Scribd Logo
Upload

Welcome to Scribd!

  • 203 views

    Question

    Uploaded by

    Ashik Uz Zaman
    The general fund of the Village of Sleepy Hollow had estimated revenues of $1,000,000 and appropriations of $985,000 for the fiscal year ended June 30, 20X6. It levied $816,000 in property taxes but collected $805,000. It also received sales taxes, licenses and permits, and transferred funds with other village funds.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Question

    Uploaded by

    Ashik Uz Zaman
    203 views1 page
    The general fund of the Village of Sleepy Hollow had estimated revenues of $1,000,000 and appropriations of $985,000 for the fiscal year ended June 30, 20X6. It levied $816,000 in property taxes but collected $805,000. It also received sales taxes, licenses and permits, and transferred funds with other village funds.

    Original Description:

    Government Accounting Problem

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The general fund of the Village of Sleepy Hollow had estimated revenues of $1,000,000 and appropriations of $985,000 for the fiscal year ended June 30, 20X6. It levied $816,000 in property taxes but collected $805,000. It also received sales taxes, licenses and permits, and transferred funds with other village funds.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    203 views1 page

    Question

    Uploaded by

    Ashik Uz Zaman
    The general fund of the Village of Sleepy Hollow had estimated revenues of $1,000,000 and appropriations of $985,000 for the fiscal year ended June 30, 20X6. It levied $816,000 in property taxes but collected $805,000. It also received sales taxes, licenses and permits, and transferred funds with other village funds.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 1

    S17-1 General Fund Entries

    The following selected events occurred in the general fund of the Village of Sleepy
    Hollow during the fiscal year ended June 30, 20X6:

    1. Had the following resource inflows and outflows in the operating budget:

    Estimated revenues:

    Property taxes $800,000


    Sales taxes 100,000
    Licenses and permits 25,000
    Estimated transfer in from special revenue fund 75,000

    Total $1,000,000

    Appropriations:
    General government $ 610,000
    Public safety 200,000
    Sanitation 150,000
    Estimated transfer out to internal service fund 25,000

    Total $ 985,000

    2 Had appropriations including encumbrances of $18,000 related to the year


    . ended June 30, 20X5. Sleepy Hollow uses the lapsing method of accounting for
    encumbrances.
    3 Levied property tax of $816,000 and had estimated uncollectibles of $16,000.
    .
    4 Collected property taxes of $805,000. The estimated uncollectibles balance was
    . decreased to $6,000, and remaining receivables and allowance were reclassified
    to delinquent at year-end.
    5 Received $102,000 of sales tax revenue from the state and $24,000 from
    . licenses and permits.
    6 Received transfer in of $70,000 from a special revenue fund. Made a $25,000
    . transfer out to establish an internal service fund. For both of these transactions,
    record the interfund receivable/payable before recording the cash transfer.
    7 Ordered computer equipment costing $50,000. Received computer equipment
    . and paid the actual cost of $50,500 two weeks after receipt of the equipment.
    8 Made a loan to an enterprise fund for $20,000 on January 1, 20X6. The loan
    . was repaid with interest at 6 percent on June 30, 20X6.
    9 Used the services of the central motor pool and was billed $500. The bill was
    . paid within one week of its receipt by the general fund.
    Required
    Prepare journal entries for the general fund to record these transactions involving the
    Village of Sleepy Hollow for the year ended June 30, 20X6.

    You might also like