City of Monroe
Street and Highway Fund – General Ledger
DUE FROM
reference
Account Titles Debits Credits CASH INVESTMENTS STATE GOV’T
bb 21,000 bb 59,000 bb 109,000
3-C Estimated Revenues 1,068,000 2
985,000 11,072,000
Appropriations 1,047,000 55,120 985,000 2
Budgetary Fund Balance 21,000
923,000 6
4-C 1 Due From State Government 1,072,000
88,120 59,000 196,000
Intergovernmental Revenues 1,072,000
TOTAL FUND BALANCE
Due from State Government 985,000 ACCOUNTS PAYABLE (beginning of year)
9,000 bb 180,000 bb
3 Encumbrances 1,062,000
1,030,500 4
Budgetary F/B – Reserve for Encumbrances 1,062,000 6
923,000
4 Budgetary Fund Balance – Reserve for Encumbrances 1,043,000 116,500 180,000
Encumbrances 1,043,000
REVENUES REVENUES EXPENDITURES – STREET
4 Expenditures- Street and Highway Maintenance 1,030,500 INTERGOVERNMENTAL INVESTMENT INTEREST & HIGHWAY MAINTENANCE
Accounts Payable 1,030,500 1,072,000 15,120 5
4
1,030,500
5 Cash 5,120
Revenues – Interest on Investments 5,120
1,072,000 5,120
1,030,500
6 Accounts Payable 923,000
Cash 923,000 BUDGETARY ACCOUNTS
BUDGETARY
7 Budgetary Fund Balance 4,500 ESTIMATED REVENUES APPROPRIATIONS FUND BALANCE
Appropriations 4,500 c-3 1,068,000 1,047,000 c-3 21,000 c-3
4,500 7 7 4,500
debits = credits ??? 7,193,120 7,193,120 1,068,000 1,051,500 16,500
BUDGETARY FUND BALANCE
RESERVE FOR ENCUMBRANCES
RESERVE FOR ENCUMBRANCES ENCUMBRANCES
– bb 31,062,000
1,062,000 31,043,000 4
4
1,043,000
19,000
19,000
Total Debits 2,460,620
Total Credits 2,460,620
City of Monroe
STREET HIGHWAY MAINTENANCE FUND – Closing Entries
BUDGETARY
Account Title Debits Credits FUND BALANCE
16,500 Preclosing
Appropriations 1,051,500
16,500 closing entry
Budgetary fund balance 16,500
Estimated Revenues 1,068,000
–
Revenues – Intergovernmental 1,072,000
Revenues- Investment Interest 5,120
FUND BALANCE
Fund balance 46,620
180,000 Preclosing
Expenditures- Street & Highway Maintenance 1,030,500
46,620 closing entry
Budgetary Fund Balance – Reserve for 19,000
Encumbrances
Encumbrances Control 19,000
226,620 ending balance
Complete the following table
Non-spendable Restricted Committed Assigned Unassigned Total
Revenues
Intergovernmental Revenues 1,072,000
Interest on Investments 5,120
Total Revenues 1,077,120$
Expenditures
Current:
Street & Highway Maintenance 1,030,500
Total Expenditures 1,030,500
Excess (Deficiency) of Revenues Over Expenditures 46,620
Fund Balance, January 1 180,000
Fund Balance, December 31 226,620$
Assets
Cash 88,120$
Investments 59,000
Due from State Government 196,000
Total Assets 343,120$
Liabilities and Fund Equity
Liabilities
Accounts Payable 116,500$
Fund Equity
Fund Balance – Restricted for
Street and Highway Maintenance 226,620
Total Liabilities and Fund Equity 343,120$