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G W 3_1G W 3_2C 4_2c 4_2bC 4_3C 4_4G W 3_1Page 1Granoff & Warlow 3-1 Team cPlease enter the letter of the Multiple Choice which you think is right in the yellow cells1 c2 a3 d4 d5 b6 a7 b8 b9 c10 aG W 3_1Page 2Please enter the letter of the Multiple Choice which you think is right in the yellow cellsG W 3_2Page 3Granoff & Warlow 3-2 Team CPlease enter the letter of the Multiple Choice which you think is right in the yellow cells1 b2 c3 c4 d5 d6 b7 d8 a9 c10 aC 4_2Page 4Copley 4-2 Team(a) Prepare the Closing Entries for December 31 (It's not necessary to use control accounts and subsidiary ledgers for this project.)You do not require any Dates or Descriptions. Only the Account Names & amountsVILLAGE OF SEASIDE PINESGeneral FundDebit Account Name Credit Account Name Debit Credit1 Appropriations 485,000Budgetary Fund Balance 30,000Other Incomes 35,000Expected Income 550,0002 Property Tax Income 503,000Other Income 38,000Public Safety Expenses 247,000General Government Expenses 175,000Transfer Out (Internal Service Fund) 33,000Encumbrances 60,000Fund Balance 26,000(b) Prepare the Statement of Incomes, Expenses and Modifications in Fund Balance for the General FundVILLAGE OF SEASIDE PINESGeneral FundStatement of Revenues, Expenditures and Changes in Fund BalanceFor the Year Ended December 31, 2009IncomesProperty Tax Income 503,000Other Income 38,000Total Income 541,000ExpensesGeneral Government Expenses 175,000Public Safety Expenses 247,000Total Expenses -422,000Excess Incomes over Expenses 119,000Other Financing Uses:Transfers Out (33,000)(33,000)Other incomes 24,000 Net Change in Fund Balance 110,000 Fund Balance Dec 31, 2011 6,000C 4_2Page 5( c) Prepare the Fund Balance Section of the December 31 Balance Sheet: TOTAL $ NON-SPENDABLE RESTRICTED COMMITTED ASSIGNED UNASSIGNED FUND BALANCE $ 151,000 7,000 0 144,000 RESERVE FOR ENCUMBRANCES $ 60,000 60,000 TOTAL FUND BALANCES $ 211,000 7,000 0 0 60,000 144,000Copley 4-2 Team(a) Prepare the Closing Entries for December 31 (It's not necessary to use control accounts and subsidiary ledgers for this task.)You do not require any Dates or descriptions. Only the Account Names & amountsVILLAGE OF SEASIDE PINESGeneral FundDebit Account NaCredit AccDebit Credit1 Appropriations 485,000Expected Other Financing Us35,000Budgetary Fund Balance 60,000Expected Income 580,0002 Property Tax Income 503,000Other Income 38,000Encumbrances contro60,000Transfer Out (to Inter33,000General Government 175,000Public Safety Expense247,000Fund Balance 26,000(b)Prepare the Statement of Incomes, Expenses and Changes in Fund Balance for the General FundVILLAGE OF SEASIDE PINESGeneral FundStatement of Incomes, Expenses and Changes in Fund BalanceFor the Year Ended December 31, 2009IncomesProperty Tax Income 503,000Other Incomes 38,000Total Income 541,000ExpensesGeneral Government Expens175,000Public Safety Expenses 247,000Total Expenses 422,000Excess Incomes over Expenses 119,000Other financing uses:Transfers out (33,000)(33,000)Net Change in Fund Balance 86,000 Fund Balance, January 1, 2012 39,000Fund Balance, December, 31 2012 125,000 ( c) Prepare the Fund Balance Section of the December 31 Balance Sheet: Fund BalanceNon-spendable 7,000 Assigned 60,000 Unassigned 144,000 Total Fund Balances 211,000 TOTAL $ NON-SPENDABLE RESTRICTED COMMITTED ASSIGNED UNASSIGNED FUND BALANCE $ 151,000 7,000 0 144,000 RESERVE FOR ENCUMBRANCES $ 60,000 60,000 TOTAL FUND BALANCES $ 211,000 7,000 0 0 60,000 144,000Prepare the Statement of Incomes, Expenses and Changes in Fund Balance for the General FundC 4_3Page 9Copley 4-6 TeamPrepare Journal Entries in General Journal form to document the happenings & dealsin the accounts of the Summer Employment Grant Fund:Debit Account Name Credit Account Name Debit Credit1 Expected Income Control 325,000Appropriation Control 325,0002 Cash 325,000Due to General Fund 325,0003a Expense Control 312,000Cash 307,000Accrued Wages Due 5,0003b Grant Receivable 272,000Income Control 272,0004 Cash 298,000Grant Receivable 298,0005a Appropriation Control 325,000Expected Income Control 325,0005b Income Control 272,000Unreserved Fund balance 272,000C 4_4Page 10Copley 4-4 TeamPrepare Journal Entries in General Journal form to document the happenings & dealsin the accounts of the Town of Quincy:Debit Account Name Credit Account Namea Delayed incomes - Property TaxesIncomes Controlb Taxes Receivable - CurrentExpected Uncollectible Present TaxesIncomes Controlc CashTaxes Receivable - Presentd CashTaxes Receivable - Presente Expected Uncollectible Deliquent TaxesTaxes Receivable - Delinquent Taxesf Incomes ControlDelayed incomes - Property TaxesC 4_4Page 11cDebit


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UOPX ACC 548 - Notes

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