Reference no: EM13912802
3) West Township approved the following budget for the General Fund for fiscal year 2013:
Revenues
Property taxes 329,000
License fees 40,000
Fines and penalties 15,000
Total revenues 384,000
Appropriations
Salaries 350,000
Supplies and utilities 30,000
Debt service 3,000
Total appropriations 383,000
Budgeted Increase in Fund Balance 1,000
The postclosing trial balance for the fund, as of December 31, 2012, was as follows:
Debits Credits
Cash 17,000
Vouchers payable 8,000
Fund balance (unassigned) 9,000
17,000 17,000
The following transactions and events occurred during FY 2013:
1. Levied property taxes of $329,000 and mailed tax bills to property owners.
2. Borrowed $300,000 on tax anticipation notes at an interest rate of 1 percent per annum.
3. Ordered supplies expected to cost $18,000.
4. Received the supplies along with an invoice for $19,000; paid the invoice immediately
5. Received cash ($380,000) from the following sources: property taxes ($327,000), licenses and fees ($38,000), fines and penalties ($15,000)
6. Paid cash for the following purposes: unpaid vouchers at the start of the year ($8,000), salaries ($340,000), utility bills ($11,000).
7. Repaid the tax anticipation notes 6 months after the date of borrowing, with interest.
8. Processed a budgetary interchange, increasing the appropriation for supplies and utilities by $2,000 and reducing the appropriation for salaries by a like amount.
9. Will pay salaries for the last few days in December, amounting to $2,000, at the end of the first pay period in January 2014; also received in early January 2014 a utilities invoice for $1,000 applicable to December 2013.
Use the preceding information to do the following:
a. Prepare journal entries to record the budget and the listed transactions and events
b. Prepare a preclosing trial balance.
c. Prepare a balance sheet; a statement of revenues, expenditures, and changes in fund balance; and a budgetary comparison schedule
d. Prepare closing entries.
e. Analyze the results using relevant concepts and ratios.
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