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JOURNAL ENTRIES
State Government
Capital Project Fund Journal Entries
December 31, 2015
Account Title Debits Credits
1 Encumbrances 1,700,000
Budgetary Fund Balance - Reserve for encumbrances 1,700,000
2 Cash 25,412,000
Taxes receivable 2,550,000
5 Contracts payable 28,818,000
Cash 28,818,000
State Government
Debt Service Fund Journal Entries
December 31, 2015
Account Title Debits Credits
6 Cash 5,300,000
Other financing sources - transfers in 5,300,000
7 Expenditure - bond interest 3,400,000
Expenditure - bond principal 1,800,000
Cash 5,200,000
8 Cash 25,000,000
JOURNAL ENTRIES
STATE GOVERNMENT
General ledger
STATE GOVERNMENT
General ledger
25,000,000 25,000,000 5,300,000
Total debit balances 30,475,000
Total credit balances 30,475,000
STATE GOVERNMENT
Capital project Fund Closing Entries
December 31, 2015
Account Title Debits Credits
CAPITAL PROJECTS FUND
FUND BALANCE
Fuel tax revenues 25,967,000 9,375,000 bb
Fund balance 2,933,000 2,933,000 closing entry
Capital Expenditures 28,900,000
6,442,000
Budgetary Fund Balance -- Reserve for
Encumbrances
1,800,000
Encumbrances 1,800,000
1
Non-spendable Restricted
Committ
ed
Assigned Unassigned Total
Fund Balance 6,442,000 6,442,000
STATE GOVERNMENT
Debt service fund closing entries
December 31, 2015
Account Title Debits Credits DEBT SERVICE FUND
FUND BALANCE
OFS - Bond refunding 25,000,000 175,000 bb
OFS - transfers in 5,300,000 100,000 closing entry
Expenditures - bond principal 1,800,000
Expenditures - bond interest 3,400,000
OFU - bond refunding 25,000,000 275,000
Fund balance reserved for debt service 100,000
Non-spendable Restricted
Committ
ed
Assigned Unassigned Total
Fund Balance 275,000 275,000
State Government - Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance
State Government - Governmental Funds
Balance Sheet
JOURNAL ENTRIES
Solution
Jefferson County
Capital Project Fund Journal Entries
December 31, 2015
Account Title Debits Credits
1 Cash 722,800
Other financing sources - proceeds of bonds 700,000
Other financing sources - premium on bonds 22,800
Other financing uses - transfers out 22,800
Cash 22,800
2 Due from other governments 280,000
Intergovernmental revenues 280,000
3 Encumbrances 1,000,000
Jefferson County
Debt Service Fund Journal Entries
December 31, 2015
Account Title Debits Credits
5 Cash 22,800
Other financing sources - transfers in 22,800
6 Cash 43,000
Other financing sources - transfers in 43,000
Jefferson County
Permanent Fund (Elwood Family Book) Journal Entries
December 31, 2015
Account Title Debits Credits
8 Cash 130,000
Investments in corporate bonds 370,000
Receivable from grantor 500,000
JOURNAL ENTRIES
9 Investment in US government securities 130,000
Cash 130,000
10 Cash 17,000
Revenues - investment income - interest 17,000
11 No entry - Permanent funds typically do not record encumbrances
12 Expenditures - Library 12,700
Accounts payable 12,700
Accounts payable 8,600
Cash 8,600
13 Accrued interest receivable 1,700
Revenues - investment income - interest 1,700
14 Investment in corporate bonds 3,000
Investment in US government securities 600
Revenues - net increase in fair value of investments 2,400
JEFFERSON COUNTY General ledger
CAPITAL PROJECTS FUND GENERAL LEDGER
DUE FROM OTHER
CASH GOVERNMENTS CONTRACTS PAYABLE FUND BALANCE
bb 68,000 68,000 bb
1722,800 22,800 2 3 280,000 612,000 4
587,000 5 5 587,000
280,000 25,000 68,000
181,000
INTERGOVERNMENTAL CAPITAL OTHER FINANCING USES OTHER FINANCING SOURCES
REVENUES EXPENDITURES TRANSFERS OUT PROCEEDS OF BONDS
222,800 700,000 2
280,000 3 4 612,000 4
280,000 612,000 22,800 700,000
OTHER FINANCING SOURCES BUDGETARY FUND BALANCE
