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Rural County - journal entries and General ledger
Special Revenue fund
CAPITAL ASSETS
CASH FEES RECEIVABLE SUPPLIES (NET OF ACCL DEPR)
Rural County bb 85,000
Special Revenue Fund Journal Entries 385,250 37,300
December 31, 2015 89,900 3 6 2,400 7500
7,040 8
Account Title Debits Credits
1 Cash 85,000 80,350 2,400 760 -
Fund balance 85,000
2 Estimated Revenues 30,000 ACCOUNTS PAYABLE INTEREST PAYABLE BANK NOTE PAYABLE FUND BALANCE
Estimated Other Financing Sources 55,000 85,000 bb
Budgetary Fund Balance 9,000 500 7
Appropriations 94,000 780 9
3 Cash 85,250 1,280 - -
Customer fee revenues 30,250 85,000
Other financing sources - loan proceeds 55,000
EXPENDITURES EXPENDITURES EXPENDITURES
Supplies 7,300 CURRENT OPERATING CAPITAL OUTLAY INTEREST CUSTOMER FEE REVENUE
Expenditures: Current operating 17,400 30,250 3
Expenditures: Capital 63,000 317,400 363,000 32,200 2,400 6
Expenditures: Interest 2,200 87,040
Cash 89,900 9780
4 No accrual of interest 25,220 63,000 2,200 32,650
5 No depreciation
BUDGETARY FUND BAL
RESERVE FOR OTHER FINANCING
6 Customer fees receivable 2,400 ENCUMBRANCES ENCUMBRANCES SOURCES -- LOAN PROCEEDS
Customer fee revenues 2,400 55,000 3
7 Supplies 500 1,500 10 10 1,500
Accounts payable 500
1,500 1,500 55,000
8 Expenditures: Current operating 7,040
Supplies 7,040 ESTIMATED OTHER BUDGETARY
FINANCING SOURCES APPROPRIATIONS FUND BALANCE ESTIMATED REVENUES
9 Expenditures: Current operating 780 255,000 94,000 1 1 9,000 1 30,000
Accounts payable 780
10 Encumbrances 1,500 55,000 94,000 9,000 30,000
Budgetary Fund Balance - Reserve for encumbrances 1,500
Check that these equal after posting each journal entry
Total Debit Balances 269,430
Total Credit Balances 269,430
Closing Entries
Rural County
Special Revenue Fund Closing Entries
December 31, 2015
BUDGETARY
Account Title Debits Credits FUND BALANCE
9,000 Preclosing
Appropriations 94,000 9,000 closing entry
Budgetary fund balance 9,000
Estimate other financing sources 55,000
Estimated Revenues 30,000
-
Customer fee revenue 32,650
Other financing sources - bank loan 55,000 1
Fund balance 2,770
Current operating expenditures 25,220 FUND BALANCE
Capital expenditures 63,000 85,000 Preclosing
Expenditures: Interest 2,200 2,770 closing entry
Budgetary Fund Balance - Reserve for
Encumbrances
1,500
Encumbrances 1,500 82,230
Non-spendable Restricted
Committ
ed
Assigned Unassigned Total
Fund Balance 760 81,470 82,230
Special Revenue Fund Financial Statements
Special
Revenue
Fund
Special
Revenue Fund
Revenues Assets
Customer fees 32,650$ Cash 80,350$
Total Revenues 32,650 Customer fees receivable 2,400
Supplies Inventory 760
Expenditures
Current:
TV transmission 25,220 Total Assets 83,510$
Capital Outlay 63,000
Debt Service Liabilities and Fund Equity
Principal Liabilities
Interest 2,200 Accounts Payable 1,280
Total Expenditures 90,420
Excess (Deficiency) of Revenues Over Expenditures
(57,770)
Total Liabilities 1,280
Other financing sources (uses)
Proceeds of Bank Loan 55,000 Fund Balances
Transfers in Nonspendable: Supplies 760
total other financing sources (uses) 55,000 Assigned For:
TV reception improvement 81,470
Net Change in Fund Balance (2,770) Total Fund Equity 82,230
Fund Balance, January 1 85,000
Fund Balance, December 31 82,230$
Total Liabilities and Fund Equity
83,510$
Rural County
Balance Sheet
As of 12-31-2015
Rural County
For the year ended 12-31-2015
Statement of Revenues Expenditures and Changes in Fund Balance
Rural County - journal entries and General ledger
Enterprise fund
CASH FEES RECEIVABLE SUPPLIES CAPITAL ASSETS
Rural County bb 85,000 bb 40,000
Enterprise Fund Journal Entries 385,250 37,300
December 31, 2015 89,900 3 6 2,400 7500 363,000
7,040 8
Account Title Debits Credits
1 Cash 85,000 2,400 760 103,000
Land 40,000 80,350
Net Position 125,000
ACCUMULATED BUDGETARY
DEPRECIATION ACCOUNTS PAYABLE INTEREST PAYABLE BANK NOTE PAYABLE
2 No journal entry 1,100 455,000 2
4,725 5 500 7
3 Cash 85,250 780 9
Customer fee revenues 30,250
Bank note payable 55,000 4,725 1,280 1,100 55,000
Supplies 7,300
Expenses: Current operating 17,400 NET POSITION CUSTOMER FEE REVENUE OTHER FINANCING EXPENSES
Capital assets 63,000 125,000 bb 30,250 3SOURCES -- LOAN PROCEEDS CAPITAL OUTLAY
Expenses: Interest 2,200 2,400 6
Cash 89,900
4 Expenses: Interest 1,100
Interest Payable 1,100 125,000 32,650 - -
5 Expenses: Current Operating 4,725 EXPENSES EXPENSES
BUDGETARY FUND BAL
Accumulated depreciation 4,725 CURRENT OPERATING INTEREST RESERVE FOR
63000/10 *9/12 ENCUMBRANCES ENCUMBRANCES
317,400 32,200
6 Customer fees receivable 2,400 54,725 41,100
