Transactions for City of Eden January 1, 2006 Through December 31, 2006

TRANSACTIONS FOR CITY OF EDEN JANUARY 1, 2006 THROUGH DECEMBER 31, 2006.

1. Beginning balances in the General Fund’s Trial Balance at 01/01/06:

1. The Budget for Y2006 is: ESTIMATED REVENUES $400,000 AND APPROPRIATIONS $350,000.

1. Eden did not have any other funds at the start of the year 2006.

1. On March 1, 2006 Eden’s General fund issued a tax levy of $380,000 with a 10% allowance for uncollectible. These funds are for the general operating of the city.

1. On June 1, 2006 Eden’s General Fund collected $345,000 on the current tax receivable levy, and $20,000 on the delinquent tax receivables. The remaining delinquent property tax receivables at the beginning of the current year were now written off as uncollectible. The net realizable amounts at 12/31/2005 and 12/31/2006 were expected to be collected within 60 days after year end.

1. On July 15, 2006 Eden’s General Fund transferred $60,000 to the Water Utility Enterprise Fund (EF) in order to establish that fund. (this is for the City of Eden)

1. On September 30, 2006 the Utility EF billed Eden’s General Fund $50,000 for utilities used. Payment has not been made as of the end of the year.

1. On July 1, 2006 Eden’s General fund ordered a new computer for $10,000 and a new desk for $2,000. On August 1, 2006 the new computer came in at an actual cost of $8,000 and this amount was paid at this time. The city expects to keep the computer for a useful life of 4 years.

1. The General Fund’s prior year’s order that was outstanding at year end came in on December 1, 2006 at an actual cost of $18,000 and was paid.

1. The General Fund paid the beginning accounts payable (on the trial balance at 01/01/05) on March 1, 2006.

1. As of December 31, 2006 year-end the inventory left in the General fund was $25,000.

12. The City of Eden’s General Fund paid $150,000 for wages for the year 2006. These wages were all incurred and used up during the 2006 year.

REQUIRED:

1. PLEASE PREPARE ALL REQUIRED JOURNAL ENTRIES FOR THE ABOVE ENTRIES; REMEMBER THE BEGINNING BALANCES.

1. PLEASE PREPARE ALL CLOSING ENTRIES NEEDED FOR THE CITY OF EDEN FOR THE YEAR ENDING DECEMBER 31, 2006.

1. PLEASE PREPARE A BALANCE SHEET AS OF DECEMBER 31, 2006 AND STATEMENT OF REVENUE/EXPENDITURES WITH CHANGE IN FUND BALANCE FOR THE YEAR ENDING DECEMBER 31, 2006.

YOUR ANSWER SHOULD BE WORDPROCESSED AND TURNED IN NO LATER THAN 6:15 pm Feb. 23, 2012.