Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |1 6The


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I submitted the attachment below and what is the suggested price for this assignment. ACC431B_EXAM1_PROB_ONLINE.docx Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |1 6The following information is necessary to complete the problems portion of this exam. Calhoun County General Fund Balance Sheet Dec 31, 2010 Assets Cash Accounts Receivable Liabilities and Fund Balance $ 17,500 Accounts Payable Total Liabilities $ 6,000 6,000 Reserve for Encumbrances Unreserved Fund Balance Total Assets $ 15,000 2,500 500 11,000 Total Liabilities and Fund Balance $ 17,500 Journalize the following transactions for the Calhoun County General Fund for 2011. 1. (2pts) Reinstate Encumbrances closed Dec 31. Account Name Debit Credit 2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues = $690,000. Book the budget. Account Name Debit Credit Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |2 3. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. Journalize Receivable. Account Name Debit Credit 4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each. Journalize Encumbrance. Account Name Debit Credit 5. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaip in 6 months. Journalize Cash transfer for General Fund only. Account Name Debit Credit 6. (2pts) $500,000 in property taxes collected. Journalize receipt of Cash. Account Name Debit Credit 7. (2pts) $150,000 loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize cash transfer for General Fund only. Account Name Debit Credit Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |3 8. (2pts) Payroll expenditures of $125,000 paid. Journalize payment. Payroll is not an encumbered item. Account Name Debit Credit 9. (2pts) BOTH Cruisers ordered arrive! Invoice ‘vouchered’ for $24,500 each. Journalize the liability. Account Name Debit Credit 10. (2pts) You discover $5,000 paid from Special Revenue Fund#1 for fire dept equipment should have been paid from General Fund. Correct expenditure for General Fund and transfer Cash next year. Special Revenue expenditure occurred in 2010. All 2010 temporary accounts have been closed. Journalize correcting entry for General Fund. Account Name Debit Credit 11. (2pts) $8,000 transferred to Debt Service Fund #5. Amount transferred does not have to be repaid. Journalize Cash transfer. Account Name Debit Credit Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |4 12. (2pts) At year end, the county attorney says lawsuit judgements totaling $300,000 will have to be paid. Of that total, $50,000 is payable in the coming year. Book appropriate liability for General Fund. No Encumbrance for this item. Account Name Debit Credit 13. (2pts) $90,000 federal Grant check arrives. Grant is for the ‘DARE’ educational project expenditures for calendar year 2011. Journalize receipt of Cash and related Deferred Revenue. Account Name Debit Credit 14. (2pts) County Commissioners spend $30,000 for Dare police van. Journalize payment and recognition of grant revenue. No encumbrance set up for van. Account Name Debit Credit Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |5 15. (8pts) Prepare closing entries: Account Name Debit Credit Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |6 16. (7pts) Complete the Statement of Revenues, Expenditures, and Changes in Fund Balances. Calhoun County General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances For the 2011 Fiscal Year Revenues $ Expenditures Excess of Revenues Over Expenditures Other Financing Sources (Uses)Interfund Transfers (Out) – Debt Service Net Change in Fund Balances Fund Balance, Beginning of Year As previously reported $ Correction of Prior Year Error Fund Balance, End of Year $ Baker College Winter 2012 A C C 4 3 1 B Te s t # 1 Page |7 17. (11pts) Complete the following Balance Sheet: Calhou

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