Question : 121.              The following transactions occurred in the General Fund of : 1255435

 

121.              The following transactions occurred in the General Fund of Smyth County.  Prepare the journal entry(s) as instructed for each. Assume each item is independent of each other.

A.              The total estimated revenue budget for 2014 is $11,000,000 and the total appropriations for 2014 are $9,500,000. Total planned transfer to debt service funds for 2014 is $800,000. Record the budget (without subsidiary ledger detail)

B.              Smyth County was able to get a Tax Anticipation Note that was secured by the county’s power to tax. The county borrowed $500,000 and planned to repay the loan as tax collections begin to exceed current disbursements for the year. Upon repayment of the loan the county must pay $12,600 in interest. – Record the Note payable and the later repayment of the note payable

C.              Property taxes of $ 7,000,000 were levied for Smyth County. Assume that 1.5 percent of these taxes are estimated to be uncollectible due to local economic conditions. – Record the entry when the tax is levied

D.              During 2014 the billing staff inappropriately had duplicate bills for the same properties in the amount of $23,000. Record the entry to correct this error.

E.              Upon examining the revenues and expenditures to date, the governing board decided to amend the budget.  The revenue budget needs to be decreased by $85,000 and the appropriations should be increased by $65,000. – Record the amendments to the budget when legally approved

F.              A review of the Tax Receivable subsidiary ledger indicates the following:

?              $20,000 would be received 120 days after year-end

?              $45,000 would be received 90 days after year-end

?              $22,000 would be received 60 days after year-end

?              $21,000 would be received 30 days after year-end

Record the property tax revenue deferred that is required by the GASB

G.              The treasurer of Smyth County approved the write-off of delinquent taxes from 2015 totaling $10,200 and related interest and penalties of $750. – Record the write-off of uncollectible delinquent taxes

122.              The City of Stromfield had the following partial list of preclosing account balances in its General Fund as of June 30, 2014.

 

 

Debits

Credits

Appropriations Control

Budgetary Fund Balance

Budgetary Fund Balance — Reserve for Encumbrances

Due to Other Funds

Encumbrances Control

Estimated Other Financing Uses Control

Estimated Revenues Control

Expenditures Control

Fund Balance

Other Financing Uses Control-Transfers Out

Revenues Control

Taxes Receivable-Delinquent

Vouchers Payable

 

 

 

 

107,000

 

3,660,000

2,788,000

 

306,000

 

75,000

$2,975,000

385,000

107,000

40,000

 

300,000

 

 

272,000

 

3,768,000

 

275,000

 

Required:  Prepare, in good form, a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the year ended June 30, 2014.