acc431b_exam1.docx

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acc431b_exam1.docx

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Baker CollegeWinter 2012ACC431B Test #1Page |1Rachelle Paszkowski01/21/15ACC431BThe following information is necessary to complete the problems portion of this exam.Calhoun CountyGeneral FundBalance SheetDec 31, 2010AssetsCashAccounts ReceivableTotal AssetsLiabilities and Fund Balance$ 15,0002,500$ 17,500Accounts PayableTotal Liabilities$ 6,0006,000Reserve for EncumbrancesUnreserved Fund Balance50011,000Total Liabilities and Fund Balance1. (2pts) Reinstate Encumbrances closed Dec 31.Account NameEncumbrances control (prior year)Debit$ 17,500Credit500Budgetary fund balance- reserve for encumbrances500To reinstate encumbrances closed year-ended Dec 31, 2010.2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues =$690,000. Book the budget.DebitCreditAccount NameEstimated revenues controlBudget fund balanceAppropriations ControlTo establish the General Fund Budget for 2011.690,00010,000700,000Baker CollegeWinter 2012ACC431B Test #1Page |23. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. JournalizeReceivable.DebitCreditAccount Name700,000Taxes receivable currentEstimated uncollectible current tax21,000Revenue control679,000To record property tax receivable and the estimated uncollectible portionof current taxes.4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each.Journali

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