh. 17 - Prob. 17.15PCh. 17 - Prob. 17.16PCh. 17 - Prob. 17.17PCh. 17 - Prob. 17.18.1PCh. 17 - Prob. 17.18.2PCh. 17 - Prob. 17.18.3PCh. 17 - Prob. 17.18.4PCh. 17 - Prob. 17.18.5PCh. 17 - Prob. 17.18.6PCh. 17 - Prob. 17.18.7PCh. 17 - Prob. 17.18.8PCh. 17 - Prob. 17.18.9PCh. 17 - Prob. 17.18.10PCh. 17 - Prob. 17.18.11PCh. 17 - Prob. 17.18.12PCh. 17 - Prob. 17.18.13PCh. 17 - Prob. 17.18.14PCh. 17 - Prob. 17.18.15PCh. 17 - Prob. 17.18.16PCh. 17 - Prob. 17.18.17PCh. 17 - Prob. 17.18.18PCh. 17 - Prob. 17.18.19PCh. 17 - Prob. 17.18.20PCh. 17 - Prob. 17.18.21PCh. 17 - Prob. 17.18.22PCh. 17 - Prob. 17.18.23PCh. 17 - Prob. 17.18.24PCh. 17 - Prob. 17.18.25PCh. 17 - Prob. 17.18.26PCh. 17 - Prob. 17.18.27PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.29PCh. 17 - Prob. 17.18.30PCh. 17 - Prob. 17.18.31PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.33PCh. 17 - Prob. 17.18.34PCh. 17 - Prob. 17.18.35PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.37PCh. 17 - Prob. 17.18.38PCh. 17 - Prob. 17.18.39PCh. 17 - Prob. 17.19PCh. 17 - Prob. 17.20P
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