CRITICAL THINKING
Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission.
Using the data in the attached spreadsheet, perform the accounting required for each of the following government fund transaction:
1.Prepare the book calculations
2.Perform the required journal entries
Requirements:
Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.
Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so
that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file
# Transaction Account DR CR
1 Government levied 3,000,000 of General Fund Property tax for the fiscal year with an estimated unollectible amount of $200,000.
2 The General Fund paid $500,000 on the vouchers payable that were outstanding at the end of FY 2013.
3 The General Fund paid the $13,000 reported as Due to Other Funds at the end of FY 2013. This amount was reported as Internal Payables to Business -type
Activities at the government-wide level.
Assume that it is Tax Year 2014. Complete the yellow area.
Chart of Accounts for General Fund
Cash
Taxes Receivable—Current
Estimated Uncollectible Current Taxes
Taxes Receivable—Delinquent
Estimated Uncollectible Delinquent Taxes
Interest and Penalties Receivable on Taxes
Estimated Uncollectible Interest and Penalties
Due from Other Funds
Due from State Government
Inventory of Supplies
Vouchers Payable
Tax Anticipation Notes Payable
Due to Other Funds
Due to Federal Government
Due to State Government
Fund Balance—Nonspendable—Inventory of Supplies
Fund Balance—Restricted—General Government
Fund Balance—Restricted—Public Safety
Fund Balance—Restricted—Public Works
Fund Balance—Restricted—Health and Welfare
Fund Balance—Restricted—Culture and Recreation
Fund Balance—Committed—General Government
Fund Balance—Committed—Public Safety
Fund Balance—Committed—Public Works
Fund Balance—Committed—Health and Welfare
Fund Balance—Committed—Culture and Recreation
Fund Balance—Assigned—General Government
Fund Balance—Assigned—Public Safety
Fund Balance—Assigned—Public Works
Fund Balance—Assigned—Health and Welfare
Fund Balance—Assigned—Culture and Recreation
Fund Balance—Unassigned
Budgetary Fund Balance
Encumbrances Outstanding
Estimated Revenues
Revenues
Appropriations
Estimated Other Financing Uses—Interfund Transfers Out
Expenditures
Other Financing Uses—Interfund Transfers Out
# Transaction Account DR CR
1 The General Fund recorded liabilities of $40,000 to other funds for services received from the Water Utility Fund during the year. Of this amount, $31,000
should be charged to Public Safety and $9,000 to General Government. At the government-wide level, you should credit Internal Payables to Business-type Activities.
2 The General Fund paid $350,000 on the vouchers payable that were outstanding at the end of FY 2013.Tax anticipation notes issued by the General Fund were paid
at maturity at the face amount plus interest of $10,000. For the General Fund charge Miscellaneous for the interest expenditure. At the government-wide level, debit
Expenses—Interest on Tax Anticipation Notes.
3 The General Fund paid $350,000 on the vouchers payable that were outstanding at the end of FY 2013.
4 The General Fund paid the $13,000 reported as Due to Other Funds at the end of FY 2013. This amount was reported as Internal Payables to Business -type
Activities at the government-wide level.
Assume that it is Tax Year 2014. Complete the yellow area.
Chart of Accounts for General Fund
Cash
Taxes Receivable—Current
Estimated Uncollectible Current Taxes
Taxes Receivable—Delinquent
Estimated Uncollectible Delinquent Taxes
Interest and Penalties Receivable on Taxes
Estimated Uncollectible Interest and Penalties
Due from Other Funds
Due from State Government
Inventory of Supplies
Vouchers Payable
Tax Anticipation Notes Payable
Due to Other Funds
Due to Federal Government
Due to State Government
Fund Balance—Nonspendable—Inventory of Supplies
Fund Balance—Restricted—General Government
Fund Balance—Restricted—Public Safety
Fund Balance—Restricted—Public Works
Fund Balance—Restricted—Health and Welfare
Fund Balance—Restricted—Culture and Recreation
Fund Balance—Committed—General Government
Fund Balance—Committed—Public Safety
Fund Balance—Committed—Public Works
Fund Balance—Committed—Health and Welfare
Fund Balance—Committed—Culture and Recreation
Fund Balance—Assigned—General Government
Fund Balance—Assigned—Public Safety
Fund Balance—Assigned—Public Works
Fund Balance—Assigned—Health and Welfare
Fund Balance—Assigned—Culture and Recreation
Fund Balance—Unassigned
Budgetary Fund Balance
Encumbrances Outstanding
Estimated Revenues
Revenues
Appropriations
Estimated Other Financing Uses—Interfund Transfers Out
Expenditures
Other Financing Uses—Interfund Transfers Out
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