CHAPTER 4:
4-2.
4-6. a.
(1)
1.
2.
3.
4.
5.
b.
c.
c.
d.
b.
ACCOUNTING FOR GOVERNMENTAL OPERATING
ACTIVITIES: TRANSACTION ACCOUNTING ⎯
GOVERNMENT-WIDE AND FUNDS
6.
7.
8.
9.
10.
a.
d.
c.
b.
a.
CITY OF STONEY CREEK⎯JOURNAL ENTRIES
GENERAL LEDGER SUBSIDIARY LEDGER
Debits
Credits
Debits
Credits
General Fund:
ESTIMATED REVENUES
2,674,000
APPROPRIATIONS
2,593,000
FUND BALANCE
81,000
Revenues Ledger:
TAXES
LICENSES AND PERMITS
INTERGOVERNMENTAL REVENUE
MISCELLANEOUS REVENUES
Appropriations Ledger:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
HEALTH AND WELFARE
MISCELLANEOUS APPROPRIATIONS
(2)
General Fund:
ENCUMBRANCES⎯2005
882,000
RESERVE FOR
ENCUMBRANCES⎯2005
Encumbrances Ledger:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
HEALTH AND WELFARE
MISCELLANEOUS APPROPRIATIONS
34
1,943,000
372,000
297,000
62,000
471,000
786,000
650,000
600,000
86,000
882,000
58,000
201,000
392,000
160,000
71,000
GENERAL LEDGER SUBSIDIARY LEDGER
Debits
Credits
Debits
Credits
(3)
General Fund:
TAXES RECEIVABLE⎯
CURRENT
ESTIMATED UNCOLLECTIBLE CURRENT TAXES
REVENUES
2,005,000
62,000
1,943,000
Revenues Ledger:
TAXES
1,943,000
Governmental Activities:
TAXES RECEIVABLE⎯
CURRENT
ESTIMATED UNCOLLECTIBLE CURRENT TAXES
GENERAL REVENUES—
PROPERTY TAXES
(4)
2,005,000
62,000
1,943,000
General Fund and Governmental Activities:
CASH
1,591,000
TAXES RECEIVABLE⎯
DELINQUENT
TAXES RECEIVABLE⎯
CURRENT
132,000
1,459,000
GENERAL LEDGER SUBSIDIARY LEDGER
Debits
Credits
Debits
Credits
(5)
General Fund:
EXPENDITURES⎯2005
VOUCHERS PAYABLE
1,699,100
1,699,100
Expenditures Ledger:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
HEALTH AND WELFARE
MISCELLANEOUS APPROPRIATIONS
Governmental Activities:
EXPENSES—GENERAL
GOVERNMENT*
EXPENSES—PUBLIC SAFETY
EXPENSES—PUBLIC WORKS
EXPENSES—HEALTH AND
422,100
584,000
254,000
35
411,000
584,000
254,000
439,000
11,100
WELFARE
439,000
VOUCHERS PAYABLE
1,699,100
*assuming Miscellaneous Appropriations relate to General Government
(6)
General Fund:
At beginning of 2005 to reestablish encumbrances:
ENCUMBRANCES—2004
14,000
RESERVE FOR
ENCUMBRANCES—2004
Encumbrances Ledger⎯2004:
PUBLIC SAFETY
14,000
14,000
GENERAL LEDGER SUBSIDIARY LEDGER
Debits
Credits
Debits
Credits
RESERVE FOR ENCUMBRANCES—2004
ENCUMBRANCES—2004
Encumbrances Ledger⎯2004:
PUBLIC SAFETY
EXPENDITURES⎯2004
EXPENDITURES⎯2005
VOUCHERS PAYABLE
14,000
14,000
14,000
14,000
470
14,470
Expenditures Ledger⎯2005:
PUBLIC SAFETY
Expenditures Ledger⎯2004:
PUBLIC SAFETY
Governmental Activities:
EXPENSES—PUBLIC SAFETY
VOUCHERS PAYABLE
(7)
General Fund:
RESERVE FOR ENCUMBRANCES⎯2005
ENCUMBRANCES⎯2005
EXPENDITURES⎯2005
VOUCHERS PAYABLE
470
14,000
14,470
14,470
800,000
800,000
802,100
802,100
36
GENERAL LEDGER SUBSIDIARY LEDGER
Debit
Credit
Debit
Credit
Expenditures Ledger:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
HEALTH AND WELFARE
MISCELLANEOUS APPROPRIATIONS
Encumbrances Ledger:
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
HEALTH AND WELFARE
MISCELLANEOUS APPROPRIATIONS
(8)
52,700
187,800
360,000
130,600
71,000
52,200
189,700
357,000
130,100
71,000
Governmental Activities:
EXPENSES—GENERAL
GOVERNMENT
123,700
EXPENSES—PUBLIC SAFETY
187,800
EXPENSES—PUBLIC WORKS
360,000
EXPENSES—HEALTH AND
WELFARE
130,600
VOUCHERS PAYABLE
802,100
General Fund:
CASH
738,000
REVENUES
738,000
Revenues Ledger:
LICENSES AND PERMITS
373,000
INTERGOVERNMENTAL REVENUE
299,000
MISCELLANEOUS REVENUES
66,000
GENERAL LEDGER SUBSIDIARY LEDGER
Debit
Credit
Debit
Credit
Governmental Activities:
CASH
738,000
PROGRAM REVENUESGENERAL GOVERNMENTCHARGES FOR SERVICES
373,000
PROGRAM REVENUESPUBLIC SAFETYOPERATING GRANTS
AND CONTRIBUTIONS
299,000
GENERAL REVENUES-MISC.
