Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Goodwill County had the following transactions for their General Fund in the firstmonth of their fiscal 2014 year, which ends June 30, 2014.1. The budget was approved, with $1,200,000 expected from property taxes, andanother $5,000,000 expected from sales taxes. The budget showed these funds wereexpected to be spent on Salaries and Wages, $3,100,000; Utilities, $1,800,000; Rent,$900,000; and Supplies, $200,000.2. Supplies were ordered in the amount of $33,000.3. The electric bill was paid upon receipt in the amount of $75,000.4. Property taxes were billed in the amount of $1,200,000, due on December 31. Baddebts are estimated at 1% of receivables.5. Supplies were received, but the invoice amount was $35,000 and will be paid in 35days. Supplies are used quickly and are not inventoried.6. Property tax payments were received amounting to $100,000.7. Payment was received from merchants for sales tax collections amounting to$400,000. Required: Prepare the journal entries for the General Fund that would be required for these transactions.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92558058
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question - the inouyes filed jointly in 2018 their agi is

Question - The Inouyes filed jointly in 2018. Their AGI is $78,000. They reported $2,000 of qualified business income and $22,000 of itemized deductions. They have two children, one of whom qualifies as their dependent a ...

Question - tony madison needs 248900 in 10 yearshow much

Question - Tony Madison needs $248,900 in 10 years. How much must he invest at the end of each year, at 4% interest, to meet his needs?

Question - retail entry re just acquired land and a

Question - Retail Entry (RE) just acquired land and a building for a single sum of $400,000. An independent appraisal determined the fair values of the assets (if purchased separately) at $300,000 for the land, $200,000 ...

Question - nuthatch corporation began its operations on

Question - Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business-September, October, and November-are $245,000, $303,000, and $400,000, respec ...

Question -what does the statement of stockholders equity

Question - What does the statement of stockholders' equity report? How does the statement of stockholders' equity differ from the statement of retained earnings? What is the effect on the accounting equation when cash di ...

Question - wilson carver knives uses process costing in its

Question - Wilson Carver Knives uses process costing. In its Cutting Department, all the materials are added at the beginning of the process and conversion costs are added evenly during the processing. During the first m ...

Question - one december a 101-year-old woman died and left

Question - One December, a 101-year-old woman died and left $25 million to a university. This fortune was accumulated through shrewd and patient investment of a $4000 nest egg over the course of 55 years. In turning $400 ...

Question - retained earnings at 111x was 150000 and at

Question - Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to re ...

Question - what is the cash flow statement and why is it an

Question - What is the cash flow statement and why is it an important consideration to both the management, investors and creditors?

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As