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1. When equipment is purchased with General Fund resources, which of the following accounts should be debited in the General Fund?

2. When equipment is purchased with General Fund resources, which of the following accounts should be debited in the governmental activities journal?

3. Goods for which a purchase order had been placed at an estimated cost of $1,600 were received at an actual cost of $1,550. The journal entry in the General Fund to record the receipt of the goods will include a:

4. Which of the following properly represents the format of the government-wide statement of net position?

5. Garden City has calculated that General Fund property tax revenues of $4,608,000 are required for the current fiscal year. Over the past several years, the city has collected 96 percent of all property taxes levied. The city levied property taxes in the amount that will generate the required $4,608,000. Which of the following general journal entries would correctly record the property tax levy?

6. At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts.

The City of Columbus uses the purchases method of accounting for its inventory of supplies in the General Fund. The city uses a periodic inventory system in which the amount of inventory used during the year and the amount on hand at the end of the year are determined by a physical inventory. During the year, $270,000 of supplies were purchased and recorded as expenditures. These purchases are included in the final expenditures balance of $7,192,000 shown above. The physical inventory revealed a supplies balance of $192,000 at the end of the fiscal year, an increase of $13,000 from the prior year. 

Required

1. Provide the required adjusting journal entry in the General Fund at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
2. Provide the required journal entries in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

7. The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year:

1. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2020.
2. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts.
3. Prepare a General Fund balance sheet as of June 30, 2020.
4. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements.

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FPOspreadsheet

FPOgeneral journal