66,000
37
(9)
General Fund and Governmental Activities:
VOUCHERS PAYABLE
2,475,000
CASH
2,475,000
Note: The Governmental Activities ledgers are not shown here.
CITY OF STONEY CREEK
GENERAL FUND
REVENUE LEDGER (NOT REQUIRED)
ESTIMATED
REVENUES
REVENUES
BALANCE
Debit (Credit)
TAXES
(1)
(3)
(1)
1,943,000
1,943,000
LICENSES AND PERMITS
372,000
(8)
(1)
373,000
INTERGOVERNMENTAL REVENUE
297,000
(8)
(1)
299,000
MISCELLANEOUS REVENUES
62,000
(8)
66,000
1,943,000
-0-
372,000
(1,000)
297,000
(2,000)
62,000
(4,000)
GENERAL FUND
APPROPRIATIONS/EXPENDITURES LEDGER
(NOT REQUIRED)
AVAILABLE
TRANSACTION APPROPRIATION ENCUMBRANCE EXPENDITURE BALANCE
1
2
5
7
GENERAL GOVERNMENT_______________________
471,000
471,000
58,000
413,000
411,000
2,000
(52,200)
52,700
1,500
38
1
2
5
6
7
PUBLIC SAFETY_________________________
786,000
786,000
201,000
585,000
584,000
1,000
(Note A) 470
530
(189,700)
187,800
2,430
1
2
5
7
PUBLIC WORKS_________________________
650,000
392,000
258,000
254,000
4,000
(357,000)
360,000
1,000
650,000
1
2
5
7
HEALTH AND WELFARE_____________________
600,000
600,000
160,000
440,000
439,000
1,000
(130,100)
130,600
500
1
2
5
7
MISCELLANEOUS APPROPRIATIONS______________
86,000
86,000
71,000
15,000
11,100
3,900
(71,000)
71,000
3,900
Note A: The Public Safety account shown here is for 2005. In addition, a credit of $14,000
would be made to the Public Safety subsidiary account for 2004, at which time that account
would be placed in the “deadfile” with other 2004 subsidiary accounts that had been retired at the
end of that fiscal year.
CITY OF STONEY CREEK
b.
GENERAL FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED DECEMBER 31, 2005
VARIANCE
BUDGET
WITH FINAL
(ORIGINAL
BUDGET
AND
POSITIVE
(NEGATIVE)
FINAL)
ACTUAL*
BUDGETARY FUND BALANCE, 1/1
$ 82,900
$ 82,900
$
- 0RESOURCES (INFLOWS):
TAXES
1,943,000
1,943,000
- 0LICENSES AND PERMITS
372,000
373,000
1,000
INTERGOVERNMENTAL REVENUE
297,000
299,000
2,000
66,000
4,000
MISCELLANEOUS REVENUES
62,000
AMOUNTS AVAILABLE
FOR APPROPROPRIATION
$2,756,900
$2,763,900
$ 7,000
39
CHARGES TO APPROPRIATIONS (OUTFLOWS):
GENERAL GOVERNMENT
$ 471,000
PUBLIC SAFETY
786,000
PUBLIC WORKS
650,000
HEALTH AND WELFARE
600,000
MISCELLANEOUS APPROP.
