Set up property tax receivables.

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December 22, 2020
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December 22, 2020

The following transactions relate to the General Fund of the Village of Buffalo Falls for the year ended December 31, 2017: The budget was passed. Estimated revenues amounted to $1,200,000 and appropr

1. During the year taxes were collected in property $60,000 from Edward, $120,000 from Arthur, $60,000 from Teddy, $50,000 from Harrison.

2. Due to a change in economic conditions the village budget committee expect an increase in sales taxes in amount of $50,000.

3. A contract was signed with a CPA to provide the annual audit in the amount of $15,200.

4. Contracted services were performed to the village with invoices amounting to $100,000.

5. The village contracted to have alarm systems (Equipments) installed in the administration building at a cost of $46,000. The systems were installed and the amount was paid.

6. the village purchased different equipments during the year in amount of $320,000.

7. The village paid out salaries in amount of $430,000 to the employees

8. The Village accounting department received from the board members and managers invoices for travel and transportations in amount of $105,000.

9. The village purchased supplies in amount of $60,000 paid out to the suppliers two thirds of the amount in cash.

10. The village collected taxes in amount of $395,000 during the year.

11. The village received cash in amount of $270,000 from fines and penalties.

12. The Village collected $200,000 from rental of its warehouses

Requirements: record the journal entries related to the budget at the beginning of the year, set up property tax receivables, closing entries , in addition, journalize the transactions above.