Statement of revenues, Based on information Journal Entries

Statement of revenues

Assignment Help Financial Accounting

Reference no: EM13922473

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 Entry
Reference	Account Titles		Debits	Credits
a)	Estimated Revenues Control		11,250,000
		Appropriations Control		9,300,000
		Estimated Other Financing Uses Control - Tranfers Out		1,700,000
		Budgetary Fund Balance		250,000

1)	Encumbrances Control (Prior Year)		17,000
		Budgetary Fund Balance - Reserve for Encumbrances		17,000

2)	Deferred Inflows - Property Taxes		21,000
		Revenues Control		21,000

3)	Taxes Receivable - Current		6,800,000
		Estimated Uncollectible Current Taxes		136,000
		Revenues Control		6,664,000

4)	Cash		500,000
		Tax Anticipation Notes Payable		500,000

5)	Budgetary Fund Balance - Reserve for Encumbrances		17,000
		Encumbrances Control		17,000

	Expenditures Control		16,600
		Accounts Payable		16,600

6)	Accounts Payable		115,600
	Due to Other Funds		27,000
		Cash		142,600

7)	Cash		10,811,500
		Interest and penalties receivable		3,500
		Taxes Receivable - Current		6,400,000
		Due from State		210,000
		Revenues from licenses and permits		800,000
		Sales Tax Receivable - current		2,890,000
		Misc Revenues		350,000
		Taxes Receivable -		158,000

8)	Encumbrances		3,465,000
		Fund Balance Reserved for Encumbrances		3,465,000

9)	Expenditures		5,070,000
		Federal Income Tax Withheld		498,000
		FICA Contribution		357,000
		Cash		4,215,000

10)	Due to Federal Government		385,000
		FICA Contribution (City's Part)		357,000
		State unemployment taxes		28,000

11)	Fund Balance Reserved for Encumbrances		3,375,300
	Expenditures		3,375,300
		Encumbrances		3,375,300
		Accounts Payable		3,375,300

12)	Tax Anticipation Notes Payable		500,000
	Expenditure		18,000
		Cash		518,000

13)	Estimated Fund		332,000
		Unreserved fund balance		332,000

14)	Expenditures		350,200
		Water and Sewer		37,000
		Stores and Services Fund		313,200

	Stores and Services Fund		310,000
		Cash		310,000

15)	Sales Tax Receivable		52,000
		Revenue		52,000

16)	Accounts Contract Payable		3,015,000
		Cash		3,015,000

	Federal Income Tax Withheld		498,000
	FICA Contribution		357,000
	FICA Contribution (City's Part)		357,000
	State unemployment taxes		28,000
		Cash		1,240,000

17)	Estimated Revenue		73,000
	Fund for Appropriations (Budgetary Fund)		139,000
		Appropriations		212,000

18)	Property Taxes Receivable- Delinquent		51,000
	Interest and penalties receivable on taxes - Delinquent		1,600
		Property Tax Receivable		51,000
		Interest and penalties receivable on taxes		1,600

19)	Interest and penalties receivable on taxes		17,200
		Estimated Uncollectable Taxes		1,100
		Revenue		16,100

20)	Deferred Revenue (Estimated Revenue)		27,500
		Tax Receivable

Reference no: EM13922473

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