86,000
TOTAL CHARGES TO
APPROPRIATIONS
$2,593,000
BUDGETARY FUND BALANCE, 12/31 $ 163,900
$ 469,500
783,570
649,000
599,500
82,100
$ (1,500)
(2,430)
(1,000)
(500)
(3,900)
$2,583,670
$ 180,230
$ (9,330)
$ 16,330
*NOTE: THE ACTUAL EXPENDITURES IN THIS STATEMENT INCLUDE
ENCUMBRANCES OF 2005 APPROPRIATIONS OUTSTANDING AT YEAR-END, BUT
DO NOT INCLUDE THE EXPENDITURES OF THE 2004 APPROPRIATIONS RECORDED
IN ENTRY 6.
4-7. PART A: a.
ROMULUS COUNTY
JOURNAL ENTRIES FY 2005
Debits
(1)
(2)
General Fund:
ESTIMATED REVENUES
APPROPRIATIONS
FUND BALANCE
3,170,000
3,100,000
70,000
General Fund:
CASH
294,000
EXPENDITURES⎯2005
6,000
TAX ANTICIPATION NOTES PAYABLE
300,000
(COMPUTATION OF DISCOUNT: $300,000 X .06 X 1/3 YEAR = $6,000.)
Governmental Activities:
CASH
INTEREST EXPENSE
TAX ANTICIPATION NOTES PAYABLE
(3)
Credits
294,000
6,000
300,000
General Fund:
TAXES RECEIVABLE⎯CURRENT
2,150,000
ESTIMATED UNCOLLECTIBLE CURRENT
TAXES
86,000
REVENUES
2,064,000
(COMPUTATIONS: $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.)
40
Debits
Governmental Activities:
TAXES RECEIVABLE⎯CURRENT
ESTIMATED UNCOLLECTIBLE CURRENT
TAXES
GENERAL REVENUES—PROPERTY TAXES
(4)
(5)
General Fund:
ENCUMBRANCES⎯2005
RESERVE FOR ENCUMBRANCES⎯2005
General Fund and Governmental Activities:
CASH
TAXES RECEIVABLE⎯CURRENT
TAXES RECEIVABLE⎯DELINQUENT
INTEREST AND PENALTIES RECEIVABLE
2,150,000
86,000
2,064,000
1,027,000
1,027,000
1,387,240
1,034,000
340,000
13,240
General Fund:
INTEREST AND PENALTIES RECEIVABLE
REVENUES
15,230
Governmental Activities:
INTEREST AND PENALTIES RECEIVABLE
GENERAL REVENUES – INTEREST ON TAXES
15,230
15,230
15,230
Debits
(6)
General Fund:
EXPENDITURES⎯2005
DUE TO FEDERAL GOVERNMENT
DUE TO STATE GOVERNMENT
CASH
Governmental Activities:
EXPENSES ⎯(Itemize functions)
DUE TO FEDERAL GOVERNMENT
DUE TO STATE GOVERNMENT
CASH
(7)
Credits
481,070
98,000
20,000
363,070
481,070
98,000
20,000
363,070
General Fund:
EXPENDITURES⎯2005
DUE TO FEDERAL GOVERNMENT
36,800
Governmental Activities:
EXPENSES⎯(Itemize functions)
DUE TO FEDERAL GOVERNMENT
36,800
41
Credits
36,800
36,800
(8)
General Fund:
CASH
REVENUES
339,000
Governmental Activities:
CASH
REVENUES⎯(itemize sources)
339,000
339,000
Debits
(9)
General Fund and Governmental Activities:
DUE TO FEDERAL GOVERNMENT
DUE TO STATE GOVERNMENT
VOUCHERS PAYABLE
General Fund:
(10) RESERVE FOR ENCUMBRANCES⎯2005
ENCUMBRANCES⎯2005
EXPENDITURES⎯2005
VOUCHERS PAYABLE
Governmental Activities:
EXPENSES⎯(itemize functions)
VOUCHERS PAYABLE
339,000
Credits
194,290
20,000
214,290
890,800
890,800
894,900
894,900
894,900
894,900
General Fund:
(11) VOUCHERS PAYABLE
CASH
EXPENDITURES⎯2005
Governmental Activities:
VOUCHERS PAYABLE
CASH
EXPENSES⎯(itemize functions)
1,107,090
1,099,060
8,030
1,107,090
1,099,060
8,030
General Fund and Governmental Activities:
(12) TAX ANTICIPATION NOTES PAYABLE
CASH
42
300,000
300,000
b.
