Your Perfect Assignment is Just a Click Away

We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!


Homework for Government and not for profit Accounting

Homework for Government and not for profit Accounting

Homework for Government and not for profit Accounting

Question Description

Explain why the journal entries that you prepared for Parts A, B, and C are appropriate. Cite your sources for why you prepared the journal entries the way that you did for each of the parts below.

Part A

On July 1, 2017, the beginning of its fiscal year, Johnson County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2018) the county had collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes.


Prepare journal entries to record the tax levy on July 1, 2017 in the General Fund.

Part B

The City of Duncanville collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, 2017, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the 2017 fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of FY 2017 from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $1,100,000.


Calculate the estimated amount of tax anticipation financing that will be required for the remainder of FY 2017.

Part C

At the end of fiscal year 2017, the City of Georgetown’s General Fund pre-adjusting trial balance showed the following balances for operating and budgetary accounts and fund balance accounts.






Estimated Other Financing Uses


Estimated Revenues







Other Financing Uses




Budgetary Fund Balance


Fund Balance-Nonspendable-Inventory of Supplies


Fund Balance-Unassigned



Prepare the closing entries for the year.

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: Top Grade Essays only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Top Grade Essays are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Top Grade Essays is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Top Grade Essays, we have put in place a team of experts who answer to all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.