ACCT 360 Week 3 Accounting Assignment Help | Franklin University
- Franklin University / ACCT 360
- 25 Jan 2019
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ACCT 360 Week 3 Accounting Assignment Help | Franklin University
E3-4 (Budgetary Accounts) Indicate
which of the following transactions require entries to accounts that are used
only for budgetary control purposes, even if other accounts also are involved.
1. Adopted the budget—estimated
revenues of $5,000,000 and appropriations of $4,900,000.
2. Levied property taxes of
$3,500,000. Historically, 1% has been uncollectible.
3. Paid salaries of $2,700,000.
4. Hired a new director of
public works at an agreed salary of $60,000.
5. Ordered materials and
supplies expected to cost $103,000.
6. Amended the appropriation for
public works to increase it by $10,000.
7. Received a portion of the
materials and supplies order at an actual cost of $51,500 and the estimated
cost was $52,000.
E3-5 (Budgetary
and Other Entries—General Ledger) Prepare the general journal entries required
for the transactions in E3-4. Assuming a
beginning total fund balance of $1,000,000, what would the total fund balance
be after taking into consideration the effects of these transactions?
E4-5 (Property Taxes) Record the following transactions in the
General Ledger accounts of the Coleman County General Fund:
1. Coleman County levied its
20X7 property taxes on January 1, 20X7. The total tax levy was $80,000,000; 2%
is expected to be uncollectible.
2. Coleman collected $55,000,000
of property taxes before the due date. The remaining taxes are past due.
3. Interest and penalties of
$2,500,000 were assessed on the past due taxes; 6% is expected to be
uncollectible.
4. Coleman County collected
$20,000,000 of delinquent taxes and $2,000,000 of interest and penalties. At
the end of 20X7, Coleman estimates that it will collect $3,000,000 of the
delinquent taxes and $300,000 of the previously accrued interest and penalties
in the first 60 days of 20X8. What amount of deferred inflows should the county
report at December 31, 20X7, as a result of the above transactions?
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