ROMULUS C0UNTY
GENERAL FUND
INTERIM BALANCE SHEET, OCTOBER 31, 2004
ASSETS AND RESOURCES
CASH
TAXES RECEIVABLE⎯CURRENT
LESS: ESTIMATED UNCOLLECTIBLE
TAXES RECEIVABLE⎯DELINQUENT
LESS: ESTIMATED UNCOLLECTIBLE
INTEREST AND PENALTIES RECEIVABLE
LESS: ESTIMATED UNCOLLECTIBLE
INVENTORY OF SUPPLIES
TOTAL ASSETS
ESTIMATED REVENUES
LESS: REVENUES
TOTAL ASSETS AND RESOURCES
$ 351,110
$1,116,000
86,000
243,000
189,000
28,270
11,160
3,170,000
2,418,230
1,030,000
54,000
17,110
16,100
1,468,320
751,770
$2,220,090
LIABILITIES AND FUND EQUITY
LIABILITIES:
VOUCHERS PAYABLE
FUND EQUITY:
APPROPRIATIONS
LESS: EXPENDITURES
$1,410,740
ENCUMBRANCES
136,200
AVAILABLE APPROPRIATIONS
RESERVE FOR ENCUMBRANCES
136,200
RESERVE FOR INVENTORY
OF SUPPLIES
16,100
TOTAL RESERVED FUND EQUITY
FUND BALANCE
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
$ 150,600
$3,100,000
1,546,940
1,553,060
152,300
364,130
2,069,490
$ 2,220,090
Debits
Credits
4-7. PART B: a.
General Fund:
(1) FUND BALANCE
100,000
ESTIMATED REVENUES
100,000
(THIS ADJUSTS THE ORIGINAL BUDGETARY INCREASE OF $70,000 IN FUND
BALANCE TO A NET DECREASE OF $30,000.)
(2)
General Fund:
ENCUMBRANCES⎯2005
RESERVE FOR ENCUMBRANCES⎯2005
43
1,032,000
1,032,000
(3)
General Fund and Governmental Activities:
TAXES RECEIVABLE-DELINQUENT
6,500
INTEREST AND PENALTIES RECEIVABLE
1,340
ESTIMATED UNCOLLECTIBLE TAXES⎯
DELINQUENT
6,500
ESTIMATED UNCOLLECTIBLE INTEREST
AND PENALTIES
1,340
(THIS ENTRY REVERSES THE WRITE-OFF ENTRY AND PLACES THE
RECEIVABLES UNDER ACCOUNTING CONTROL AGAIN.)
INTEREST AND PENALTIES RECEIVABLE
270
REVENUES (General Revenues in Governmental Activities)
270
(TO RECORD INTEREST AND PENALTIES ACCRUED AND COLLECTED.)
CASH
TAXES RECEIVABLE⎯DELINQUENT
INTEREST AND PENALTIES RECEIVABLE
(4)
General Fund:
EXPENDITURES⎯2005
DUE TO FEDERAL GOVERNMENT
DUE TO STATE GOVERNMENT
CASH
Governmental Activities:
EXPENSES-VARIOUS
DUE TO FEDERAL GOVERNMENT
DUE TO STATE GOVERNMENT
CASH
(5)
(6)
8,110
6,500
1,610
338,420
68,400
14,400
255,620
338,420
68,400
14,400
255,620
General Fund:
EXPENDITURES⎯2005
DUE TO FEDERAL GOVERNMENT
25,890
Governmental Activities:
EXPENSES-VARIOUS
DUE TO FEDERAL GOVERNMENT
25,890
25,890
General Fund and Governmental Activities:
TAXES RECEIVABLE⎯CURRENT
25,000
REVENUES (General Revenues at Governmental Activities)
($500,000 X $5.00 PER $100)
44
25,890
25,000
(7)
(8)
(9)
General Fund and Governmental Activities:
CASH
TAXES RECEIVABLE⎯CURRENT
