Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-32 FUND-BASED FINANCIAL STATEMENTS General Journal a.

General Fund Estimated Revenue Control Estimated Other Financing Sources Control (Budgetary) Fund Balance Appropriations Control b. Capital Projects Fund Cash Other Financing Sources-Bond Proceeds c. General Fund Encumbrances Fund Balance-Reserved for Encumbrances Debits Credits

Debits Credits

Debits Credits

d. General Fund Fund Balance-Reserved for Encumbrances Encumbrances Expenditures Control Vouchers Payable e. General Fund Vouchers Payable Cash f. General Fund Other Financing Uses-Transfer Out-Capital Projects Due to Capital Projects Fund (Special Assessment) Capital Projects Fund Due from General Fund Other Financing Sources-Transfer In-General Fund g. General Fund Other Financing Uses-Transfers Out-Motor Pool Cash Internal Service Fund Cash Contributed Capital h. General Fund Property Taxes Receivable Revenues-Property Taxes Allowance for Uncollectible Taxes I. Special Revenue Fund Cash Deferred Revenue

Debits Credits

Debits Credits

Debits Credits

Debits Credits

Debits Credits

Debits Credits

j. Expenditures-Salaries Cash Deferred Revenue Revenues-Grant

Debits Credits

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-32

GOVERNMENT-WIDE FINANCIAL STATEMENTS General Journal a. No entry Debits Credits

b. Governmental Activities Cash Bonds Payable c. No entry

Debits Credits

Debits Credits

d. Governmental Activities Equipment Vouchers Payable e. Governmental Activities Vouchers Payable Cash f. No entry

Debits Credits

Debits Credits

Debits Credits

g. No entry

Debits Credits

h. Governmental Activities Property Taxes Receivable Revenues-Property Taxes Allowance for Uncollectible Taxes I. Governmental Activities Cash Deferred Revenue Governmental Activities Expense-Public Safety Cash Deferred Revenues Revenues

Debits Credits

Debits Credits

j.

Debits Credits

Given P16-32: Fund based financial statements: a. Budget is passed for police, ambulance and other activities Funding is from property taxes, transfers and bond proceeds All monetary outflows are for expenses and fixed assets Deficit is projected Bond issued at face value to fund building construction Computer is ordered for tax department Computer is received Invoice for computer is paid Agreement reached to transfer money from General Fund as partial payment for special assessments project This money is not yet transferred City will be secondarily liable for money borrowed for this work Motor pool created to service government vehicles Money is transferred from General fund to permanently finance this facility Property taxes are levied Most will be collected during current period A small percentage is estimated to be uncollectible Grant money is collected from state to supplement police salaries No entry has previously been recorded A portion of the grant money in (i.) is properly spent

b. c. d. e. f.

g.

h.

i. j.

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-33 CITY OF PUDDING Fund-Based Financial Statements General Journal a. General Fund Encumbrance Control Fund Balance-Reserved for Encumbrances b. General Fund Expenditures Due to Internal Service Fund c. Capital Projects Fund Cash Other Financing Sources-Bonds Proceeds Debits 94,000 Credits 94,000 Debits 1,200 Credits 1,200 Debits 11,000,000 Credits 11,000,000 Debits 140,000 Credits 140,000 Debits 94,000 Credits 94,000 96,000 96,000 Debits 32,000 Credits 32,000
- Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct!

d. General Fund Other Financing Uses-Transfer Out Cash e. General Fund Fund Balance-Reserved for Encumbrances Encumbrance Control Expenditures Vouchers Payable f. General Fund Other Financing Uses-Transfer Out Cash Capital Projects Fund Cash Other Financing Sources-Transfers In g. Special Revenue Fund Cash Deferred Revenues h. Special Revenue Fund Deferred Revenues Revenues Expenditures Cash

32,000 32,000 Debits 30,000 Credits 30,000 Debits 5,000 Credits 5,000 5,000 5,000
- Correct! - Correct! - Correct! - Correct!

