90.2K
Verified Solution
Link Copied!
Record the following transactions in the appropriate fund.
General Fund
1. Levied $4,200,000 in property taxes, 1% is estimated to be uncollectible.
2. Ordered $120,000 in supplies for General Government.
3. Collected $4,150,000 in property taxes.
4. Public Works is awarded $800,000 recycling grant to purchase a new recycling vehicle.
5. The Village Treasurer collects and deposits fines and fees totaling $100,000
6. Transferred $100,000 to Debt Service Fund for payment of interest on bonds.
7. Received and paid the invoice for the supplies, the supplies were for the following departments:
a. Public Safety - $100,000
b. General Government - $20,000
8. Village paid salary and fringes totaling $2,900,000, the allocation to the departments are:
a. Public Safety - $1,300,000
b. General Government - $1,000,000
c. Public Works - $600,000
9. Received and paid $40,000 bill from Water Utility Fund (charged to General Government)
10. Village collects and deposits building permits totaling $755,000
11. Paid other expenditures for the year of:
a. General Government - $500,000
b. Public Safety - $675,000
c. Public Works - $40,000
12. Purchased recycling vehicle for $800,000 on account (charged to Public Works)
13. Received check from state for $800,000 for recycling vehicle
14. Paid bill for recycling vehicle purchased on account
15. Transferred $200,000 to Debt Service Fund for payment of interest and principle on the bonds.
16. Received and paid bill from Computer Services Fund for $80,000 (General Government $40,000, Public Safety $20,000 and Public Works $20,000)
Answer & Explanation
Solved by verified expert
