Preparation of a general fund balance sheet
The unadjusted trial balance for the general fund of the City of Orchard Park at December 31, 2011, is as follows:
|
Debit |
Credit |
|
|
Accounts receivable |
$ 25,000 |
— |
|
Allowance for bad debts |
— |
$ 2,000 |
|
Allowance for uncollectible taxes |
— |
30,000 |
|
Appropriations |
— |
900,000 |
|
Cash |
40,000 |
— |
|
Due from agency fund |
10,000 |
— |
|
Due to utility fund |
— |
20,000 |
|
Encumbrances |
50,000 |
— |
|
Estimated revenues |
910,000 |
— |
|
Expenditures |
858,000 |
— |
|
Fund balance—unassigned |
— |
26,000 |
|
Reserve for encumbrances |
— |
50,000 |
|
Revenues |
— |
910,000 |
|
Taxes receivable—delinquent |
210,000 |
— |
|
Taxes received in advance |
— |
10,000 |
|
Vouchers payable |
— |
155,000 |
|
$2,103,000 |
$2,103,000 |
Supplies on hand at December 31, 2011, are $3,000. The $50,000 encumbrance relates to equipment ordered November 28 for the Department of Public Works but not received by year end. The equipment purchase was approved by the City Council.
REQUIRED: Prepare a balance sheet for the general fund of the City of Orchard Park at December 31, 2011.