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-33 CITY OF PUDDING Government-Wide Financial Statements General Journal a. No entry Debits Credits b. No Entry Debits Credits c. Governmental Activities Cash Bonds Payable Debits 11,000,000 Credits 11,000,000 Debits 140,000 Credits 140,000 Debits 140,000 Credits 140,000 Debits 96,000 Credits 96,000 Debits Credits g. Governmental Activities Cash Deferred Revenues h. Governmental Activities Expense-Public Service Cash Deferred Revenues Revenues Debits 30,000 Credits 30,000 Debits 5,000 Credits 5,000 5,000 5,000
- Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct!

d. Governmental Activities Transfers Out-Swimming Pool Cash Business Type Activities Cash Transfers In-General Fund e. Governmental Activities Equipment-Trucks Vouchers or Accounts Payable f. No entry

Given P16-33: CITY OF PUDDING a. b. c. d. e. f. g. h. Ordered new truck for sanitation department-cost Printing work charged by city print shop for school system Bond issued to build new road Cash transferred from General Fund to Enterprise Fund for pool Truck ordered in (a.) received at actual cost (not yet paid) Cash transferred from General Fund to Capital Projects fund State grant received to be spent to promote recycling Cash received from State (g.) is expended appropriately $ 94,000 $ 1,200 $ 11,000,000 $ 140,000 $ 96,000 $ 32,000 $ 30,000 $ 5,000

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-34 Fund-Based Financial Statements General Journal a. Capital Projects Fund Cash Other Financing Sources-Bonds Proceeds b. Capital Projects Fund Encumbrances Fund Balance-Reserved for Encumbrances c. General Fund Other Financing Uses-Transfer Out Cash Debt Service Fund Cash Other Financing Sources-Transfers In d. General Fund Fund Balance-Reserved for Encumbrances Encumbrances Expenditures Control-Machinery and Equipment Vouchers or Accounts Payable e. General Fund Inventory of Supplies Cash f. Special Revenue Fund Cash Deferred Revenues Debits 900,000 Credits 900,000 Debits 1,100,000 Credits 1,100,000 Debits 130,000 Credits 130,000 Debits 130,000 Credits 130,000 Debits 11,800 Credits 11,800 12,000 12,000 Debits 2,000 Credits 2,000 Debits 90,000 Credits 90,000 Debits 600,000 Credits 576,000 24,000
- Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct!

g. General Fund Taxes Receivable Revenues Control Allowance for Uncollectible Current Taxes

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-34 Government-Wide Financial Statements General Journal a. Governmental Activities Cash Bonds Payable b. No Entry Debits 900,000 Credits 900,000 Debits Credits c. No Entry Debits Credits d. Governmental Activities Machinery and Equipment Vouchers or Accounts Payable e. Governmental Activities Inventory of Supplies Cash f. Governmental Activities Cash Deferred Revenues Debits 12,000 Credits 12,000 Debits 2,000 Credits 2,000 Debits 90,000 Credits 90,000 Debits 600,000 Credits 576,000 24,000
- Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct!

g. Governmental Activities Taxes Receivable Revenues Allowance for Uncollectible Current Taxes

Given P16-34: Local government transactions: a. b. c. d. Bond sold at face value to finance warehouse construction Contract signed for warehouse construction Transfer of unrestricted funds made to pay debt in (a.) Equipment for fire department received (cost) Equipment for fire department when ordered (anticipated cost) e. Supplies for school purchased for cash f. State grant awarded to supplement police salaries g. Property tax assessment mailed Portion anticipated as uncollectible $ 900,000 $ 1,100,000 $ 130,000 $ 12,000 $ 11,800 $ 2,000 $ 90,000 $ 600,000 4%

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-37 CHESTERFIELD COUNTY Fund-Based Financial Statements General Journal a. General Fund Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Operating Transfers Budgetary Fund Balance b. Capital Projects Fund Encumbrances Control Fund Balance-Reserved for Encumbrances c. Capital Projects Fund Cash Other Financing Sources Control Debits 834,000 Credits 540,000 242,000 52,000 Debits 8,000,000 Credits 8,000,000 Debits 8,000,000 Credits 8,000,000 Debits 8,000,000 Credits 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 Debits 1,000,000 Credits 1,000,000 Debits 1,000,000 Credits 1,000,000 Debits 900,000 100,000 Credits
- Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct! - Correct!

