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Prepare entries to record the following transactions, showing which funds are affected. If a transaction...

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Accounting

Prepare entries to record the following transactions, showing which funds are affected. If a transaction affects more than one fund, prepare entries for all affected funds.

a. The county adopts the following budget for its General Fund on January 1, 2019.

Estimated revenues:

Property taxes $520,000

Sales taxes 80,000

Appropriations:

Salaries 480,000

Supplies and other 60,000

Transfer to Debt Service Fund 50,000

b. The county sends property tax invoices to all property owners. To raise the needed $520,000, the county sends tax bills for $525,000, anticipating that some will not pay.

c. Property owners pay taxes amounting to $500,000. The county writes off $5,000

in taxes as uncollectible. The remaining taxpayers declared delinquent, and the county adds interest and penalties of $1,000 to their tax bills. The county believes that all delinquent taxpayers will pay their bills between April 1 and June 30, 2020.

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