Chapter 04 – Accounting for the General and Special Revenue Funds
4-12
4-9 (B)
NEWPORT CITY
911 CALL CENTER SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2015
REVENUES:
PHONE TAXES
$ 445,000
INTERGOVERNMENTAL REVENUES
147,500
TOTAL REVENUES
592,500
EXPENDITURES:
911 OPERATIONS
415,000
TRAINING
147,500
TOTAL EXPENDITURES
562,500
EXCESS OF REVENUES OVER EXPENDITURES
30,000
FUND BALANCES, JANUARY 1, 2015
0
FUND BALANCES, DECEMBER 31, 2015
$ 30,000
4-9 (C) NEWPORT CITY
911 CALL CENTER SPECIAL REVENUE FUND
BALANCE SHEET
AS OF DECEMBER 31, 2015
ASSETS
CASH
$ 20,500
DUE FROM STATE GOVERNMENT
9,500
TAXES RECEIVABLE
25,000
TOTAL ASSETS
$ 55,000
LIABILITIES AND FUND BALANCE
LIABILITIES:
SALARIES PAYABLE
$ 25,000
FUND BALANCE:
RESTRICTED FOR 911 CALL CENTER OPERATIONS
30,000
TOTAL LIABILITIES AND FUND BALANCE
$ 55,000
Chapter 04 – Accounting for the General and Special Revenue Funds
4-10 (A).
ASHLAWN VILLAGE
STREET AND HIGHWAY SPECIAL REVENUE FUND
GENERAL JOURNAL
DEBITS
CREDITS
ENCUMBRANCES CONTROL
BUDGETARY FUND BALANCE – RESERVE FOR ENCUMBRANCES
340,000
340,000
BUDGETARY FUND BALANCE – RESERVE FOR ENCUMBRANCES
ENCUMBRANCES CONTROL
EXPENDITURES – CONTROL
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE
CASH
DUE FROM STATE GOVERNMENT
INTERGOVERNMENTAL REVENUE
340,000
337,000
320,000
337,000
340,000
337,000
320,000
337,000
EXPENDITURES – CONTROL
CASH
7,000
7,000
CASH
DUE FROM STATE GOVERNMENT
300,000
300,000
CLOSING ENTRY
DEBITS
CREDITS
INTERGOVERNMENTAL REVENUES
FUND BALANCE
EXPENDITURES CONTROL
337,000
7,000
344,000
Chapter 04 – Accounting for the General and Special Revenue Funds
4-14
4-10 (B)
ASHLAWN VILLAGE
STREET AND HIGHWAY SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2015
REVENUES:
INTERGOVERNMENTAL REVENUES
337,000
TOTAL REVENUES
337,000
EXPENDITURES:
HIGHWAY MAINTENANCE
344,000
TOTAL EXPENDITURES
344,000
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES
(7,000)
FUND BALANCE, JANUARY 1, 2015
280,000
FUND BALANCE, DECEMBER 31, 2015
$ 273,000
4-10 (C) ASHLAWN VILLAGE
STREET AND HIGHWAY SPECIAL REVENUE FUND
BALANCE SHEET
AS OF DECEMBER 31, 2015
ASSETS
CASH
$ 253,000
DUE FROM STATE GOVERNMENT
37,000
TOTAL ASSETS
$ 290,000
LIABILITIES AND FUND BALANCE
LIABILITIES:
ACCOUNTS PAYABLE
$ 17,000
FUND BALANCE:
ASSIGNED FOR STREET AND HIGHWAY REPAIR
273,000
TOTAL LIABILITIES AND FUND BALANCE
$ 290,000
Chapter 04 – Accounting for the General and Special Revenue Funds
4-15
4-11 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE
INSTRUCTOR’S WEBSITE
Jefferson County
General Fund Journal Entries
December 31, 2015
Item
#
Account Title
Debits
Credits
1
Estimated Revenues
250,000
Appropriations
200,000
Estimated other financing uses
40,000
Budgetary fund balance
10,000
2
Encumbrances
4,800
Budgetary Fund Balance – Reserve for encumbrances
4,800
3
Deferred Inflows – Property Taxes
21,000
Property tax revenue
21,000
4
Taxes receivable
265,000
Allowance for uncollectible taxes
1,325
Property tax revenue
263,675
5
Cash
258,000
Taxes receivable
258,000
Allowance for uncollectible taxes
1,020
Taxes receivable
1,020
6
Encumbrances
36,000
Budgetary Fund Balance – Reserve for encumbrances
36,000
7
Supplies
39,800
Accounts payable
39,800
Budgetary Fund Balance – Reserve for encumbrances
40,000
Encumbrances
40,000
Accounts payable
37,800
Cash
37,800
8
Encumbrances
39,900
Budgetary Fund Balance – Reserve for encumbrances
39,900
Capital Expenditures
39,900
Cash
39,900
Budgetary Fund Balance – Reserve for encumbrances
39,900
Encumbrances
39,900
Chapter 04 – Accounting for the General and Special Revenue Funds
4-16
9
General government expenditures
133,000
Wages Payable
900
Cash
133,900
10
General government expenditures
7,600
Cash
7,600
11
Other financing uses – transfer out
43,000
Cash
43,000
12
General government expenditures
850
Wages Payable
850
13
General government expenditures
40,110
Supplies
40,110
14
Property tax revenue
22,600
Deferred Inflows – property taxes
22,600
4-11 (C)
Jefferson County
General Fund Closing Entries
December 31, 2015
Account Title
Debits
Credits
Appropriations
200,000
Estimated other financing uses
40,000
Budgetary fund balance
10,000
Estimated Revenues
250,000
Budgetary Fund Balance — Reserve for
Encumbrances
800
Encumbrances
800
Property tax revenue
262,075
Fund balance
2,385
General government expenditures
181,560
Capital expenditures
39,900
Transfers out
43,000
Chapter 04 – Accounting for the General and Special Revenue Funds
