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    Solutiondone 2-246

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    trilocksp Singh
    The summary provides details of transactions that occurred in the General Fund of Antonio County for fiscal year 20X6. Key events include: 1) Errors were discovered in inventory and interest payable balances from the previous year. 2) Appropriations for various departments were increased or decreased. 3) The county entered a capital lease and made a lease payment. 4) Inventory accounting methods were changed and various reclassifications between departments were needed. 5) Estimates of liabilities and claims were updated. 6) Inventory theft occurred along with expected insurance recovery. 7) Pension contributions were underfunded for the year.

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    Solutiondone 2-246

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    The summary provides details of transactions that occurred in the General Fund of Antonio County for fiscal year 20X6. Key events include: 1) Errors were discovered in inventory and interest payable balances from the previous year. 2) Appropriations for various departments were increased or decreased. 3) The county entered a capital lease and made a lease payment. 4) Inventory accounting methods were changed and various reclassifications between departments were needed. 5) Estimates of liabilities and claims were updated. 6) Inventory theft occurred along with expected insurance recovery. 7) Pension contributions were underfunded for the year.

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    The summary provides details of transactions that occurred in the General Fund of Antonio County for fiscal year 20X6. Key events include: 1) Errors were discovered in inventory and interest payable balances from the previous year. 2) Appropriations for various departments were increased or decreased. 3) The county entered a capital lease and made a lease payment. 4) Inventory accounting methods were changed and various reclassifications between departments were needed. 5) Estimates of liabilities and claims were updated. 6) Inventory theft occurred along with expected insurance recovery. 7) Pension contributions were underfunded for the year.

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

    Solutiondone 2-246

    Uploaded by

    trilocksp Singh
    The summary provides details of transactions that occurred in the General Fund of Antonio County for fiscal year 20X6. Key events include: 1) Errors were discovered in inventory and interest payable balances from the previous year. 2) Appropriations for various departments were increased or decreased. 3) The county entered a capital lease and made a lease payment. 4) Inventory accounting methods were changed and various reclassifications between departments were needed. 5) Estimates of liabilities and claims were updated. 6) Inventory theft occurred along with expected insurance recovery. 7) Pension contributions were underfunded for the year.

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    The following transactions and events relate to the General

    Fund
    The following transactions and events relate to the General Fund of Antonio County for the
    20X6 fiscal year.1. Early in 20X6 it was discovered that at the end of 20X5 (a) The inventory of
    supplies was overstated by $30,000, (b) Interest payable of $11,000 on General Fund debt was
    not accrued.2. Appropriations were revised as follows:Increased Appropriations: Police
    Department—Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,000Streets
    Department—Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000Decreased
    Appropriations: Parks Department—Wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    20,0003. The county entered a capital lease for equipment that could have been purchased for
    $850,000 (which is also the net present value of the lease) for the Roads and Bridges
    Department.4. An equipment capital lease payment, $80,000 (including $45,000 interest), was
    made.5. Antonio County changed its method of inventory accounting from the purchases
    method to the consumption method (perpetual system) at the beginning of 20X6. The inventory
    of supplies at the end of 20X5 was $150,000.6. During the year it was found that (a) $12,000
    charged to Fire Department—Contractual Services should have been charged to that account in
    the Police Department, and (b) $16,000 charged to Salaries and Wages in a Capital Projects
    Fund should have been charged to the Streets Department, which is financed from the General
    Fund.7. At year end it was determined that the county had estimated liabilities (including legal
    fees and related costs) for unsettled claims and judgments of $400,000, of which $100,000 is
    due and payable and is considered a fund liability. The comparable estimated liability amounts
    (which had been properly recorded) at the end of 20X5 were $350,000 and $60,000,
    respectively. The 20X5 liability balances remain in the accounts at this time.8. The yearend
    physical count of the inventory of supplies revealed that $25,000 of supplies had been stolen;
    $20,000 will be recovered from the insurance company that bonds employees.9. Although the
    actuarially required defined benefit pension plan contribution for 20X6 was $600,000, Antonio
    County made contributions of only $200,000. The County Commission voted to appropriate an
    additional $100,000 in the 20X7 budget—to be paid early in 20X7 and applied to the 20X6
    contribution deficiency—but made no provision for the remaining unfunded balance of the 20X6
    contribution.RequiredPrepare the journal entries to record these transactions and events in the
    General Ledger and Expenditures Subsidiary Ledger of the General Fund of Antonio County,
    assuming that the county’s accountant does not make reversing entries at the beginning of
    each year for prior yearend adjusting entries.View Solution: The following transactions and
    events relate to the General Fund
    SOLUTION-- http://solutiondone.online/downloads/the-following-transactions-and-events-relate-
    to-the-general-fund/

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