Comprehensive General Fund Review

The Wayne City Council approved and adopted its general fundbudget for 2020. The budget contained the following amounts:

Estimated revenues	$70,000,000
Appropriations	66,000,000
Estimated transfers in	1,000,000
Estimated transfers out	6,000,000

During 2020, various transactions and events occurred whichaffected the general fund. The legal budgetary basis is used.

Required
For items 1–40, indicate whether the item should be debited (D),credited (C), or is not affected (N) in the general fund.

a. Items 1–5 involve recording the adopted budget

1.

Estimated revenues

Answer

2.	Fund balance—unassigned	Answer
3.	Appropriations	Answer
4.	Estimated other financing sources	Answer
5.	Expenditures	Answer

b. Items 6–10 involve recording the 2020 property tax levy. Itwas estimated that $500,000 would be uncollectible.

6.

Property taxes receivable

Answer

7.	Bad debt expense	Answer
8.	Allowance for uncollectibles	Answer
9.	Revenues	Answer
10.	Estimated revenues	Answer

c. Items 11–15 involve recording encumbrances at the timepurchase orders are issued.

11.

Encumbrances

Answer

12.	Fund balance—assigned	Answer
13.	Expenditures	Answer
14.	Accounts payable	Answer
15.	Purchases	Answer

d. Items 16–20 involve recording expenditures that had beenpreviously encumbered in the current year.

16.

Encumbrances

Answer

17.	Fund balance—assigned	Answer
18.	Expenditures	Answer
19.	Accounts payable	Answer
20.	Fund balance—unassigned	Answer

e. Items 21–25 involve recording the transfer made to theLibrary debt service fund. No previous entries were made regardingthis transaction.

21.

Fund balance—assigned

Answer

22.	Due from Library debt servicefund	Answer
23.	Cash	Answer
24.	Other financing uses	Answer
25.	Encumbrances	Answer

f. Items 26–40 involve recording the closing entries (other thanencumbrances) for 2020.

26.

Estimated revenues

Answer

27.	Due to special revenue fund	Answer
28.	Appropriations	Answer
29.	Estimated other financing uses	Answer
30.	Expenditures	Answer
31.	Revenues	Answer
32.	Other financing uses	Answer
33.	Bonds payable	Answer
34.	Bad debt expense	Answer
35.	Depreciation expense	Answer
36.	Fund balance—assigned	Answer
37.	Encumbrances	Answer
38.	Transfers out	Answer
39.	Due from enterprise fund	Answer
40.	Deferred inflows of resources	Answer