TAXES RECEIVABLE⎯DELINQUENT
INTEREST AND PENALTIES RECEIVABLE
REVENUES (VARIOUS AT G-W LEVEL)
593,700
6,960
16,240
General Fund and Governmental Activities:
TAXES RECEIVABLE⎯DELINQUENT
214,000
EST. UNCOLLECTIBLE TAXES⎯CURRENT86,000
TAXES RECEIVABLE⎯CURRENT
ESTIMATED UNCOLLECTIBLE TAXES⎯
DELINQUENT
General Fund:
RESERVE FOR ENCUMBRANCES⎯2005
EXPENDITURES⎯2005
ENCUMBRANCES⎯2005
VOUCHERS PAYABLE
Governmental Activities:
EXPENSES (VARIOUS)
VOUCHERS PAYABLE
(12)
927,000
43,270
7,330
General Fund and Governmental Activities:
INTEREST AND PENALTIES RECEIVABLE23,200
ESTIMATED UNCOLLECTIBLE INTEREST
AND PENALTIES
REVENUES (GENERAL REV. AT G-W LEVEL)
General Fund and Governmental Activities:
(10) DUE TO FEDERAL GOVERNMENT
DUE TO STATE GOVERNMENT
VOUCHERS PAYABLE
(11)
1,571,300
214,000
86,000
94,290
14,400
108,690
1,097,240
1,092,670
1,097,240
1,092,670
1,092,670
1,092,670
General Fund and Governmental Activities:
ESTIMATED UNCOLLECTIBLE TAXES⎯
DELINQUENT
ESTIMATED UNCOLLECTIBLE INTEREST
AND PENALTIES
TAXES RECEIVABLE⎯DELINQUENT
INTEREST AND PENALTIES RECEIVABLE
45
39,940
4,180
39,940
4,180
General Fund:
(13) INVENTORY OF SUPPLIES
3,000
FUND BALANCE
3,000
EXPENDITURES⎯2005
3,000
RESERVE FOR INVENTORY OF SUPPLIES
3,000
($19,100 PHYSICAL INVENTORY - $16,100 ALREADY RECORDED = $3,000
INCREASE DUE TO SUPPLIES PURCHASED DURING THE YEAR.)
Governmental Activities:
INVENTORY OF SUPPLIES
EXPENSES (VARIOUS)
(14)
b.
3,000
3,000
General Fund and Governmental Activities:
VOUCHERS PAYABLE
CASH
1,202,600
1,202,600
CLOSING ENTRIES, APRIL 30, 2005
General Fund:
REVENUES
APPROPRIATIONS
ENCUMBRANCES⎯2005
ESTIMATED REVENUES
EXPENDITURES⎯2005
FUND BALANCE
3,053,440
3,100,000
70,960
3,070,000
2,864,720
147,760
Governmental Activities:
REVENUES (VARIOUS)
EXPENSES (VARIOUS)
UNRESTRICTED NET ASSETS
3,053,440
2,864,720
188,720
c.
ROMULUS COUNTY
GENERAL FUND BALANCE SHEET
AS OF APRIL 30, 2005
ASSETS
CASH
TAXES RECEIVABLE⎯DELINQUENT
LESS: ESTIMATED UNCOLLECTIBLE
TAXES⎯DELINQUENT
INTEREST AND PENALTIES RECEIVABLE
LESS: ESTIMATED UNCOLLECTIBLE
INTEREST AND PENALTIES
MATERIAL AND SUPPLIES INVENTORY
TOTAL ASSETS
46
$ 472,300
$373,790
241,560
39,960
132,230
15,280
24,680
19,100
$ 648,310
LIABILITIES AND FUND EQUITY
LIABILITIES:
VOUCHERS PAYABLE
FUND EQUITY:
RESERVES:
RESERVE FOR INVENTORY
OF SUPPLIES
$ 19,100
RESERVE FOR ENCUMBRANCES⎯2005
70,960
TOTAL RESERVES
FUND BALANCE
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
d.
