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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 15.00

Statement of Revenues

Entries, Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance

The trial balance for the General Fund of the City of Monte Vista as of December 31, 2012, is presented here:

 

Debit

Credit

Cash

$300,000

  

Supplies Inventory

75,000

  

Unreserved Fund Balance

  

$300,000

Reserve for Supplies Inventory

  

75.000
 

$375,000

$375,000

Transactions of the General Fund for the year ended December 31, 2013, are summarized as follows:

  1. The City Council adopted the following budget for 2013:
  2. Property taxes of $1,500,000 were levied, of which it is estimated that $30,000 will not be collected.
  3. Purchase orders in the amount of $1,400,000 were placed with suppliers and other vendors.
  4. Property taxes in the amount of $1,450,000 were collected.
  5. Cash was received from the Trust Fund in the amount of $50,000.
  6. Invoices in the amount of $1,380,000 were approved for payment. The amount originally encumbered for these invoices was $1,360,000. The invoices included $25,000 net of trade-in allowance for the purchase of a new minicomputer and $400,000 for supplies. The City received a trade-in-allowance of $4,000 on its old minicomputer, which had been purchased three years earlier for $16,000. At the time the old minicomputer was purchased, it was estimated that it would have a useful life of four years. The new minicomputer is expected to last at least six years. The City of Monte Vista uses the purchase method to account for supplies inventory.
  7. Licenses and fees in the amount of $48,000 were collected.
  8. Vouchers in the amount of $1,300,000 were paid.
  9. Cash in the amount of $80,000 was transferred to the Debt Service Fund.
  10. Supplies on hand at the end of the year amount to $100,000.

Required:

  1. Prepare entries in general journal form to record the transactions of the General Fund for the year ended December 31, 2013.
  2. Prepare a preclosing trial balance for the General Fund as of December 31, 2013.
  3. Prepare the necessary closing entries for the General Fund for the year ended December 31, 2013.
  4. Prepare a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the General Fund for the year ended December 31, 2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 05:07 PM My Price 15.00

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