The general fund trial balance of the city of Oakpark at December 31, 2018, was as follows: The following data pertain to 2019 general fund operations: a. Budget adopted: Revenues and other financing sources: Taxes .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . $220,000 Fines, forfeits, and penalties . . . .. . . . . . .. . . . . . .. . . . . . . 80,000 Miscellaneous revenues.. . . . . . .. . . . . . .. . . . . . .. . . . . . . 100,000 Share of bond issue proceeds . . .. . . . . . .. . . . . . .. . . . . . . 200,000 $600,000 Expenditures and other financing uses: Program operations. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . $300,000 General administration . . . .. . . . . . .. . . . . . .. . . . . . .. . . . 120,000 Supplies.. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . 60,000 Capital outlay . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . 80,000 Transfer to debt service fund . . . . . . .. . . . . . .. . . . . . .. . . . 20,000 $580,000 Encumbrances from 2018 are included in the budget. b. Taxes were assessed at an amount that would result in revenues of $220,800, after a deduction of 4% of the tax levy as uncollectible. c. Orders placed for: Program operations. . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . $176,000 General administration .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 80,000 Capital outlay . . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 60,000 $316,000 d. The city council designated $20,000 of the unassigned fund balance for possible appropriation for capital outlay. e. Cash collections and transfer: Delinquent taxes (balance is uncollectible) . . . . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . $ 38,000 Current taxes . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 226,000 Refund of overpayment on equipment invoice in 2018. . .. . . . . .. . . . . . .. . . . . . .. . 4,000 Fines, forfeits, and penalties . . . . . .. . . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . 88,000 Miscellaneous revenues. . .. . . . . . .. . . . . . . .. . . . . . .. . . .. . . . . .. . . . . . .. . . . . . .. . 90,000 Share of bond issue proceeds . . . . .. . . . . . . .. . . . . . .. . . .. . . . . .. . . . . . .. . . . . . .. . 200,000 Operating transfer from capital projects fund .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . 18,000 $664,000 f. Vouchers approved for payment (all previously encumbered): g. Additional vouchers approved (not previously encumbered): Program operations. . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . $148,000 Supplies.. . . . . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 40,000 General administration . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 38,000 Capital outlay . . .. . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 18,000 Transfer to debt service fund . . . . . .. . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . 20,000 $264,000 h. A taxpayer overpaid 2019 taxes by $2,000. (The taxes were credited to miscellaneous revenue upon receipt.) The taxpayer applied for a $2,000 credit against 2020 taxes. The city council granted the request. The council instructed the city controller to adjust the estimated uncollectible current taxes to cover the remaining uncollected balance. i. Vouchers paid amounted to $580,000. j. Inventory on December 31, 2019, amounted to $12,000. Using control accounts, prepare journal entries to record the foregoing data. Omit explanations. View Solution:
The general fund trial balance of the city of Oakpark