The City of Asher had the following transactions among

others
The City of Asher had the following transactions, among others, in 20X7:1. The council
estimated that revenues of $210,000 would be generated for the General Fund in 20X7. The
sources and amounts of expected revenues are as follows:Property taxes . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . $150,000Parking meters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 5,000Business licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30,000Amusement licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Charges
for services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000Other revenues. . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 $210,0002. Property taxes of $152,000 were
levied by the council; $2,000 of these taxes are expected to be uncollectible.3. The council
adopted a budget revision increasing the estimate of amusement licenses revenues by $2,000
and decreasing the estimate for business licenses revenues by $2,000.4. The following
collections were made by the city:Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . $140,000Parking meters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,500Business licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28,000Amusement licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500Charges
for services (not previously accrued) . . . . . . . . . . . . . . . . . . 9,000Other revenues . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 $202,0005. The resources of a discontinued
Capital Projects Fund were transferred to the General Fund, $4,800.6. Enterprise Fund cash of
$5,000 was paid to the General Fund to subsidize its operations.Requireda. Prepare general
journal entries and budgetary entries to record the transactions in the General Ledger and
Revenues Subsidiary Ledger accounts.b. Prepare a trial balance of the Revenues Ledger after
posting the general journal entries prepared in item (a). Show agreement with the control
accounts.c. Prepare the general journal entry(ies) to close the revenue accounts in the General
Ledger and Revenues Ledger.View Solution: The City of Asher had the following transactions
among others
SOLUTION-- http://solutiondone.online/downloads/the-city-of-asher-had-the-following-
transactions-among-others/

Unlock answers here solutiondone.online