Reference no: EM132479762
During 2020 fiscal year for the City of green.
The budget prepared for the fiscal year 2020 was as follows:
Estimated Revenues:
Taxes$1,943,000
Licenses and permits 372,000
Intergovernmental revenue 397,000
Miscellaneous revenues 62,000
Total estimated revenues 2,774,000
Appropriations:
General government 471,000
Public safety 886,000
Public works 650,000
Health and welfare 600,000
Miscellaneous 86,000
Total appropriations 2,693,000
Budgeted increase in fund balance$81,000
- For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation.
Encumbrances issued against the appropriations during the year were as follows:
General government $58,000
Public safety 250,000
Public works 392,000
Health and welfare 160,000
Miscellaneous 71,000
Total$931,000
- The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000.
- Tax collections of the current year's levy totaled $1,459,000. The City also collected $132,000 in taxes from the prior year's levy in the first 60 days after year end. (These delinquent collections had been anticipated prior to year-end.)
- Personnel costs during the year were charged to the following appropriations in the amounts indicated. Encumbrances were not recorded for personnel costs. Because no liabilities currently exist for withholdings, you may ignore any FICA or federal or state income tax withholdings. (Expenditures charged to Miscellaneous should be treated as General Government expenses in the governmental activities general journal at the government-wide level.)
General government$411,000
Public safety 635,000
Public works 254,000
Health and welfare 439,000
Miscellaneous 11,100
Credit to Vouchers Payable$1,750,100
- Invoices for all items ordered during the prior year were received and approved for payment in the amount of $14,470. Encumbrances had been recorded in the prior year for these items in the amount of $14,000. The amount chargeable to each year's appropriations should be charged to the Public Safety appropriation.
- Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The following appropriations were affected.
Actual Liability Estimated Liability
General government $52,700 $52,200
Public safety 236,200 240,900
Public works 360,000 357,000
Health and welfare 130,600 130,100
Miscellaneous 71,000 71,000
$850,500 $851,200
- Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. For purposes of accounting for these revenues at the government-wide level, the intergovernmental revenues were operating grants and contributions for the Public Safety function. Miscellaneous revenues are not identifiable with any function and, therefore, are recorded as General Revenues at the government-wide level.
Payments on Vouchers Payable totaled $2,505,000.
Additional information follows: The General Fund Fund Balance-Unassigned account had a credit balance of $96,900 as of December 31, 2019; no entries have been made in the Fund Balance-Unassigned account during 2020.
Required
Question a-1. Make a general journal for fiscal year 2020 for the General Fund and for the governmental activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Question a-2. Post the above transactions into the appropriate subsidiary ledgers.