Question

The City of Smithville just implemented a dual-track computerized accounting system, which provides files for general journal entries and posting to appropriate general ledger/subsidiary ledger accounts. Budgetary, operating statement, and balance sheet accounts are provided for the General Fundand the other governmental fund types. Operating statement accounts and balance sheet accounts are also provided for governmental activities at the government-wide level. As the city’s new accountant, it is your job to enter the city’s initial journal entry accounting information as of December 31, 2016, in preparation for placing the new accounting system in full operation effective January 1, 2017.   

CITY OF SMITHVILLE

General Fund Post-closing Trial Balance

As of December 31, 2016

General Ledger

      Account Title                                                                 Debits             Credits

Cash                                                                                $ 194,660

Taxes Receivable—Delinquent                                         258,906

Allowance for UncollectibleDelinquent Taxes                                         $   57,800

Interest and Penalties Receivable on Taxes                        40,110

Allowance for Uncollectible Interest and Penalties                                     11,726

Due from State Government                                             165,000

Vouchers Payable                                                                                       136,027

Fund Balance—Restricted—Public Safety                                                    15,000

Fund Balance—Committed—Public Works                                                  29,700

Fund Balance—Assigned—Culture and Recreation                                     56,800

Fund Balance—Unassigned                                                                        351,623

    Totals                                                                       $    658,676        $   658,676

CITY OF SMITHVILLE

Governmental Activities Government-wide Level

Post-closing Trial Balance

As of December 31, 2016

General Ledger

      Account Title                                                                 Debits             Credits

Cash                                                                             $    194,660

Taxes Receivable—Delinquent                                         258,906

Allowance for Uncollectible Delinquent Taxes                                      $     57,800

Interest and Penalties Receivable on Taxes                        40,110

Allowance for Uncollectible Interest and Penalties                                     11,726

Due from State Government                                             165,000

Land                                                                                4,180,000

Infrastructure                                                                 9,862,000

Accumulated Depreciation—Infrastructure                                            2,713,944

Buildings                                                                         6,296,000

Accumulated Depreciation—Buildings                                                    1,731,000

Equipment                                                                      3,556,800

Accumulated Depreciation—Equipment                                                 1,765,480

Vouchers Payable                                                                                       136,027

Net Position—Net Investment in Capital Assets                                   17,684,376

Net Position—Restricted for Public Safety                                                   15,000

Net Position—Unrestricted                                                                          438,123

   Totals                                                                        $24,553,476     $24,553,476

Answer 1

General Fund - 31.12.2016
Particulars	Debit($)	Credit($)
Cash	194660
Taxes Receivable—Delinquent	258906
Interest and Penalties Receivable on Taxes	40110
Due from State Government	165000
Allowance for UncollectibleDelinquent Taxes		57800
Allowance for Uncollectible Interest and Penalties		11726
Vouchers Payable		136027
Fund Balance—Restricted—Public Safety		15000
Fund Balance—Committed—Public Works		29700
Fund Balance—Assigned—Culture and Recreation		56800
Fund Balance—Unassigned		351623
Governmental Activities Government-wide Level
Particulars	Debit($)	Credit($)
Cash	194660
Taxes Receivable—Delinquent	258906
Interest and Penalties Receivable on Taxes	40110
Due from State Government	165000
Land	4180000
Infrastructure	9862000
Building	6296000
Equipment	3556800
Accumulated Depreciation - Infrastructure		2713944
Accumulated Depreciation - Building		1731000
Accumulated Depreciation - Equipment		1765480
Vouchers Payable		136027
Net Position—Net Investment in Capital Assets		17684376
Net Position—Restricted for Public Safety		15000
Net Position—Unrestricted		438123