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Chapter 04 - Accounting for the General and Special Revenue Funds
CHAPTER 4 Accounting for the General and Special Revenue Funds
4-1. THE SOLUTION TO THIS AND THE FIRST EXERCISE OF CHAPTERS 1 THROUGH 9 WILL
4-2 (A)
VILLAGE OF SEASIDE PINES – GENERAL FUND
GENERAL LEDGER
DEBITS
CREDITS
APPROPRIATIONS
ESTIMATED OTHER FINANCING USES
BUDGETARY FUND BALANCE
ESTIMATED REVENUE
BUDGETARY FUND BAL. – RESERVE FOR ENCUMBRANCES
ENCUMBRANCES
485,000
35,000
20,000
63,000
540,000
63,000
PROPERTY TAX REVENUE
OTHER REVENUES
EXPENDITURES: GENERAL GOVERNMENT
EXPENDITURES: PUBLIC SAFETY
OTHER FINANCING USES - TRANSFER OUT
FUND BALANCE
500,000
55,000
190,000
244,000
33,000
88,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-2
4-2 (B)
VILLAGE OF SEASIDE PINES – GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2015
REVENUES:
PROPERTY TAXES
$500,000
OTHER REVENUES
55,000
TOTAL REVENUES
555,000
EXPENDITURES:
GENERAL GOVERNMENT
190,000
PUBLIC SAFETY
244,000
TOTAL EXPENDITURES
434,000
EXCESS OF REVENUES OVER EXPENDITURES
121,000
OTHER FINANCING SOURCES AND USES:
TRANSFERS OUT
(33,000)
(33,000)
INCREASE IN FUND BALANCE
88,000
FUND BALANCE, JANUARY 1, 2015
125,000
FUND BALANCE, DECEMBER 31, 2015
$ 213,000
4-2 (C)
TOTAL $
NON-
SPENDABLE
RESTRICTED
COMMITTED
ASSIGNED
UNASSIGNED
FUND BALANCE $ 213,000
17,000
0
0
63,000
133,000
FUND BALANCE:
NONSPENDABLE – SUPPLIES INVENTORY
ASSIGNED FOR CAPITAL ADDITIONS
17,000
63,000
UNASSIGNED
133,000
TOTAL FUND BALANCES
$ 213,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-3.
CITY OF CARTER
SUMMER EMPLOYMENT GRANT FUND
GENERAL JOURNAL
DEBITS
CREDITS
1.
ESTIMATED REVENUES CONTROL
APPROPRIATIONS CONTROL
325,000
325,000
2.
CASH
DUE TO GENERAL FUND
325,000
325,000
3A.
EXPENDITURES CONTROL
CASH
ACCRUED WAGES PAYABLE
324,000
316,000
8,000
3B.
GRANTS RECEIVABLE-FEDERAL GOVERNMENT
REVENUES CONTROL
324,000
324,000
4.
5.
CASH
GRANTS RECEIVABLE-FEDERAL
GOVERNMENT
DUE TO GENERAL FUND
CASH
298,000
290,000
298,000
290,000
6.
APPROPRIATIONS CONTROL
ESTIMATED REVENUES CONTROL
325,000
325,000
REVENUES CONTROL
UNRESERVED FUND BALANCE
EXPENDITURES CONTROL
324,000
0
324,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-4
4-4.
TOWN OF QUINCY
GENERAL FUND
GENERAL JOURNAL
DEBITS
CREDITS
A.
DEFERRED INFLOWS-PROPERTY TAXES
REVENUES CONTROL
155,000
155,000
B.
TAXES RECEIVABLE-CURRENT
ESTIMATED UNCOLLECTIBLE CURRENT TAXES
REVENUES CONTROL
10,000,000
50,000
9,950,000
C.
CASH
TAXES RECEIVABLE-CURRENT
4,600,000
4,600,000
D.
CASH
TAXES RECEIVABLE-CURRENT
4,800,000
4,800,000
E.
ESTIMATED UNCOLLECTIBLE DELINQUENT TAXES
TAXES RECEIVABLE-DELINQUENT
8,700
8,700
F.
REVENUES CONTROL
DEFERRED INFLOWS-PROPERTY TAXES
175,000
175,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-5
4-5.
BROWNVILLE SCHOOL DISTRICT
GENERAL FUND
GENERAL JOURNAL
DEBITS
CREDITS
A.
