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    Solutiondone 2-282

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    trilocksp Singh
    The county levied $5 million in property taxes, with 2% expected to be uncollectible. The county collected $4.3 million in taxes before the due date and $540,000 more by year-end. The county paid $3.5 million in salaries and wages, with accrued salaries of $200,000 at year-end. The county loaned $800,000 to another fund and purchased $398,000 in materials and $40,000 in equipment. The county contributed $500,000 to a construction fund and borrowed $100,000 on a short-term note.

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    Solutiondone 2-282

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    trilocksp Singh
    17 views1 page
    The county levied $5 million in property taxes, with 2% expected to be uncollectible. The county collected $4.3 million in taxes before the due date and $540,000 more by year-end. The county paid $3.5 million in salaries and wages, with accrued salaries of $200,000 at year-end. The county loaned $800,000 to another fund and purchased $398,000 in materials and $40,000 in equipment. The county contributed $500,000 to a construction fund and borrowed $100,000 on a short-term note.

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    The county levied $5 million in property taxes, with 2% expected to be uncollectible. The county collected $4.3 million in taxes before the due date and $540,000 more by year-end. The county paid $3.5 million in salaries and wages, with accrued salaries of $200,000 at year-end. The county loaned $800,000 to another fund and purchased $398,000 in materials and $40,000 in equipment. The county contributed $500,000 to a construction fund and borrowed $100,000 on a short-term note.

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    17 views1 page

    Solutiondone 2-282

    Uploaded by

    trilocksp Singh
    The county levied $5 million in property taxes, with 2% expected to be uncollectible. The county collected $4.3 million in taxes before the due date and $540,000 more by year-end. The county paid $3.5 million in salaries and wages, with accrued salaries of $200,000 at year-end. The county loaned $800,000 to another fund and purchased $398,000 in materials and $40,000 in equipment. The county contributed $500,000 to a construction fund and borrowed $100,000 on a short-term note.

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    Prepare all general journal entries required in the General

    Fund
    Prepare all general journal entries required in the General Fund of Washington County for each
    of the following transactions. Also, use transaction analysis to show any effects on the GCA-
    GLTL accounts.1. The county levied property taxes of $5,000,000. Two percent are expected to
    prove uncollectible. The rest of the taxes are expected to be collected by year end or soon
    enough thereafter to be considered available at year end.2. The county collected $4,300,000 of
    the taxes receivable before the due date and the balance of taxes became delinquent.3. The
    county collected another $540,000 of the taxes receivable by the end of the fiscal year.4. The
    county paid salaries and wages of $3,500,000 to General Fund employees during the year.
    Accrued salaries at the beginning of the year were $180,000, and accrued salaries at year end
    were $200,000.5. $800,000 was loaned from the county General Fund (from resources
    available for general purposes) to the Washington County Inland Port Authority Enterprise
    Fund. The loan is to be repaid in three years.6. The county purchased materials and supplies
    for various General Fund departments. The actual cost of $398,000 was vouchered.7. The
    county purchased road maintenance equipment at an actual cost of $40,000, which was
    vouchered.8. The county contributed $500,000 of General Fund money to a CPF to provide
    partial financing for construction of its recently approved sports center. The balance of the cost
    will be financed by grants and borrowings.9. The county borrowed $100,000 for General Fund
    purposes on a six-month, 6% note. The note was issued two months before year end. Prepare
    any required year-end adjustments as well as recording the original transaction.View Solution:
    Prepare all general journal entries required in the General Fund
    SOLUTION-- http://solutiondone.online/downloads/prepare-all-general-journal-entries-required-
    in-the-general-fund/

    Unlock answers here solutiondone.online

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