ACC431B_EXAM1 ANSWERS
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The following information is necessary to complete the problems portion of this exam.
Calhoun County
General Fund
Balance Sheet
Dec 31, 2010
Assets
Liabilities and Fund Balance
Cash
$ 15,000
Accounts Payable
$ 6,000
Accounts Receivable
2,500
Total Liabilities
6,000
Reserve for Encumbrances
500
Unreserved Fund Balance
11,000
Total Assets
$ 17,500
Total Liabilities and Fund Balance
$ 17,500
1. (2pts) Reinstate Encumbrances closed Dec 31.
Account Name
Debit
Credit
Encumbrances control (prior year)
500
Budgetary fund balance- reserve for encumbrances
500
To reinstate encumbrances closed year-ended Dec 31, 2010.
2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues = $690,000. Book the budget.
Account Name
Debit
Credit
Estimated revenues control
690,000
Budget fund balance
10,000
Appropriations Control
700,000
To establish the General Fund Budget for 2011.
3. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. Journalize Receivable.
Account Name
Debit
Credit
Taxes receivable –current
700,000
Estimated uncollectible current tax
21,000
Revenue control
679,000
To record property tax receivable and the estimated uncollectible portion of current taxes.
4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each. Journalize Encumbrance.
Account Name
Debit
Credit
Encumbrances control
130,000
Budgetary fund balance- reserve for encumbrances
130,000
To record encumbrances for the estimated cost of ordered equipment.
5. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaid in 6 months. Journalize Cash transfer for General Fund only.
Account Name
Debit
Credit
Due from special revenue fund #4
7,500
Cash
7,500
To record transfer from General funds to special revenue fund #4.
ACC431B_EXAM1 ANSWERS
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