The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction let Postclosing Trial Balance June 30, 2019 $571,600 36,000 $607,600 5,600 102,000 500,000 $607,600 1 Record the transfer of taxes receivable to revenues control account. Note: 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. = Journal entry has been entered Record entry Clear entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,402,400 5,600 1,387,600 There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Credits $1,396,800 1,375,600 Credit 10,200 1,350,000 33,000 Postclosing Trial Balance June 30, 2020 View general Journal $544,800 62,800 $607,600 10,200 64,400 533,000 $607,600
The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction let Postclosing Trial Balance June 30, 2019 $571,600 36,000 $607,600 5,600 102,000 500,000 $607,600 1 Record the transfer of taxes receivable to revenues control account. Note: 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. = Journal entry has been entered Record entry Clear entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,402,400 5,600 1,387,600 There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Credits $1,396,800 1,375,600 Credit 10,200 1,350,000 33,000 Postclosing Trial Balance June 30, 2020 View general Journal $544,800 62,800 $607,600 10,200 64,400 533,000 $607,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed
for the fiscal year ended June 30, 2020.
Cash
Taxes Receivable
Allowance for Uncollectible Taxes
Accounts Payable
Fund Balance
View transaction llest
Postclosing
Trial Balance
June 30, 2019
$571,600
36,000
$687,608
5,608
182,808
500,000
$607,608
Clear entry
1 Record the transfer of taxes receivable to revenues
control account.
2 Record the receipt of taxes and the uncollectibles.
3 Record the expenditures payable.
4 Record the payment of expenditure.
5 Record the transfer out of general fund. Hint: This is the
plug needed to make cash balance after considering the
other entries.
6 Record the transfer of revenue and expenditure control
accounts to fund balance.
Note: = journal entry has been entered
Record entry
Transactions
July 1, 2019,
to June 30, 2020
Debits
$1,370,000
1,482,488
5,600
1,387,600
X
There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for
the fiscal year ended June 30, 2020. Include closing entries. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
Credits
$1,396,800
1,375,608
Credit
10,200
1,350,000
33,000
Postclosing
Trial Balance
June 30, 2020
View general Journal
$544,800
62,800
$607,600
10,200
64,400
533,000
$607,600
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