116.What is the difference between reciprocal interfund activity and nonreciprocal interfund activity?
117.What is the difference between an extraordinary and special item?
118.What is the different accounting treatment with respect to supplies inventory using the Consumption versus the Purchases method?
119.The Village of Naples has $19,000 of purchase orders outstanding at the end of 2013 which will be honored. The goods and supplies were received during the second week of January, 2014. The invoice amounted to $18,800
What are the journal entries necessary to re-establish the encumbrance and record receipt of the supplies?
120.Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2014. Use modified accrual accounting.
(a) The legal budget for the year provided for $5,000,000 of estimated revenues and $4,960,000 appropriations.
(b) Assume there are $ 210,000 of purchase orders outstanding at the end of last year and that these will be honored in the current year. Prepare the entries to re-establish the encumbrance.
(c) Property taxes were levied in the amount of $3,300,000. It is estimated that 2 percent of the taxes will never be collected.
(d) Purchase orders were issued for equipment and supplies in the amount of $4,000,000.
(e) Supplies, relating to all of the prior year purchase orders ($210,000), were received along with invoices amounting to $207,000.
(f) Collections of current property taxes amounted to $2,950,000. The uncollected taxes recorded as delinquent.
(g) It was estimated that $210,000 in property taxes would be collected in the first 60 days of 2015 and that $160,000 would be collected in later periods.