Goodwill County had the following transactions for their General Fund in the first month of their fiscal 2012 year,which ends June 30,2012.
1.The budget was approved,with $1,200,000 expected from property taxes,and another $5,000,000 expected from sales taxes.The budget showed these funds were expected to be spent on Salaries and Wages,$3,100,000;Utilities,$1,800,000;Rent,$900,000;and Supplies,$200,000.
2.Supplies were ordered in the amount of $33,000.
3.The electric bill was paid upon receipt in the amount of $75,000.
4.Property taxes were billed in the amount of $1,200,000,due on December 31.Bad debts are estimated at 1% of receivables.
5.Supplies were received,but the invoice amount was $35,000 and will be paid in 35 days.Supplies are used quickly and are not inventoried.
6.Property tax payments were received amounting to $100,000.
7.Payment was received from merchants for sales tax collections amounting to $400,000.
Required:
Prepare the journal entries for the General Fund that would be required for these transactions.
Correct Answer:
Verified
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