d. Capital Projects Fund Fund Balance-Reserved for Encumbrances Encumbrances Control Expenditures Control Contracts Payable Contracts Payable Cash e. General Fund Other Financing Uses Control Cash Debt Service Fund Cash Other Financing Resources f. Debt Service Fund Expenditures Control-Bonds Expenditures Control-Interest Cash

1,000,000 Debits 800,000 Credits 768,000 32,000 Debits 120,000 Credits 120,000 Debits 300,000 Credits 300,000

- Correct!

g. General Fund Property Taxes Receivable Revenues Control Allowance for Uncollectible Current Taxes h. Special Revenue Fund Cash Revenues Control i. Permanent Fund Investments Contribution Revenue

- Correct! - Correct!

- Correct!

- Correct!

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-37 CHESTERFIELD COUNTY Government-Wide Financial Statements General Journal a. No Entry Debits Credits b. No Entry Debits Credits c. Governmental Activities Cash Bonds Payable Debits 8,000,000 Credits 8,000,000 Debits 8,000,000 Credits 8,000,000 Debits Credits f. Governmental Activities Bonds Payable Interest Expense Cash Debits 900,000 100,000 Credits
- Correct! - Correct! - Correct! - Correct! - Correct!

d. Governmental Activities Buildings Cash e. No Entry

1,000,000 Debits 800,000 Credits 768,000 32,000 Debits 120,000 Credits 120,000 Debits 300,000 Credits 300,000

- Correct!

g. Governmental Activities Property Taxes Receivable Revenues Control Allowance for Uncollectible Taxes h. Governmental Activities Cash Revenues-Reserved for Highway Maintenance i. Governmental Activities Investments Revenues-Donations

- Correct! - Correct!

- Correct!

- Correct!

Given P16-37: CHESTERFIELD COUNTY a. Anticipated revenue Approved spending Operating transfers out b. Contract signed for central office construction c. Bonds sold at face value for construction of central office d. Invoice received and paid when building completed e. Previously unrestricted funds set aside to pay bonds from (c.) f. Portion of bonds comes due and is paid Portion of payment representing interest g. Property tax assessment assessed Portion assumed collectible in this period Portion assumed collectible in subsequent periods Remainder expected to be uncollectible h. Cash received from toll road i. Investments are received by county as donation $ $ $ $ $ $ $ $ $ $ 834,000 540,000 242,000 8,000,000 8,000,000 8,000,000 1,000,000 1,000,000 100,000 800,000 90% 6% 120,000 300,000

$ $

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-38 CITY OF JENNINGS GENERAL FUND Statement of Revenues, Expenditures, and Other Changes in Fund Balance (Condensed) Year Ending December 31, 2010 Revenues Expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Bond proceeds Transfers in Transfers out Total Other Financing Sources and Uses Change in Fund Balance Fund Balance, Beginning Fund Balance, Ending $ $ $ 300,000 50,000 (470,000) $ $ (120,000) 110,000 170,000 280,000
Correct!

740,000 (510,000) 230,000

CITY OF JENNINGS GENERAL FUND Balance Sheet (Condensed) December 31, 2010 Assets Cash Investments Taxes receivable Due from Capital Projects Fund Total Assets Liabilities Accounts payable Vouchers payable Contracts payable Due to Debt Service Fund Deferred revenues Total Liabilities Fund balances Unassigned Total Fund Balance Total Liabilities and Fund Balances $ 280,000 280,000 $ 720,000
Correct!

30,000 410,000 220,000 60,000 720,000

90,000 180,000 90,000 40,000 40,000 440,000

Given P16-38: CITY OF JENNINGS Trial Balance December 31, 2010 Debit Accounts Payable Cash Contracts Payable Deferred Revenues Due from Capital Projects Funds Due to Debt Service Funds Expenditures Fund Balance-Unassigned Investments Revenues Other Financing Sources-Bonds Proceeds Other Financing Sources-Transfers In Other Financing Uses-Transfers Out Taxes Receivable Vouchers Payable Totals $ $ 30,000 90,000 40,000 60,000 40,000 510,000 170,000 410,000 740,000 300,000 50,000 470,000 220,000 $ 1,700,000 180,000 $ 1,700,000 Credit 90,000