ACCT 360 Week 3 Accounting Assignment Help

ACCT 360 Week 3 Accounting Assignment Help | Franklin University 

P3-2 (Budgetary and Other Entries—General and Subsidiary Ledgers) The Murphy County Commissioners adopted the following General Fund budget for the 20X8 fiscal year:

1.      The commissioners reviewed the budget during the year and (a) revised the estimate of Intergovernmental Revenues to $1,500,000 and reduced the Public safety and Highways and streets appropriations by $225,000 each to partially compensate for the anticipated decline in intergovernmental revenues, and (b) increased the Health and sanitation appropriation by $70,000 because of costs incurred in connection with an unusual outbreak of Tasmanian flu.

2.      Revenues (actual) for 20X8 were:

Required

1.      Set up general ledger T-accounts like those in Illustration 3-1 and also revenues and expenditures subsidiary ledgers like those in Illustrations 3-2and 3-3.

2.      Record the Murphy County 20X8 General Fund budget in the general ledger and subsidiary ledger accounts, keying these entries “B” (for budget). Then record the numbered transactions and events, keying these entries by those numbers.

P4-6 (Debt-Related Transactions) Prepare the general journal entries to record the following transactions of the Quinones County General Fund:

1.      Quinones County borrowed $1,000,000 by issuing 6-month tax anticipation notes bearing interest at 6%. The notes are to be repaid from property tax collections during the fiscal year.

2.      The county repaid the tax anticipation notes, with $30,000 interest, at the due date.

3.      The county purchased a new patrol car 2 months before the end of the fiscal year. It cost $35,000. The county paid $5,000 upon receipt and signed a 9% short-term note payable for the balance.

4.      The county services one of its general obligation serial bond issues directly from the General Fund (a Debt Service Fund is not used). The annual principal and interest payment, which is due 2 months before year end, was paid. The principal payment was $200,000 and the interest was $120,000. (Next year’s interest payment will be $108,000.)

5.      Record all appropriate interest accruals.