PREMIUM ON BONDS RESERVE FOR ENCUMBRANCES ENCUMBRANCES
22,800 2
1,000,000 3 3 1,000,000
4612,000 612,000 4
22,800 388,000 388,000
Total debit balances 1,483,800
Total credit balances 1,483,800
DEBT SERVICE FUND GENERAL LEDGER
CASH FUND BALANCE
bb - - bb
522,800
643,000
43,000 7
-
22,800
OTHER FINANCING SOURCES EXPENDITURES EXPENDITURES
TRANSFERS IN BOND PRINCIPAL BOND INTEREST
22,800 5 7 22,000 721,000
43,000 6
65,800 22,000 21,000 Total debit balances 65,800
Total credit balances 65,800
PERMANENT FUND - ELWOOD FAMILY BOOK FUND GENERAL LEDGER
RECEIVABLE INVESTMENTS IN INVESTMENTS IN
CASH FROM GRANTOR CORPORATE BONDS US GOV'T SECURITIES
bb
- bb 500,000
8
130,000 130,000 9500,000 8 8 370,000 9130,000
10
17,000 8,600 12 14 3,000 600 14
- 373,000 129,400
8,400
INTEREST RECEIVABLE ACCOUNTS PAYABLE FUND BALANCE -
500,000 bb
13
1,700 12,700 12
12
8,600
1,700 4,100 500,000
REVENUES -
REVENUES - INVESTMENT INCOME
INVESTMENT INCOME NET INCREASE IN FAIR EXPENDITURES
INTEREST
VALUE OF INVESTMENTS
LIBRARY
17,000 10 12 12,700
1,700 13 2,400 14
18,700 2,400 12,700 Total debit balances 525,200
Total credit balances 525,200
Jefferson County
Capital project Fund Closing Entries
December 31, 2015
Account Title Debits Credits
CAPITAL PROJECTS FUND
Intergovernmental revenue 280,000
FUND BALANCE
OFS - proceeds of bonds 700,000
68,000 bb
OFS - premium on bonds 22,800
368,000 closing entry
Fund balance 368,000
Capital Expenditures 612,000
436,000
OFU - Transfers out 22,800
Non-
spendable
Restricted Committed Assigned Unassigned Total
Fund Balance 436,000 436,000
Jefferson County
Debt service fund closing entries
December 31, 2015
Account Title Debits Credits FUND BALANCE
DEBT SERVICE
- bb
OFS - transfers in 65,800
22,800 closing entry
Expenditures - bond principal 22,000
Expenditures - bond interest 21,000
Fund balance 22,800
22,800
Non-
spendable
Restricted Committed Assigned Unassigned Total
Fund Balance 22,800 22,800
Jefferson County
Permanent Fund Closing Entries
December 31, 2015
Account Title Debits Credits PERMANENT FUND
FUND BALANCE
Revenues - net increase in fair value of
investments
2,400 8,400 closing entry
Expenditures - Library 12,700
Fund Balance 8,400
508,400
Non-
spendable
Restricted Committed Assigned Unassigned Total
Fund Balance 500,000 - 8,400 508,400
Jefferson County - Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance
Jefferson County - Governmental Funds
Balance Sheet
as of 12/31/2015
General
Fund
Capital
Projects
Fund
Debt Service
Fund
Permanent
Fund
Total
Governmental
Funds
Assets areas shaded in blue are not a
Cash 128,148$ 181,000$ 22,800$ 8,400$ 340,348$ a requirement of this exercise but
Investment in corporate bonds 373,000 373,000 are assumed to provide a complete
Investment in US securities 129,400 129,400 financial statement
Taxes Receivable - net 51,325 51,325
Due from other governments 280,000 280,000
Accrued interest receivable 1,700 1,700
Supplies Inventory 350 350
Total Assets 179,823$ 461,000$ 22,800$ 512,500$ 1,176,123$
Liabilities, Deferred Inflows and Fund Balances
Liabilities
Accounts Payable 2,000 4,100 6,100
Wages Payable 850 850
Contracts payable 25,000 25,000
Total Liabilities 2,850 25,000 - 4,100 31,950
Deferred Inflows of Resources
Property Taxes 22,600 22,600
Fund Balances
Nonspendable
Inventories 350 350
Permanent Fund principal 500,000 500,000
Restricted for low income housing projects 436,000 436,000
Assigned -
General Government operations 800 - 800
Debt Service 22,800 22,800
Library purchases 8,400 8,400
Unassigned 153,223 153,223
Total Fund Balances 154,373 436,000 22,800 508,400 1,121,573
Total Liabilities and Fund Balances 179,823$ 461,000$ 22,800$ 512,500$ 1,176,123$
