JOURNAL ENTRIES FY 2011

Debits Credits
General Fund:
(1) ESTIMATED REVENUES 3,140,000
APPROPRIATIONS 3,100,000
FUND BALANCE 40,000
General Fund:
(2) CASH 294,000
EXPENDITURES2011 6,000
TAX ANTICIPATION NOTES PAYABLE 300,000
(COMPUTATION OF DISCOUNT: $300,000 X .06 X 1/3 YEAR = $6,000.)

Governmental Activities:
CASH 294,000
EXPENSES—INTEREST ON
TAX ANTICIPATION NOTES 6,000
TAX ANTICIPATION NOTES PAYABLE 300,000

General Fund:
(3) TAXES RECEIVABLECURRENT 2,150,000
ESTIMATED UNCOLLECTIBLE CURRENT TAXES 86,000
REVENUES 2,064,000
( $43,000,000 ASSESSED VALUATION X $5.00 TAX RATE PER $100 = $2,150,000 GROSS LEVY;
$2,150,000 GROSS LEVY X .04 = $86,000 ESTIMATED UNCOLLECTIBLE.)
Governmental Activities:
TAXES RECEIVABLECURRENT 2,150,000
ESTIMATED UNCOLLECTIBLE CURRENT TAXES 86,000
GENERAL REVENUES—PROPERTY TAXES 2,064,000
 General Fund:
(4) ENCUMBRANCES2011 2,059,000
RESERVE FOR ENCUMBRANCES2011 2,059,000
General Fund:
(5) TAXES RECEIVABLECURRENT 25,000
REVENUES 25,000
( $500,000 ASSESSED VALUATION X $5.00 TAX RATE PER $100 = $25, 000 GROSS LEVY.)
Governmental Activities:
TAXES RECEIVABLECURRENT 25,000
GENERAL REVENUES—PROPERTY TAXES 25,000

General Fund and Governmental Activities:

(6) CASH 2,364,840
TAXES RECEIVABLECURRENT 1,961,000
TAXES RECEIVABLEDELINQUENT 383,270
INTEREST AND PENALTIES RECEIVABLE 20,570
General Fund:
(7) INTEREST AND PENALTIES RECEIVABLE 38,430
ESTIMATED UNCOLLECTIBLE on int &pen 11,529
REVENUES 26,901
Governmental Activities:
INTEREST AND PENALTIES RECEIVABLE 38,430
ESTIMATED UNCOLLECTIBLE on int &pen 11,529
REVENUES 26,901

General Fund:
(8) FUND BALANCE 80,000
ESTIMATED REVENUES 80,000
General Fund:
(9) EXPENDITURES2011 819,490
DUE TO FEDERAL GOVERNMENT 166,400
DUE TO STATE GOVERNMENT 34,400
CASH 618,690
Governmental Activities:
EXPENSES (function details omitted) 819,490
DUE TO FEDERAL GOVERNMENT 166,400
DUE TO STATE GOVERNMENT 20,000
CASH 618,690
General Fund:
(10) EXPENDITURES2011 62,690
DUE TO FEDERAL GOVERNMENT 62,690
Governmental Activities:
EXPENSES(function details omitted) 62,690
DUE TO FEDERAL GOVERNMENT 62,690

General Fund:
(11) CASH 946,700
REVENUES 946,700
Governmental Activities:
CASH 946,700
REVENUES(itemize as program
or general and by source) 946,700
General Fund and Governmental Activities:
(12) DUE TO FEDERAL GOVERNMENT 229,090
DUE TO STATE GOVERNMENT 34,400
VOUCHERS PAYABLE 263,490
General Fund:
(13) RESERVE FOR ENCUMBRANCES2011 1,988,040
ENCUMBRANCES2011 1,988,040
EXPENDITURES2011 1,987,570
VOUCHERS PAYABLE 1,987,570
Governmental Activities:
EXPENSES(function details omitted) 894,900
VOUCHERS PAYABLE 894,900
General Fund:
(14) VOUCHERS PAYABLE 2,301,660
CASH 2,293,630
EXPENDITURES2008 8,030
Governmental Activities:
VOUCHERS PAYABLE 2,301,660
CASH 2,293,660
EXPENSES(function detail omitted) 8,030
General Fund and Governmental Activities:
(15) TAX ANTICIPATION NOTES PAYABLE 300,000
CASH 300,000
General Fund and Governmental Activities:
(16) TAXES RECEIVABLEDELINQUENT 214,000
EST. UNCOLLECTIBLE TAXESCURRENT 86,000
TAXES RECEIVABLECURRENT 214,000
ESTIMATED UNCOLLECTIBLE TAXES DELINQUENT 86,000
General Fund:
(17) INVENTORY OF SUPPLIES 3,000
RESERVE FOR INVENTORY OF SUPPLIES 3,000
Governmental Activities:
INVENTORY OF SUPPLIES 3,000
EXPENSES—(function detail omitted) 3,000
b. CLOSING ENTRIES, APRIL 30, 2011
General Fund:
REVENUES 3,062,601
APPROPRIATIONS 3,100,000
ENCUMBRANCES2011 70,960
ESTIMATED REVENUES 3,060,000
EXPENDITURES2011 2,867,720
FUND BALANCE 163,921
Governmental Activities:
REVENUES (VARIOUS) 3,062,601
EXPENSES (VARIOUS) 2,867,720
UNRESTRICTED NET ASSETS 194,881