$149,360
$ 90,060
408,890
498,950
$ 648,310
ROMULUS COUNTY
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE
FOR THE YEAR ENDED APRIL 30, 2005
REVENUES
TAXES
INTEREST AND PENALTIES ON TAXES
OTHER SOURCES
TOTAL REVENUES
EXPENDITURES
SALARIES AND WAGES
CONTRIBUTIONS TO RETIREMENT FUNDS
INTEREST ON NOTE PAYABLE
OTHER
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER EXPENDITURES
LESS CHANGE IN RESERVES DURING 2005:
ENCUMBRANCES
INVENTORY OF SUPPLIES
INCREASE IN FUND BALANCE FOR THE YEAR
FUND BALANCE, MAY 1, 2004
FUND BALANCE, APRIL 30, 2005
$2,089,000
31,740
932,700
3,053,440
819,490
62,690
6,000
1,976,540
2,864,720
188,720
$70,960
3,000
73,960
114,760
294,130
$ 408,890
Computations:
Taxes = [4-7A(3) 2,064,000 + 4-7B(6) 25,000]
Interest and Penalties on Taxes = [4-7A(5) 15,230 + 4-7B(3) 270 + 4-7B(8) 16,240]
Other Sources = [4-7A(8) 339,000 + 4-7B(7) 593,700]
Salaries and Wages = [4-7A(6) 481,070 + 4-7B(4) 338,420)
Contributions to Retirement Funds = [4-7B(7) 36,800 + 4-7B(5) 25,890]
47
Interest on Notes Payable = [4-7A(2) $6,000]
Other = [4-7A(10) 894,900 - 4-7A(11) 8030 + 4-7B(11) 1,092,670 - 4-7B(13) 3,000]
NOTE: The Governmental Activities ledger is not shown here.
ROMULUS COUNTY
General Fund
General Ledger (Not Required)
Cash
____
5-1-2004 Bal. 93,000
4-7A(2)
294,000
4-7A(5)
1,387,240
4-7A(8)
339,000
4-7B(3)
8,110
4-7B(7)
1,571,300
4-7A(3)
4-7B(6)
4-7B(9)
Interest and Penalties Rec.__
4-7A(6) 363,070
4-7A(11) 1,099,060
4-7A(12) 300,000
4-7B(4) 255,620
4-7B(14) 1,202,600
Taxes Receivable⎯Current
2,150,000
4-7A(5) 1,034,000
25,000
4-7B(7) 927,000
4-7B(9) 214,000
Est. Uncollectible Current Taxes
86,000
4-7A(3)
86,000
5/1/2004 Bal.26,280
4-7A(5) 15,230
4-7B(3)
1,340
4-7B(3)
270
4-7B(8) 23,200
4-7A(5) 13,240
4-7B(3)
1,610
4-7B(7)
7,330
4-7B(12) 4,180
Est. Uncollectible Interest & Penalties _
4-7B(12)
4,180
5/1/2004 Bal. 11,160
4-7B(3)
1,340
4-7B(8)
6,960
Inventory of Supplies_________
5/1/2004 Bal.16,100
4-7B(13)
3,000
Taxes Receivable⎯Delinquent
5/1/2004 Bal. 583,000
4-7A(5) 340,000
4-7B(3)
6,500
4-7B(3)
6,500
4-7B(9)
214,000
4-7B(7)
43,270
4-7B(12)
39,940
Reserve for Inventory of Supplies___
5/1/2004 Bal. 16,100
4-7B(13)
3,000
Est. Uncollectible Delinquent Taxes
4-7B(12)
39,940 5/1/2004 Bal.189,000
4-7B(3)
6,500
4-7B(9)
86,000
Vouchers Payable___________
4-7A(11) 1,107,090
5/1/2004 Bal 148,500
4-7B(14) 1,202,600
4-7A(9) 214,290
4-7A(10) 894,900
4-7B(10) 108,690
4-7B(11) 1,092,670
NOTE: An underline under a number in a T-account indicates a point at which the account has a
zero balance.