4-17
4-11 (D)
JEFFERSON COUNTY – GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2015
General Fund
Revenues
Property Taxes
$ 262,075
Total Revenues
262,075
Expenditures
Current:
General Government Operations
181,560
Capital Outlay
39,900
Total Expenditures
221,460
Excess (Deficiency) of Revenues Over
Expenditures
40,615
Other financing sources (uses)
Transfers out
(43,000)
Total other financing sources (uses)
(43,000)
Net Change in Fund Balance
(2,385)
Fund Balance, January 1
156,758
Fund Balance, December 31
$ 154,373
Chapter 04 – Accounting for the General and Special Revenue Funds
4-18
4-11 (E)
JEFFERSON COUNTY
GENERAL FUND
BALANCE SHEET
AS OF DECEMBER 31, 2015
General Fund
Assets
Cash
$ 128,148
Taxes Receivable – Gross
53,200
Less: Allowance uncollectible taxes
(1,875)
Supplies Inventory
350
Total Assets
$ 179,823
Liabilities, Deferred Inflows and Fund Equity
Liabilities
Accounts Payable
$ 2,000
Wages Payable
850
Total Liabilities
2,850
Deferred Inflows of Resources
Property Taxes
22,600
Fund Balances
Nonspendable
350
Assigned – general
government
800
Unassigned
153,223
Total Fund Balances
154,373
Total Liabilities, Deferred Inflows and Fund
Balances
$ 179,823
Chapter 04 – Accounting for the General and Special Revenue Funds
4-19
4-12 (A) SOLUTIONS TO THE EXCEL BASED EXERCISES ARE ALSO AVAILABLE IN EXCEL ON THE
INSTRUCTOR’S WEBSITE
State Government – Special Revenue Fund
Fish and Game Fund Journal Entries
December 31, 2015
Item
#
Account Title
Debits
Credits
1
Estimated Revenues
1,400,000
Estm’ Other financing sources
300,000
Appropriations
1,670,000
Budgetary fund balance
30,000
2
Encumbrances
26,000
Budgetary Fund Balance – Reserve for encumbrances
26,000
3
Cash
1,150,000
Hunting and Fishing License Revenue
1,025,000
Licenses fees receivable
125,000
License fees receivable
128,000
Hunting and Fishing License Revenue
128,000
4
Cash
272,000
Fines revenue
272,000
5
Encumbrances
277,000
Budgetary Fund Balance – Reserve for Encumbrances
277,000
6
Supplies
287,500
Accounts payable
287,500
Budgetary Fund Balance – Reserve for
Encumbrances
289,000
Encumbrances
289,000
7
Accounts payable
303,000
Cash
303,000
8
Cash
300,000
Other financing sources – transfers in
300,000
9
Encumbrances
305,000
Budgetary Fund Balance – Reserve for Encumbrances
305,000
Capital Expenditures
305,000
Cash
305,000
Budgetary Fund Balance – Reserve for
Encumbrances
305,000
Chapter 04 – Accounting for the General and Special Revenue Funds
4-20
Encumbrances
305,000
10
Current Expenditures – Wildlife Management
974,000
Wages Payable
3,000
Cash
977,000
11
Current Expenditures – Wildlife Management
3,600
Wages Payable
3,600
12
Current Expenditures – Wildlife Management
283,650
Supplies
283,650
4-12 (C)
STATE GOVERNMENT – Special Revenue Fund
Fish and Game Fund – Closing Entries
December 31, 2015
Account Title
Debits
Credits
Appropriations
1,670,000
Budgetary fund balance
30,000
Estimated other financing sources
300,000
Estimated Revenues
1,400,000
Budgetary fund balance – reserve for encumbrances
14,000
Encumbrances
14,000
Fines Revenue
272,000
License fees revenue
1,153,000
Other financing sources – transfer in
300,000
Current expenditures – Wildlife Management
1,261,250
Capital expenditures
305,000
Fund balance
158,750
Chapter 04 – Accounting for the General and Special Revenue Funds
4-21
4-12 (D)
STATE GOVERNMENT:
FISH AND GAME SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2015
Fish and Game
Fund
Revenues
Hunting and fishing license fees revenue
$ 1,153,000
Fines revenue
272,000
Total Revenues
1,425,000
Expenditures
Current:
Wildlife Management
1,261,250
Capital Outlay
305,000
Total Expenditures
1,566,250
Excess (Deficiency) of Revenues Over
Expenditures
(141,250)
Other financing sources
Transfers In
300,000
Net Change in Fund Balance
158,750
Fund Balance, January 1
265,000
Fund Balance, December 31
$ 423,750
Chapter 04 – Accounting for the General and Special Revenue Funds
4-22
4-12 (E)
STATE GOVERNMENT:
FISH AND GAME SPECIAL REVENUE FUND
BALANCE SHEET
AS OF DECEMBER 31, 2015
Fish and Game
Fund
Assets
Cash
$ 337,000
License Fees Receivable
128,000
Supplies Inventory
12,850
Total Assets
$ 477,850
Liabilities and Fund Balances
Liabilities
Accounts Payable
$ 50,500
Wages Payable
3,600
Total Liabilities
54,100
Fund Balances
Nonspendable
12,850
Restricted for fish and game management
410,900
Total Fund Balances
423,750
Total Liabilities and Fund Balances
$ 477,850