Journal entries. Omitting amounts, prepare journal entries in the general fund to record the…

 
   

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Journal entries. Omitting amounts, prepare journal entries in the general fund to record the following selected events:

a. The budget is approved. The city will float a bond issue to finance fixed assets. Inflows of resources are expected to exceed outflows.

b. Property taxes are levied, of which some percentage will be uncollectible.

c. Some of the delinquent property taxes from last year are collected. Others are written off as uncollectible, using the available allowance account.

d. Purchase orders are approved.

e. Payroll for the month is vouchered. Ignore payroll deductions.

f. An invoice is vouchered for an amount less than its encumbrance.

g. Bonds are sold at face value to finance the acquisition of new fixed assets.

h. Fixed assets are purchased.

i. Short-term tax anticipation notes are issued.