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.
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