Question

Assignment Option #2: Government Transactions

Complete all work on the Option 2 Spreadsheet (linked at the bottom of the page) to this assignment; it will be your only deliverable.

Using the data in the attached spreadsheet, perform the accounting required for each of the following government fund transactions:

Perform the required journal entries

Requirements:

Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.

#	Transaction	Account	DR	CR
1	Government levied $2,000,000 of General Fund Property tax for the fiscal year with an estimated uncollectible amount of $400,000.
2	The General Fund paid $350,000 on the vouchers payable that were outstanding at the end of FY 2013.
3	The General Fund paid the $13,000 reported as Due to Other Funds at the end of FY 2013. This amount was reported as Internal Payables to Business -type Activities at the government-wide level.
	Assume that it is Tax Year 2014. Complete the yellow area for the General Fund only.
	Chart of Accounts for General Fund
	Cash
	Taxes Receivable—Current
	Estimated Uncollectible Current Taxes
	Taxes Receivable—Delinquent
	Estimated Uncollectible Delinquent Taxes
	Interest and Penalties Receivable on Taxes
	Estimated Uncollectible Interest and Penalties
	Due from Other Funds
	Due from State Government
	Inventory of Supplies
	Vouchers Payable
	Tax Anticipation Notes Payable
	Due to Other Funds
	Due to Federal Government
	Due to State Government
	Fund Balance—Nonspendable—Inventory of Supplies
	Fund Balance—Restricted—General Government
	Fund Balance—Restricted—Public Safety
	Fund Balance—Restricted—Public Works
	Fund Balance—Restricted—Health and Welfare
	Fund Balance—Restricted—Culture and Recreation
	Fund Balance—Committed—General Government
	Fund Balance—Committed—Public Safety
	Fund Balance—Committed—Public Works
	Fund Balance—Committed—Health and Welfare
	Fund Balance—Committed—Culture and Recreation
	Fund Balance—Assigned—General Government
	Fund Balance—Assigned—Public Safety
	Fund Balance—Assigned—Public Works
	Fund Balance—Assigned—Health and Welfare
	Fund Balance—Assigned—Culture and Recreation
	Fund Balance—Unassigned
	Budgetary Fund Balance
	Encumbrances Outstanding
	Estimated Revenues
	Revenues
	Appropriations
	Estimated Other Financing Uses—Interfund Transfers Out
	Expenditures
	Other Financing Uses—Interfund Transfers Out

Answer 1