Based on information Journal Entries below can someone provide me with the closing entries,
the 2015 Balance Sheet and a 2015 Statement of Revenues, Expenditures, and Changes in Fund
balance.
Note:
Outstanding encumbrances at year end are classified as Assigned Fund Balance and all
remaining net resources are classified as Unassigned Fund Balance.Journal
EntryReferenceAccount TitlesDebitsCreditsa)Estimated Revenues
Control11,250,000Appropriations Control9,300,000Estimated Other Financing Uses Control -
Tranfers Out1,700,000Budgetary Fund Balance250,0001)Encumbrances Control (Prior
Year)17,000Budgetary Fund Balance - Reserve for Encumbrances17,0002)Deferred Inflows -
Property Taxes21,000Revenues Control21,0003)Taxes Receivable -
Current6,800,000Estimated Uncollectible Current Taxes136,000Revenues
Control6,664,0004)Cash500,000Tax Anticipation Notes Payable500,0005)Budgetary Fund
Balance - Reserve for Encumbrances17,000Encumbrances Control17,000Expenditures
Control16,600Accounts Payable16,6006)Accounts Payable115,600Due to Other
Funds27,000Cash142,6007)Cash10,811,500Interest and penalties receivable3,500Taxes
Receivable – Current6,400,000Due from State210,000Revenues from licenses and
permits800,000Sales Tax Receivable - current2,890,000Misc Revenues350,000Taxes
Receivable –158,0008)Encumbrances3,465,000Fund Balance Reserved for
Encumbrances3,465,0009)Expenditures5,070,000Federal Income Tax Withheld498,000FICA
Contribution357,000Cash4,215,00010)Due to Federal Government385,000FICA Contribution
(City\'s Part)357,000State unemployment taxes28,00011)Fund Balance Reserved for
Encumbrances3,375,300Expenditures3,375,300Encumbrances3,375,300Accounts
Payable3,375,30012)Tax Anticipation Notes
Payable500,000Expenditure18,000Cash518,00013)Estimated Fund332,000Unreserved fund
balance332,00014)Expenditures350,200Water and Sewer37,000Stores and Services
Fund313,200Stores and Services Fund310,000Cash310,00015)Sales Tax
Receivable52,000Revenue52,00016)Accounts Contract Payable3,015,000Cash3,015,000Federal
Income Tax Withheld498,000FICA Contribution357,000FICA Contribution (City\'s
Part)357,000State unemployment taxes28,000Cash1,240,00017)Estimated Revenue73,000Fund
for Appropriations (Budgetary Fund)139,000Appropriations212,00018)Property Taxes
Receivable- Delinquent51,000Interest and penalties receivable on taxes -
Delinquent1,600Property Tax Receivable51,000Interest and penalties receivable on
taxes1,60019)Interest and penalties receivable on taxes17,200Estimated Uncollectable
Taxes1,100Revenue16,10020)Deferred Revenue (Estimated Revenue)27,500Tax Receivable
Solution.
Based on information Journal Entries below can someone provide me wi.pdf
1. Based on information Journal Entries below can someone provide me with the closing entries,
the 2015 Balance Sheet and a 2015 Statement of Revenues, Expenditures, and Changes in Fund
balance.
Note:
Outstanding encumbrances at year end are classified as Assigned Fund Balance and all
remaining net resources are classified as Unassigned Fund Balance.Journal
EntryReferenceAccount TitlesDebitsCreditsa)Estimated Revenues
Control11,250,000Appropriations Control9,300,000Estimated Other Financing Uses Control -
Tranfers Out1,700,000Budgetary Fund Balance250,0001)Encumbrances Control (Prior
Year)17,000Budgetary Fund Balance - Reserve for Encumbrances17,0002)Deferred Inflows -
Property Taxes21,000Revenues Control21,0003)Taxes Receivable -
Current6,800,000Estimated Uncollectible Current Taxes136,000Revenues
Control6,664,0004)Cash500,000Tax Anticipation Notes Payable500,0005)Budgetary Fund
Balance - Reserve for Encumbrances17,000Encumbrances Control17,000Expenditures
Control16,600Accounts Payable16,6006)Accounts Payable115,600Due to Other
Funds27,000Cash142,6007)Cash10,811,500Interest and penalties receivable3,500Taxes
Receivable – Current6,400,000Due from State210,000Revenues from licenses and
permits800,000Sales Tax Receivable - current2,890,000Misc Revenues350,000Taxes
Receivable –158,0008)Encumbrances3,465,000Fund Balance Reserved for
Encumbrances3,465,0009)Expenditures5,070,000Federal Income Tax Withheld498,000FICA
Contribution357,000Cash4,215,00010)Due to Federal Government385,000FICA Contribution
(City's Part)357,000State unemployment taxes28,00011)Fund Balance Reserved for
Encumbrances3,375,300Expenditures3,375,300Encumbrances3,375,300Accounts
Payable3,375,30012)Tax Anticipation Notes
Payable500,000Expenditure18,000Cash518,00013)Estimated Fund332,000Unreserved fund
balance332,00014)Expenditures350,200Water and Sewer37,000Stores and Services
Fund313,200Stores and Services Fund310,000Cash310,00015)Sales Tax
Receivable52,000Revenue52,00016)Accounts Contract Payable3,015,000Cash3,015,000Federal
Income Tax Withheld498,000FICA Contribution357,000FICA Contribution (City's
Part)357,000State unemployment taxes28,000Cash1,240,00017)Estimated Revenue73,000Fund
for Appropriations (Budgetary Fund)139,000Appropriations212,00018)Property Taxes
Receivable- Delinquent51,000Interest and penalties receivable on taxes -
Delinquent1,600Property Tax Receivable51,000Interest and penalties receivable on
taxes1,60019)Interest and penalties receivable on taxes17,200Estimated Uncollectable
Taxes1,100Revenue16,10020)Deferred Revenue (Estimated Revenue)27,500Tax Receivable