ENCUMBRANCES CONTROL (PRIOR YEAR)
BUDGETARY FUND BALANCE - RESERVE FOR ENCUMBRANCES
7,800
7,800
B.
ENCUMBRANCES CONTROL
BUDGETARY FUND BALANCE - RESERVE FOR
ENCUMBRANCES
87,000
87,000
C.
BUDGETARY FUND BALANCE - RESERVE FOR ENCUMBRANCES
ENCUMBRANCES CONTROL (PRIOR YEAR)
7,800
7,800
EXPENDITURES CONTROL (PRIOR YEAR)
ACCOUNTS PAYABLE
7,790
7,790
D.
BUDGETARY FUND BALANCE - RESERVE FOR ENCUMBRANCES
ENCUMBRANCES CONTROL
77,000
77,000
EXPENDITURES CONTROL
ACCOUNTS PAYABLE
76,900
76,900
E.
ENCUMBRANCES CONTROL
BUDGETARY FUND BALANCE - RESERVE FOR ENCUMBRANCES
4,500
4,500
Chapter 04 - Accounting for the General and Special Revenue Funds
4-6
4-6. CITY OF ROME
GENERAL FUND/GENERAL JOURNAL
DEBITS
CREDITS
1.
TAXES RECEIVABLE
ALLOWANCE FOR UNCOLLECTIBLE TAXES
REVENUES CONTROL
1,880,000
10,000
1,870,000
2.
CASH
ALLOWANCE FOR UNCOLLECTIBLE TAXES*
TAXES RECEIVABLE
1,820,000
8,000
1,828,000
4.
EXPENDITURES CONTROL
ACCOUNTS PAYABLE
1,740,000
1,740,000
5.
ACCOUNTS PAYABLE
CASH
1,852,000
1,852,000
6.
OTHER FINANCING USES – TRANSFER OUT
CASH
(HINT: THIS IS THE PLUG NEEDED TO MAKE CASH BALANCE
AFTER CONSIDERING THE ENTRIES ABOVE)
20,000
20,000
7.
REVENUES CONTROL
FUND BALANCE-UNRESERVED
EXPENDITURES CONTROL
OTHER FINANCING USES – TRANSFER OUT
1,870,000
110,000
1,740,000
20,000
* NOTE: ENTRY 2 IS ACTUALLY A COMBINATION OF TWO EVENTS: (1) A COLLECTION OF CASH AND (2) A WRITE-OFF OF
8,000 IN UNCOLLECTIBLE TAXES:
(1)
CASH
TAXES RECEIVABLE
1,820,000
1,820,000
(2)
ALLOWANCE FOR UNCOLLECTIBLE TAXES
TAXES RECEIVABLE
8,000
8,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-7 (A).
CITY OF BUFFALO FALLS
GENERAL FUND
GENERAL JOURNAL
DEBITS
CREDITS
2.
ESTIMATED REVENUES CONTROL
APPROPRIATIONS CONTROL
BUDGETARY FUND BALANCE
2,000,000
1,980,000
20,000
3.
TAXES RECEIVABLE-CURRENT
REVENUES CONTROL
1,200,000
1,200,000
4.
CASH
TAXES RECEIVABLE-CURRENT
REVENUES CONTROL
1,820,000
1,200,000
620,000
5.
ENCUMBRANCES CONTROL
BUDGETARY FUND BALANCE - RESERVE FOR ENCUMBRANCES
900,000
900,000
6.
BUDGETARY FUND BALANCE - RESERVE FOR ENCUMBRANCES
ENCUMBRANCES CONTROL
EXPENDITURES CONTROL
ACCOUNTS PAYABLE
810,000
800,000
810,000
800,000
7.
EXPENDITURES CONTROL
ACCOUNTS PAYABLE
950,000
950,000
8.
ACCOUNTS PAYABLE
CASH
1,700,000
1,700,000
9.
