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TiliK225 [7]
2 years ago
9

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

Business
1 answer:
qaws [65]2 years ago
8 0

a) The journal entries for the transactions relating to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020, are as follows:

<h3>Journal Entries:</h3>

Debit Taxes Receivable $1,000,000

Credit Property Tax Revenue $1,000,000

Debit Other Revenues Receivable $400,000

Credit Other Revenue $400,000

Debit Cash $970,000

Credit Taxes Receivable $970,000

Debit Cash $340,000

Credit Other Revenues Receivable $340,000

Debit Contract Services $106,000

Credit Accounts Payable $106,000

Debit Other Expenditures $1,040,000

Credit Accounts Payable $1,040,000

Debit Accounts Payable $1,204,000

Credit Cash $1,204,000

b) The preparation of the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund is as follows:

City of Buffalo Falls

<h3>Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund</h3>

For the year ended December 31, 2020

Property Tax Revenue              $1,000,000

Other Revenue                              400,000

Total Revenues                         $1,400,000

Expenditures:

Contract Services     $106,000

Other Expenditures 1,040,000

Total expenditures                   $1,146,000

Changes in Fund Balance        $254,000

c) The preparation of the Balance Sheet for the General Fund is as follows:

City of Buffalo Falls

<h3>Balance Sheet</h3>

As of December 31, 2020

Cash                                              $216,000

Taxes Receivable                          245,000

Other Revenues Receivable          60,000

Total Assets =                              $521,000

Accounts Payable                          $7,000

Fund Balance                               514,000

Total liabilities + Fund balance $521,000

<h3>Data:</h3>

Beginning balances:

Cash, $110,000

Taxes Receivable, $215,000

Accounts Payable, $65,000

Fund Balance, $260,000

<h3>Budget:</h3>

Estimated revenues =        $1,400,000

Estimated expenditures =  $1,294,000

Estimated budget surplus = $106,000

<h3>Transaction Analysis:</h3>

Taxes Receivable $1,000,000 Property Tax Revenue $1,000,000

Other Revenues Receivable $400,000 Other Revenue $400,000

Cash $970,000 Taxes Receivable $970,000

Cash $340,000 Other Revenues Receivable $340,000

Contract Services $106,000 Accounts Payable $106,000

Other Expenditures $1,040,000 Accounts Payable $1,040,000

Accounts Payable $1,204,000 Cash $1,204,000

<h3>Accounts Balances:</h3>

Cash, $216,000 ($110,000 + $970,000 + $340,000 - $1,204,000)

Taxes Receivable, $245,000 ($215,000 + $1,000,000 - $970,000)

Other Revenues Receivable $60,000 ($400,000 - $340,000)

Accounts Payable, $7,000 ($65,000 + $106,000 + $1,040,000 - $1,204,000)

Fund Balance, $514,000 ($260,000 + $254,000)

Learn more about Statement of Revenues, Expenditures, and Changes in Fund Balance at brainly.com/question/13814211

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