The Government Reporting Model-Government Transactions

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User Generated

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Phegqbt

Subject

Business Finance

Description

Complete all work on the Option 2 Spreadsheet (linked at the bottom of the page) to this assignment; it will be your only deliverable.

Using the data in the attached spreadsheet, perform the accounting required for each of the following government fund transactions:

Perform the required journal entries

Requirements:

Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.

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# 1 2 3 Fund Balance—Assigned—Health and Welfare Fund Balance—Assigned—Culture and Recreation Fund Balance—Unassigned Budgetary Fund Balance Encumbrances Outstanding Estimated Revenues Revenues Appropriations Estimated Other Financing Uses—Interfund Transfers Out Expenditures Other Financing Uses—Interfund Transfers Out Transaction Government levied 3,000,000 of General Fund Property tax for the fiscal year with an estimated unollectible amount of $200,000. The General Fund paid $500,000 on the vouchers payable that were outstanding at the end of FY 2013. The General Fund paid the $13,000 reported as Due to Other Funds at the end of FY 2013. This amount was reported as Internal Payables to Business -type Activities at the government-wide level. Assume that it is Tax Year 2014. Complete the yellow area. Chart of Accounts for General Fund Cash Taxes Receivable—Current Estimated Uncollectible Current Taxes Taxes Receivable—Delinquent Estimated Uncollectible Delinquent Taxes Interest and Penalties Receivable on Taxes Estimated Uncollectible Interest and Penalties Due from Other Funds Due from State Government Inventory of Supplies Vouchers Payable Tax Anticipation Notes Payable Due to Other Funds Due to Federal Government Due to State Government Fund Balance—Nonspendable—Inventory of Supplies Fund Balance—Restricted—General Government Fund Balance—Restricted—Public Safety Fund Balance—Restricted—Public Works Fund Balance—Restricted—Health and Welfare Fund Balance—Restricted—Culture and Recreation Fund Balance—Committed—General Government Fund Balance—Committed—Public Safety Fund Balance—Committed—Public Works Fund Balance—Committed—Health and Welfare Fund Balance—Committed—Culture and Recreation Fund Balance—Assigned—General Government Fund Balance—Assigned—Public Safety Fund Balance—Assigned—Public Works Fund Balance—Assigned—Health and Welfare Fund Balance—Assigned—Culture and Recreation Fund Balance—Unassigned Budgetary Fund Balance Encumbrances Outstanding Estimated Revenues Revenues Appropriations Estimated Other Financing Uses—Interfund Transfers Out Expenditures Other Financing Uses—Interfund Transfers Out Account DR CR
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Tags: Advanced accounting Government Transactions

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Explanation & Answer

Attached.

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Fund Balance—Assigned—Health and Welfare
Fund Balance—Assigned—Culture and Recreation
Fund Balance—Unassigned
Budgetary Fund Balance
Encumbrances Outstanding
Estimated Revenues
Revenues
Appropriations
Estimated Other Financing Uses—Interfund Transfers Out
Expenditures
Other Financing Uses—Interfund Transfers Out

Transaction
Government levied 3,000,000 of General Fund Property tax for the fiscal year with an estimated unollectible
amount of $200,000.

The General Fund paid ...