APPROPRIATIONS CONTROL
BUDGETARY FUND BALANCE
ESTIMATED REVENUES CONTROL
BUDGETARY FUND BALANCE – RESERVE FOR ENCUMBRANCES
ENCUMBRANCES
1,980,000
20,000
90,000
2,000,000
90,000
Chapter 04 - Accounting for the General and Special Revenue Funds
REVENUES CONTROL
EXPENDITURES CONTROL
FUND BALANCE
1,820,000
1,750,000
70,000
4-7 (B)
CITY OF BUFFALO FALLS – GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2015
REVENUES:
PROPERTY TAXES
$1,200,000
OTHER REVENUES
620,000
TOTAL REVENUES
1,820,000
GENERAL GOVERNMENT: CONTRACTED SERVICES
800,000
OTHER
950,000
TOTAL EXPENDITURES
1,750,000
EXCESS OF REVENUES OVER EXPENDITURES
70,000
FUND BALANCE, JANUARY 1, 2015
225,000
FUND BALANCE, DECEMBER 31, 2015
$ 295,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-9
4-7 (C)
TOTAL $
NON-
SPENDABLE
RESTRICTED
COMMITTED
ASSIGNED
UNASSIGNED
FUND BALANCE $ 295,000
0
0
90,000
0
205,000
CITY OF BUFFALO FALLS
GENERAL FUND
BALANCE SHEET
AS OF DECEMBER 31, 2015
ASSETS
CASH
$ 220,000
TAXES RECEIVABLE
175,000
TOTAL ASSETS
$ 395,000
LIABILITIES AND FUND BALANCES
LIABILITIES:
ACCOUNTS PAYABLE
$ 100,000
FUND BALANCE:
COMMITTED FOR CONTRACT SERVICES
90,000
UNASSIGNED
205,000
TOTAL FUND BALANCE
295,000
TOTAL LIABILITIES AND FUND BALANCES
$395,000
Chapter 04 - Accounting for the General and Special Revenue Funds
4-10
4-8 (A).
LINCOLN COUNTY
GENERAL FUND
GENERAL JOURNAL
DEBITS
CREDITS
1.
DUE FROM SPECIAL REVENUE FUND
CASH
200,000
200,000
2.
OTHER FINANCING USES – TRANSFERS OUT
CASH
90,000
90,000
LINCOLN COUNTY
HOUSING AND URBAN DEVELOPMENT FUND
GENERAL JOURNAL
DEBITS
CREDITS
1.
CASH
DUE TO GENERAL FUND
200,000
200,000
LINCOLN COUNTY
TOURISM FUND
GENERAL JOURNAL
DEBITS
CREDITS
2.
CASH
OTHER FINANCING SOURCES– TRANSFERS IN
90,000
90,000
ITEM # 1 REPRESENTS AN INTERFUND LOAN AND WILL HAVE NO EFFECT ON THE REPORTED
FUND BALANCE OF EITHER THE GENERAL OR SPECIAL REVENUE FUNDS. THE “DUE FROM” AND
“DUE TO” ACCOUNTS ARE BALANCE SHEET ITEMS (RECEIVABLE AND PAYABLE, RESPECTIVELY)
AND DO NOT AFFECT FUND BALANCES.
ITEM # 2 IS AN INTERFUND TRANSFER AND WILL DECREASE THE FUND BALANCE OF THE
GENERAL FUND AND INCREASE THE FUND BALANCE OF THE SPECIAL REVENUE FUND.
TRANSFERS IN AND TRANSFERS OUT ARE REPORTED AS “OTHER FINANCING SOURCES (USES)
WHICH ARE CLOSED TO FUND BALANCE AT THE END OF THE REPORTING PERIOD.
Chapter 04 - Accounting for the General and Special Revenue Funds
4-11
4-9 (A).
NEWPORT CITY
911 CALL CENTER SPECIAL REVENUE FUND
GENERAL JOURNAL
DEBITS
CREDITS
2.
CASH
TAXES RECEIVABLE
PHONE TAX REVENUES
420,000
25,000
445,000
3.
EXPENDITURES – 911 OPERATIONS
SALARIES PAYABLE
CASH
415,000
25,000
390,000
4.
EXPENDITURES – TRAINING
CASH
DUE FROM STATE GOVERNMENT
INTERGOVERNMENTAL REVENUE
147,500
147,500
147,500
147,500
5.
CASH
DUE FROM STATE GOVERNMENT
138,000
138,000
CLOSING ENTRY
DEBITS
CREDITS
PHONE TAX REVENUES
INTERGOVERNMENTAL REVENUES
EXPENDITURES – 911 OPERATIONS
EXPENDITURES - TRAINING
FUND BALANCE
445,000
147,500
415,000
147,500
30,000
