Question

Do the entries for this problem and then submit a balance sheet and statement of revenues, expenditures and changes in fund balance

The following transactions relate to the General Fund of the City of Radford for the year ended December 31, 2015:

1. Beginning balances were:

Cash, $100

Taxes Receivable, $175

Accounts Payable, $50

Fund Balance, $225

2. The budget was passed. Estimated revenues amounted to $2,000 and appropriations totaled $1,980. All expenditures are classified as General Government.

3. Property taxes were levied in the amount of $1,200. All of the taxes are expected to be collected before February 2016.

4. Cash receipts totaled $1,200 for property taxes and $620 from other revenue.

5. Contracts were issued for contracted services in the amount of $900.

6. Contracted services were performed relating to $810 of the contracts with invoices amounting to $800.

7. Other expenditures amounted to $950.

8. Accounts payable were paid in the amount of $1,700.

9. The books were closed.

Answer 1

				Debit	Credit
2	Estimated Revenue			2000
	To Appropriation				1980
	To Expenses				20
3	Propety Tax Receivable			1200
	To Property tax revenue				1200
4	Cash			1820
	To property tax receivable				1200
	To other revenue				620
6	Contract Service Expense			810
	To discount				10
	To cash				800
7	Other Expenditures			950
	To cash				950
8	Accounts Payable			1700
	To cash				1700