29 Jan 3. The current year’s tax
ACTG 415
Week 4 Quiz
Spring 2017
The following transactions occurred for the City of Fontaine’s General Fund.
1. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,694,000.
2. Encumbrances issued against the appropriations during the year were $931,000.
3. The current year’s tax levy of $2,005,000 was recorded; uncollectibles were estimated as $55,000.
4. Collections of delinquent taxes from prior years’ levies totaled $132,000; collections of the current year’s levy totaled $1,459,000.
5. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,900.
6. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $63,000 of miscellaneous revenues.
7. Payments on Vouchers Payable totaled $1,505,000.
Prepare journal entries in the General Fund general journal to record the transactions. (Subsidiary detail may be omitted.)
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