ACCT Exam
-----------------------,----------------
ADVANCED ACCOUNTING
EXAM III - Part I
FALL2013
NAME
_
Part 1:
Prepare journal entries in the General Fund for each of the following events relating to the City of Santa
Rosa (all amounts in $1,000s).
Required
a. The citizens approve the following budget for the year:
.
APPROPRIATIONS
$22.888
2,000
.
ESTIMATED REVENUES .............................................•....
ESTIMATED OTHER FINANCING SOURCES
$ 2,479
(22,409)
.......................................•...............
. BUDGETARY FUND BALANCE
b. The City records the following revenues (on account) and other financing sources (paid in cash)
.~ during the year:
. ~_
Revenues-real
estate and personal property taxes ...................•........
Revenues-intergovernrnental
....................•........................
Other financing sources-bond proceeds .
$19,793
3,563
2,000
'1
c. The City issues purchase invoices totaling $22,187 (record the issuance of invoices as a lump sum) .
. d. The City recognizes the following expenditures, all on account (these expenditures were previously reserved as budgetary encumbrances):
Expenditures-general
government.
Expenditures-public
safety .........................•...........•........
Expenditures-education
Expenditures-public works ............•..........•......................
.
Expenditures-human
.
services
-:-
.
$ 3.328
2.219
13,313
1,109
2.219
e. The City makes the following payments related to its outstanding debt:
Expenditures-debt
Expenditures-debt
principal payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . interest payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$700
100
The City collects accounts receivable ($19,706 relating to property taxes and $3,385 relating to intergovernmental receivables) and pays outstanding accounts
ADVANCED ACCOUNTING
EXAM III - Part I
FALL2013
NAME
_
Part 1:
Prepare journal entries in the General Fund for each of the following events relating to the City of Santa
Rosa (all amounts in $1,000s).
Required
a. The citizens approve the following budget for the year:
.
APPROPRIATIONS
$22.888
2,000
.
ESTIMATED REVENUES .............................................•....
ESTIMATED OTHER FINANCING SOURCES
$ 2,479
(22,409)
.......................................•...............
. BUDGETARY FUND BALANCE
b. The City records the following revenues (on account) and other financing sources (paid in cash)
.~ during the year:
. ~_
Revenues-real
estate and personal property taxes ...................•........
Revenues-intergovernrnental
....................•........................
Other financing sources-bond proceeds .
$19,793
3,563
2,000
'1
c. The City issues purchase invoices totaling $22,187 (record the issuance of invoices as a lump sum) .
. d. The City recognizes the following expenditures, all on account (these expenditures were previously reserved as budgetary encumbrances):
Expenditures-general
government.
Expenditures-public
safety .........................•...........•........
Expenditures-education
Expenditures-public works ............•..........•......................
.
Expenditures-human
.
services
-:-
.
$ 3.328
2.219
13,313
1,109
2.219
e. The City makes the following payments related to its outstanding debt:
Expenditures-debt
Expenditures-debt
principal payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . interest payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$700
100
The City collects accounts receivable ($19,706 relating to property taxes and $3,385 relating to intergovernmental receivables) and pays outstanding accounts