Problem 2
The June 30, 2017 pre-closing trial balance for the general fund of Oneida County, NY is shown below (all amounts are in thousands):
|
|
Debit
|
Credit
|
|
Cash
|
$ 27,000
|
|
|
Property taxes receivable
|
40,000
|
|
|
Allowance for uncollectible taxes
|
|
$ 24,000
|
|
Due from other funds
|
5,000
|
|
|
Accounts payable
|
|
12,000
|
|
Due to other funds
|
|
4,000
|
|
Fund balance-unassigned
|
|
30,000
|
|
Estimated revenues
|
450,000
|
|
|
Estimated other financing sources
|
30,000
|
|
|
Appropriations
|
|
475,000
|
|
Estimated other financing uses
|
|
11,000
|
|
Property and sales tax revenues
|
|
440,000
|
|
Investment income
|
|
2,000
|
|
Current operating expenditures
|
400,000
|
|
|
Debt service: Principal and interest payments
|
50,000
|
|
|
Capital outlay
|
18,000
|
|
|
Transfers out
|
10,000
|
|
|
Transfers in
|
|
3,000
|
|
Proceeds from sale of capital assets
|
|
4,000
|
|
Proceeds of general obligation debt
|
|
25 000
|
|
Totals
|
$1,030,000
|
$1,030,000
|
Required
a. Prepare the budget and activity entries, in journal form.
b. Prepare the fiscal 2017 statement of revenues, expenditures, and changes in fund balance for the general fund, in good form.
c. Prepare the June 30, 2017 balance sheet for the general fund, in good form.