Accounting assignments

Assignments submitted through email will not be accepted.The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.Instructions – PLEASE READ THEM CAREFULLY

• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed usingTimes New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.

Assignment Question(s):                                                    

1. A town needs to raise a net of $ 500,000 from property taxes in 2018, but experiences shows that about 2.5% of the tax levy is either refunded or deemed uncollectible. The town, therefore decides to levy property taxes of $ 512,500 to obtain net tax collection of $ 500,000. The actual cash collection during the year are $ 495,000. Pass journal entries to record these transactions.

(Marks 1.5)

2. Prepare journal entries to record the following events and transactions for the year 2018. (Marks 2)
3. The Township adopted a budget calling for appropriations of $420,000. The estimated revenues (all property taxes) were $400,000.
4. The Township sent property tax bills amounting to $280,000 to property owners.
5. Property owners paid $250,000 of property taxes to the Township.
6. A purchase order of $40,000 was sent to a vendor of supplies.
7. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $38,000 was approved.

3. The council of the Town approved the 2017 budget as follows:

(Marks 1.5)

Budgeted 2017 revenues from:

Property taxes                                                    $4,000,000

Sales taxes                                                          $3,000,000

Appropriations for 2017:

Salaries                                                               $3,000,000

Materials                                                            $ 2,000,000

Equipment                                                          $1,000,000

During 2017, the town presented a budget revision to increase the amount of appropriation for salaries by $300,000.  The council approved this budget revision.

Required:

1. Prepare the general journal entry necessary to initially record the budget.
2. Prepare the general journal entry necessary to record the budget revision.

Last Updated on September 27, 2019