Description
Assignment Option #1: Government Transactions
Using the data in the Option 1 Spreadsheet (linked at the bottom of the page), perform the accounting required for each of the following government fund transaction:
- Perform the required journal entries
Requirements:
Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.
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.
Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
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Explanation & Answer
Attached.
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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 $2,000,000 of General Fund Property tax for the fiscal year with an estimated uncollectible
amount of $400,000.
The General Fund paid $350,000 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 In...