ACT470 homework assignment

| November 24, 2016

Question
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 for grading.

1

2

Transaction
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.
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 ExpensesInterest on Tax
Anticipation Notes.
The General Fund paid $350,000 on the vouchers payable that were outstanding at the end of FY 2013.

3
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 ReceivableCurrent
Estimated Uncollectible Current Taxes
Taxes ReceivableDelinquent
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 Non spendable 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 AssignedCulture and Recreation
Fund Balance Unassigned
Budgetary Fund Balance
Encumbrances Outstanding
Estimated Revenues
Revenues
Appropriations
Estimated Other Financing UsesI
nterfund Transfers Out
Expenditures
Other Financing Uses Interfund Transfers Out

Account

DR

CR

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