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General Fund Entries

The following financial activities affecting Johnson City’s general fund took place
during the year ended June 30, 20X1. The following budget was adopted:

Estimated revenue:
$4,500,000
Property taxes
Licenses and permits 300,000
Fines 200,000
Total $5,000,000

Appropriations:
General government $1,500,000
Police services 1,200,000
Fire department services 900,000
Public works services 800,000
Acquisition of fire engines 400,000
Total $4,800,000

Additional Information Related to 20X1
1. Property tax bills totaling $4,650,000 were mailed. It was estimated that
$300,000 of this amount would be delinquent and $150,000 would be
uncollectible.

2. Property taxes totaling $3,900,000 were collected. The $150,000 previously
estimated to be uncollectible remained unchanged, but $750,000 was
reclassified as delinquent. It is estimated that the delinquent taxes will be
collected soon enough after June 30, 20X1, to make them available to finance
obligations incurred during the year ended June 30, 20X1. There was no
balance of uncollected taxes on July 1, 20X0.

3. Tax anticipation notes in the face amount of $300,000 were issued.

4. Other cash collections were as follows:

Licenses and permits $270,000 200,000

Fines
Sale of public works equipment 15,000
(original cost, $75,000)
$485,000
Total

000 Fire department services 150.565.000 6. General governmental $1.150.000 8.000 $115.000 Public works services 250.000 Public works services 700.000 -0- Total $2.000 Total $4.000 Police services 300.000 10.000 $60. Required Prepare journal entries to record the preceding financial activities in the general fund. No encumbrances were outstanding on June 30. .000 Fire engines 400. The following purchase orders were executed: Outstanding on June Total 30.000 30.000 Fire department services 870.600. 20X0.000 Police services 1.S17-3 (continued) 5. Ignore interest accruals.155.000 15.000 were paid.440.000 Fire engines 400. 20X1 General governmental $1. 7. assuming that separate appropriation and expenditure accounts are maintained for each function of the city.050. Vouchers totalling $4. The following vouchers were approved.