48
4-7A(9)
4-7B(10)
4-7A(9)
4-7A(10)
47B(1)
4-7B(13)
4-7A(1)
4-7B(b)
Due to Federal Government
194,290
5/1/2004 Bal. 59,490
4-7A(6) 98,000
94,290
4-7A(7) 36,800
4-7B(4) 68,400
4-7B(5) 25,890
Revenues____________
4-7B(b) 3,053,440
4-7A(3) 2,064,000
4-7A(5)
15,230
4-7A(8) 339,000
4-7B(3)
270
4-7B(6)
25,000
4-7B(7) 593,700
4-7B(8)
16,240
Due to State Government
20,000
4-7A(6) 20,000
14,400
4-7B(4) 14,400
Expenditures⎯2005_________
4-7A(2)
6,000
4-7A(11)
8,030
4-7A(6) 481,070
4-7B(13)
3,000
4-7A(7)
36,800
4-7B(b) 2,864,720
4-7A(10) 894,900
4-7B(4) 338,420
4-7B(5)
25,890
4-7B(11) 1,092,670
Fund Balance
100,000 5/1/2004 Bal. 294,130
3,000
4-7A(1)
70,000
4-7B(b) 147,760
Tax Anticipation Notes Payable_____
4-7A(12) 300,000
4-7A(2) 300,000
Estimated Revenues
4-7B(1) 100,000
3,170,000
4-7B(b) 3,070,000
____ Encumbrances⎯2005__________
4-7A(4) 1,027,000
4-7A(10) 890,800
4-7B(2) 1,032,000
4-7B(11) 1,097,240
4-7B(b)
70,960
Appropriations
4-7A(1) 3,100,000
3,100,000
Reserve for Encumbrances⎯2005___
4-7A(10) 890,800
4-7A(4) 1,027,000
4-7B(11) 1,097,240
4-7B(2) 1,032,000
4-8. A.
TOWN OF BENTON
ALEX BENTON PARK ENDOWMENT FUND
GENERAL JOURNAL
FOR YEAR ENDED JUNE 30, 2005
Debits
1. DECEMBER 31, 2004:
CASH
500,000
REVENUES—CONTRIBUTIONS FOR
FOR ENDOWMENT
49
Credits
500,000
2. DECEMBER 31, 2004:
INVESTMENT IN BONDS
ACCRUED INTEREST RECEIVABLE
CERTIFICATE OF DEPOSIT
CASH
406,300
6,000
70,000
482,300
3. JANUARY 2, 2005:
NO ENTRY REQUIRED IN THE ENDOWMENT FUND.
4. MARCH 31, 2005:
A. CASH
REVENUES—INVESTMENT EARNINGS
B. INTERFUND TRANSFERS OUT
CASH
5. APRIL 1, 2005:
A. CASH
ACCRUED INTEREST RECEIVABLE
REVENUES—INVESTMENT EARNINGS
B. INTERFUND TRANSFERS OUT
CASH
6. JUNE 30, 2005:
A. CASH
REVENUES—INVESTMENT EARNINGS
Ch. 4, Solutions, 4-8 (Cont’d)
B. INTERFUND TRANSFERS OUT
CASH
700
700
700
700
12,000
6,000
6,000
6,000
6,000
700
700
700
700
7. JUNE 30, 2005:
NO ENTRY REQUIRED IN THE ENDOWMENT FUND.
8. JUNE 30, 2005:
Note: Entries A and B below are adjusting entries made to all bonds before 25% of them are
sold.
A. ACCRUED INTEREST RECEIVABLE (ALL BONDS)
REVENUES—INVESTMENT EARNINGS
($400,000 x .06 x 3/12)
6,000
B. INVESTMENT IN BONDS
REVENUES—CHANGE IN FAIR VALUE
OF INVESTMENTS
[($400,000 X 1.02) - $406,300] = $1,700
1,700
50
6,000
1,700
CASH
INVESTMENT IN BONDS ($400,000 x 1.02 x 25%)
ACCRUED INTEREST RECEIVABLE (25%)
(TO RECORD SALE OF BONDS)
C. STOCKS
CASH
(TO RECORD PURCHASE OF STOCKS)
103,500
102,000
1,500
104,000
D. INTERFUND TRANSFERS OUT
CASH (OR DUE TO MAINTENANCE FUND)
(NOTE: CHANGE IN FAIR VALUE NOT INCLUDED
IN EARNINGS FOR TRANSFER PURPOSES)
104,000
6,000
6,000
Closing entry:
A. REVENUES—CONTRIBUTIONS FOR
ENDOWMENT
500,000
REVENUES—INVESTMENT EARNINGS
13,400
REVENUES—CHANGE IN FAIR VALUE
OF INVESTMENTS
1,700
OPERATING TRANSFERS OUT
FUND BALANCE—RESERVED FOR ENDOWMENT
(TO CLOSE TEMPORARY ACCOUNTS)
13,400
501,700
B.
TOWN OF BENTON
ALEX BENTON PARK MAINTENANCE FUND
GENERAL JOURNAL
FOR YEAR ENDED JUNE 30, 2005
1. DECEMBER 31, 2004:
NO ENTRY REQUIRED IN EXPENDABLE TRUST FUND.
