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Ledgers for trial balance and statement of revenues

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Prepare ledgers for all journal entries, include trial balance and statement of revenue

a estimated Revenue- property taxes 275000
estimated Revenues - licence Fees 35,000
Appropriations - salaries 205,000
Appropriations - Supplies 40,000
appropriations - interest 1,500
Budgetary Fund Balance 63500

b Property Tax receivable 275000
allowance for uncollectable Property tax 11000
Property tax Revenue 264000

c Cash 100000
Tax anticipation Notes payable 100000

d Expenditure - Salaries 75000
Cash 75000

e Encumbrance - supplies 25000
BFBRFE 25000

f Cash 240000
Property tax receivable 240000

g Tax Anticipation Notes Payable 100000
Expenditure - Interest 1000
cash 101000

h Cash 15000
Revenue - licence fees 15000

i BFBRFE 11000
Encumbrance - supplies 11000
Expenditure - supplies 11400
Vouchers Payable 11400

j Vouchers payable 11400
Cash 11400

k Allowance for Uncollectable Property tax 8300
Property tax receivable 8300

l Expenditures - salaries 120000
Cash 120000

m Supplies 5600
Fund balance reserved for supplies 5600

n license fees receivable 20000
Revenue license fees 14000
Deferred Revenue 6000

0 Property Tax Receivable - delinquent 26700
property tax receivable 26700
Allowance for Uncollectable Property Tax 2700
Allowance for uncoll, Propert Tax - delinquent 2700

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Solution Summary

The solution prepares ledgers for all journal entries, include trial balance and statement of revenue.

Similar Posting

Prepare entries, general ledger, trial balance, adjustments

During its first month of operation, the Parkview Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions:

July 1 Began business by making a deposit in a company bank account of $24,000, in exchange
for 4,800 shares of $5 par value common stock.

July 1 Paid the premium on a one-year insurance policy, $2,400.

July 1 Paid the current month's rent, $2,080.

July 3 Purchased landscaping equipment from Brookwood Company, $8,800. Paid $1,200 down and the balance was
placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1.
Note: Use Accounts Payable for the Balance Due.

July 8 Purchased landscaping supplies from Lakeside Company on credit, $780.

July 12 Paid utility bill for July, $308.

July 16 Received cash for landscaping revenue for the first half of July, $2,724.

July 19 Made payment on account to Lakeside Company, $400.

July 31 Received cash for landscaping revenue for the last half of July, $2,620.

July 31 Declared and paid cash dividend of $1,600.

Prepare journal entries to record the July transactions in the General Journal below. Use the following account names for journal entries.

General Journal Chart of Accounts: Account Title (Normal Balance)
Date Description(Account Name) Debit Credit
Cash (Debit)
Prepaid Insurance (Debit)
Landscaping Supplies (Debit)
Landscaping Equipment (Debit)
Accum Depr -Equipment (Credit)

Accounts Payable (Credit)
Income Tax Payable (Credit)

Stockholders Equity
Common Stock (Credit)
Retained Earnings (Credit)
Dividends (Debit)

Landscaping Revenue (Credit)

Rent Expense (Debit)
Utility Expense (Debit)
Insurance Expense (Debit)
Supplies Expense (Debit)
Depreciation Expense (Debit)
Income Tax Expense (Debit)

0 0

Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.

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