City of Monroe – General Fund Journal Entries
reference
Account Titles Debits Credits
3-C Estimated Revenues Control 11,250,000
Appropriations Control 9,300,000
Estimated Other Financing Uses Control 1,700,000
Budgetary Fund Balance 250,000
4-C 1 Encumbrances Control 17,000
Budgetary Fund Balance – Reserve for Encumbrances 17,000
Accounts Payable 16,600
6 Accounts Payable 115,600
Due to Other Funds 27,000
Cash 142,600
7 Cash 10,811,500
Taxes Receivable-(Prior year) 158,000
Due to Federal Government 855,000
Cash 4,215,000
10 Expenditures Control 385,000
Due to Federal Government 357,000
Due to State Government 28,000
11 Budgetary Fund Balance – Reserve for Encumbrances 3,407,000
Encumbrances Control 3,407,000
11 Expenditures Control 3,375,300
Accounts Payable 3,375,300
City of Monroe – General Fund Journal Entries
12 Tax Anticipation Notes Payable 500,000
Expenditures Control 18,000
Cash 518,000
13 Due From State Government 332,000
Revenues Control 332,000
14 Expenditures Control 350,200
Due to Other Funds 350,200
Due to Other Funds 310,000
Cash 310,000
15 Due From State Government 52,000
Revenues Control 52,000
16 Accounts Payable 3,015,000
Due to Federal Government 1,212,000
Due to State Government 28,000
Other Financing Uses-Transfer Out 1,662,000
Cash 5,917,000
Budgetary Fund Balance 139,000
Appropriations Control 212,000
18 Estimated Uncollectible Taxes 51,000
Taxes Receivable 51,000
Estimated Uncollectible Interest & Penalties 1,600
Interest and Penalties Receivable 1,600
19 Interest and Penalties Receivable 17,200
Estimated Uncollectible Interest &
Revenues Control 16,100
Deferred Inflows-Property Taxes 27,500
City of Monroe General Fund – General Ledger
CASH ESTIMATED
ESTM’ UNCOLLECTIBLE DUE FROM
bb
502,000 TAXES RECEIVABLE UNCOLLECTIBLE TAXES RECEIVABLE INTEREST & PENALTIES STATE GOV’T
4
500,000 142,600 6bb 210,000 42,000 bb bb 5,200 950 bb bb 210,000
7
10,811,500 4,215,000 9 3 6,800,000 158,000 7136,000 33,500 7 18 1,600 210,000 7
518,000 12 6,400,000 7 18 51,000 1,600 18 13 332,000
310,000 14 51,000 18 19 17,200 1,100 19 15 52,000
5,917,000 16
401,000 127,000 17,300 450 384,000
710,900
TAX ANTICIPATION DUE TO DUE TO DUE TO DEFERRED INFLOWS
ACCOUNTS PAYABLE
NOTE PAYABLE OTHER FUNDS FEDERAL GOV’T STATE GOV’T – PROPERTY TAXES
99,000 bb – bb 27,000 bb – bb bb 21,000 bb
6
115,600 16,600 5500,000 4 6 27,000 855,000 92 21,000
3,375,300 11 12 500,000 350,200 14 357,000 10 28,000 10 27,500 20
360,300 – 40,200 – – 27,500
TOTAL FUND BALANCE EXPENDITURES OTHER FINANCING
(beginning of year) REVENUES CONTROL CONTROL USES CONTROL
City of Monroe General Fund – Closing Entries
BUDGETARY
Account Title Debits Credits FUND BALANCE
111,000 Preclosing
Appropriations 9,512,000 111,000 closing entry
Estimated other financing uses 1,700,000
Budgetary fund balance 111,000
Estimated Revenues 11,323,000
–
Revenues Control 11,097,600
Fund balance 220,500
Expenditures Control 9,215,100
Other Financing Uses Control 1,662,000 FUND BALANCE
737,250 Preclosing
Budgetary Fund Balance – Reserve for
Encumbrances
58,000
Encumbrances 58,000 220,500 closing entry
957,750 ending balance
Complete the following table
Non-spendable Restricted Committed Assigned Unassigned Total
Fund Balance 58,000 899,750 957,750
City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund
For the year ended December 31, 2015
Revenues
Property Taxes $6,657,500
Sales Taxes 2,942,000
Interest and Penalties on Taxes 16,100
Licenses and Permits 800,000
Intergovernmental Revenues 332,000
Miscellaneous Revenues 350,000
Total Revenues 11,097,600$ –$
Expenditures
Current:
General Government $1,646,900
Public Safety 3,026,900
Highways and Streets 1,441,400
Sanitation 591,400
Health 724,100
Welfare 374,300
Culture and Recreation 917,300
Capital Outlay 492,800
Total Expenditures 9,215,100 –
Excess (Deficiency) of Revenues Over Expenditures 1,882,500
Other Financing Sources (Uses)
Transfers Out (1,662,000)
Total Other Financing Sources (Uses) (1,662,000)
Net Change in Fund Balance 220,500
Fund Balance, January 1 737,250
Fund Balance, December 31 957,750$
City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund
For the year ended December 31, 2015
This information provided in the problem
Property Taxes . . . . . . $6,657,500
Sales Taxes 2,942,000
Interest and Penalties on Taxes . . . . . . . . . . 16,100
Licenses and Permits . . 800,000
Intergovernmental Revenue . . . . . . . . . . 332,000
Miscellaneous Revenue 350,000
Total . . . . . . . . . . . . $11,097,600
General Government . . . $1,646,900
Public Safety . . . . . . . . . 3,026,900
Highways and Streets . . 1,441,400
Sanitation . . . . . . . . . . . . 591,400
Health . . . . . . . . . . . . . . 724,100
Welfare . . . . . . . . . . . . . 374,300
Culture and Recreation . 917,300
Capital Outlay . . . . . . . . 492,800
Total . . . . . . . . . . . . . $9,215,100
Revenues
Expenditures
City of Monroe
General Fund
Balance Sheet
As of December 31, 2015
Assets
Cash 710,900$
Taxes Reveivable – Deliquent 401,000$
Less Allowance Uncollectible (127,000) 274,000
Interest and Penalties Receivable on Taxes 17,300
Less Estimated Uncollectibles (450) 16,850
Due from State Government 384,000
Total Assets 1,385,750$
Liabilities and Fund Equity
Liabilities
Accounts Payable 360,300$
Due to Other funds 40,200
Total Liabilities 400,500$
Deferred Inflows
Property Taxes 27,500
Fund Equity
Fund Balance – Assigned (for outstanding encumbrances)
Fund Balance – Unassigned 899,750
Total Fund Equity 957,750
Total Liabilities, Deferred Inflows and Fund Equity 1,385,750$