2. DECEMBER 31, 2004:
NO ENTRY REQUIRED IN EXPENDABLE TRUST FUND.
3. JANUARY 2, 2005:
ESTIMATED OTHER FINANCING SOURCES—
INTERFUND TRANSFERS IN
APPROPRIATIONS
FUND BALANCE
4. MARCH 31, 2005:
CASH
INTERFUND TRANSFERS IN
13,400
13,000
400
700
700
51
5. APRIL 1, 2005:
CASH
INTERFUND TRANSFERS IN
6,000
6. JUNE 30, 2005:
CASH
INTERFUND TRANSFERS IN
700
6,000
700
7. JUNE 30, 2005:
EXPENDITURES--MATERIALS AND
CONTRACTUAL SERVICES
EXPENDITURES--WAGES AND SALARIES
CASH
ACCOUNTS PAYABLE
2,700
10,150
12,420
430
8. JUNE 30, 2005:
A. CASH (OR DUE FROM ENDOWMENT FUND)
INTERFUND TRANSFERS IN
B. OPERATING TRANSFERS IN
APPROPRIATIONS
EXPENDITURES--MATERIALS AND
CONTRACTUAL SERVICES
EXPENDITURES--WAGES AND SALARIES
ESTIMATED OTHER FINANCING SOURCES
FUND BALANCE
C. (1).
6,000
6,000
13,400
13,000
2,700
10,150
13,400
150
TOWN OF BENTON
ALEX BENTON PARK ENDOWMENT FUND
BALANCE SHEET
AS OF JUNE 30, 2005
ASSETS
CURRENT ASSETS:
CASH
ACCRUED INTEREST RECEIVABLE
TOTAL CURRENT ASSETS
INVESTMENTS:
BONDS, AT PAR
STOCKS
CERTIFICATE OF DEPOSIT
TOTAL INVESTMENTS
TOTAL ASSETS
$ 17,200
4,500
21,700
306,000
104,000
70,000
480,000
$501,700
52
LIABILITIES AND FUND EQUITY
LIABILITIES
FUND EQUITY:
FUND BALANCE—RESERVED FOR ENDOWMENT
TOTAL LIABILITIES AND FUND EQUITY
(2).
-0501,700
$501,700
TOWN OF BENTON
ALEX BENTON PARK ENDOWMENT FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE
FOR YEAR ENDED JUNE 30, 2005
REVENUES RECEIVED FOR CONTRIBUTION TO ENDOWMENT
REVENUES EARNED FOR TRANSFER TO
EXPENDABLE TRUST FUND:
INTEREST ON BONDS
INTEREST ON CERTIFICATE OF DEPOSIT
TOTAL REVENUE EARNED FOR TRANSFER
REVENUES FROM CHANGE IN FAIR VALUE
OF INVESTMENTS
TOTAL REVENUES
$500,000
12,000
1,400
13,400
OTHER FINANCING USES:
OPERATING TRANSFERS TO
ALEX BENTON PARK MAINTENANCE FUND
EXCESS OF REVENUE OVER OTHER FINANCING USES
FUND BALANCE, JULY 1, 2004
FUND BALANCE, JUNE 30, 2005
C. (1).
1,700
515,100
13,400
501,700
-0$501,700
TOWN OF BENTON
ALEX BENTON PARK MAINTENANCE FUND
BALANCE SHEET
AS OF JUNE 30, 2005
ASSETS
CASH
TOTAL ASSETS
$ 980
$ 980
53
LIABILITIES AND FUND EQUITY
LIABILITIES:
ACCOUNTS PAYABLE
TOTAL LIABILITIES
FUND EQUITY:
FUND BALANCE
TOTAL LIABILITIES AND FUND EQUITY
(2).
$ 430
430
$
550
980
TOWN OF BENTON
ALEX BENTON PARK MAINTENANCE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE
FOR YEAR ENDED JUNE 30, 2005
REVENUES
EXPENDITURES:
MATERIALS AND CONTRACTUAL SERVICES
WAGES AND SALARIES
EXCESS OF EXPENSES OVER REVENUES
OTHER FINANCING SOURCES:
OPERATING TRANSFERS IN
INCREASE IN FUND BALANCE
FUND BALANCE, JULY 1, 2004
FUND BALANCE, JUNE 30, 2005
54
$ -0$ 2,700
10,150
12,850
(12,850)
13,400
550
-0$ 550