The City of Smithville just implemented a dual-track computerized accounting sys
ID: 2533094 • Letter: T
Question
The City of Smithville just implemented a dual-track computerized accounting system, which provides files for general journal entries and posting to appropriate general ledger/subsidiary ledger accounts. Budgetary, operating statement, and balance sheet accounts are provided for the General Fundand the other governmental fund types. Operating statement accounts and balance sheet accounts are also provided for governmental activities at the government-wide level. As the city’s new accountant, it is your job to enter the city’s initial journal entry accounting information as of December 31, 2016, in preparation for placing the new accounting system in full operation effective January 1, 2017.
CITY OF SMITHVILLE
General Fund Post-closing Trial Balance
As of December 31, 2016
General Ledger
Account Title Debits Credits
Cash $ 194,660
Taxes Receivable—Delinquent 258,906
Allowance for UncollectibleDelinquent Taxes $ 57,800
Interest and Penalties Receivable on Taxes 40,110
Allowance for Uncollectible Interest and Penalties 11,726
Due from State Government 165,000
Vouchers Payable 136,027
Fund Balance—Restricted—Public Safety 15,000
Fund Balance—Committed—Public Works 29,700
Fund Balance—Assigned—Culture and Recreation 56,800
Fund Balance—Unassigned 351,623
Totals $ 658,676 $ 658,676
CITY OF SMITHVILLE
Governmental Activities Government-wide Level
Post-closing Trial Balance
As of December 31, 2016
General Ledger
Account Title Debits Credits
Cash $ 194,660
Taxes Receivable—Delinquent 258,906
Allowance for Uncollectible Delinquent Taxes $ 57,800
Interest and Penalties Receivable on Taxes 40,110
Allowance for Uncollectible Interest and Penalties 11,726
Due from State Government 165,000
Land 4,180,000
Infrastructure 9,862,000
Accumulated Depreciation—Infrastructure 2,713,944
Buildings 6,296,000
Accumulated Depreciation—Buildings 1,731,000
Equipment 3,556,800
Accumulated Depreciation—Equipment 1,765,480
Vouchers Payable 136,027
Net Position—Net Investment in Capital Assets 17,684,376
Net Position—Restricted for Public Safety 15,000
Net Position—Unrestricted 438,123
Totals $24,553,476 $24,553,476
Explanation / Answer
General Fund - 31.12.2016 Particulars Debit($) Credit($) Cash 194660 Taxes Receivable—Delinquent 258906 Interest and Penalties Receivable on Taxes 40110 Due from State Government 165000 Allowance for UncollectibleDelinquent Taxes 57800 Allowance for Uncollectible Interest and Penalties 11726 Vouchers Payable 136027 Fund Balance—Restricted—Public Safety 15000 Fund Balance—Committed—Public Works 29700 Fund Balance—Assigned—Culture and Recreation 56800 Fund Balance—Unassigned 351623 Governmental Activities Government-wide Level Particulars Debit($) Credit($) Cash 194660 Taxes Receivable—Delinquent 258906 Interest and Penalties Receivable on Taxes 40110 Due from State Government 165000 Land 4180000 Infrastructure 9862000 Building 6296000 Equipment 3556800 Accumulated Depreciation - Infrastructure 2713944 Accumulated Depreciation - Building 1731000 Accumulated Depreciation - Equipment 1765480 Vouchers Payable 136027 Net Position—Net Investment in Capital Assets 17684376 Net Position—Restricted for Public Safety 15000 Net Position—Unrestricted 438123