Customer fee revenues 2,400 87,040
9780
7 Supplies 500 - -
Accounts payable 500 29,945 3,300
8 Expenses: Current Operating 7,040
Supplies 7,040 BUDGETARY ESTIMATED OTHER
APPROPRIATIONS FUND BALANCE ESTIMATED REVENUES FINANCING SOURCES
9 Expenses: Current Operating 780
Accounts payable 780
10 No journal entry
- - - -
Check that these equal after posting each journal entry
Total Debit Balances 219,755
Total Credit Balances
219,755
Rural County - journal entries and General ledger
Enterprise fund
Rural County
Enterprise Fund Closing Entries
December 31, 2015
Account Title Debits Credits
125,000 Preclosing
Customer fee revenue 32,650
595 closing entry
Net Position 595
Current operating expenses 29,945
Interest expense 3,300
124,405
Net investment
in capital
assets
Restricted Unrestricted Total
Net investment in capital assets
Capital Assets 103,000 103,000
Less: Accumulated Depreciation (4,725) (4,725)
Less: Bank note payable (55,000) (55,000)
Restricted 0 -
Unrestricted 81,130 81,130
43,275 - 81,130 124,405
NET POSITION
Enterprise fund financial statements
Television
Reception
Improvement
Television
Reception
Improvement
Revenues Assets
Charges for Services 32,650$ Cash 80,350$
Customer fees receivable 2,400
Total Revenues 32,650 Supplies Inventory 760
total current assets 83,510
Operating Expenses
Current operations 29,945 Capital Assets 103,000
Capital Less Accumulated Depreciation (4,725)
Total Assets 181,785$
Total Operating Expenses 29,945
Liabilities and Fund Equity
Operating Income (loss) 2,705 Liabilities
Accounts Payable 1,280
Nonoperating income (expenses) Interest payable 1,100
Interest Expense (3,300) total current liabilities 2,380
Total nonoperating revenue (3,300)
Bank note payable 55,000
Change in Net Position (595)
Net Position- Beginning of Year 125,000 Total Liabilities 57,380
Net Position - End of Year 124,405$
Net Position
Unrestricted 81,130
Net investment in capital assets 43,275
Total Net Position 124,405$
Total Liabilities and Net Position 181,785$
Rural County
Statement of Revenues Expenses and Changes in Net Position
For the year ended 12-31-2015
Rural County
Statement of Net Position
As of 12-31-2015
Jefferson County - journal entries and General ledger
Internal Service Fund
DUE FROM
Jefferson County CASH OTHER FUNDS SUPPLIES CAPITAL ASSETS
Internal Service Fund Journal Entries bb 18,000 bb 6,500 bb 4,000 bb 35,000
December 31, 2015 587,000 37,350 4 2 96,250 136,200
46,800 687,000 536,700 3
Account Title Debits Credits 8,000 7
1Supplies 36,200 810,000
Accounts payable 36,200 15,750 3,500 35,000
2 Due from other funds 96,250 22,850
Operating Revenue: Charges for services 96,250
ACCUMULATED ADVANCE FROM
3 Operating expenses - cost of services 36,700 DEPRECIATION ACCOUNTS PAYABLE WAGES PAYABLE ENTERPRISE FUND
Supplies 36,700 6,500 bb 5,500 bb 300 bb 25,000 bb
6,900 9 36,200 1 6 300 78,000
4 Accounts payable 37,350 4 37,350 490 11
Cash 37,350
5 Cash 87,000 13,400 4,350 490 17,000
Due from other funds 87,000
OPERATING REVENUE:
6 Operating expenses - cost of services 46,500 BANK NOTE PAYABLE INTEREST PAYABLE NET POSITION CHARGES FOR SERVICES
Wages payable 300 26,200 bb
Cash 46,800 10,000 8600 10 96,250 2
7 Advance from enterprise fund 8,000
Cash 8,000 10,000 600 26,200 96,250
8 Cash 10,000
Bank note payable 10,000 OPERATING EXPENSES OPERATING EXPENSES
NONOPERATING EXPENSES
COST OF SERVICES DEPRECIATION EXPENSE INTEREST
9 Operating expense - depreciation 6,900
Accumulated depreciation 6,900 336,700 96,900 10 600
646,500
10 Nonoperating expenses - interest 600 11 490
Interest payable 600
83,690 6,900 600
11 Operating expenses - cost of services 490
Wages payable
490
Check that these equal after posting each journal entry
Total Debit Balances 168,290
Total Credit Balances
168,290
Closing Entries
Jefferson County
Internal Service Fund Closing Entries
December 31, 2015
Account Title Debits Credits
Operating revenue - charges for services 96,250 26,200 Preclosing
Net Position 5,060 5,060 closing entry
Operating expenses - cost of services 83,690
Operating expenses - depreciation 6,900
Nonoperating expenses - interest 600 31,260 1
Net investment in
capital assets
Restricted Unrestricted Total
Net investment in capital assets
Capital Assets 35,000 35,000
Less: Accumulated Depreciation (13,400) (13,400)
Less: Advance from Enterprise fund (17,000) (17,000)
Restricted 0 -
Unrestricted 26,660 26,660
4,600 - 26,660 31,260
NET POSITION
financial statements
Governmental
Activities:
Internal Service
Fund
Governmental
Activities:
Internal Service
Fund
Revenues Assets
Charges for Services 96,250$ Cash 22,850$
Due from other funds 15,750
Total Revenues 96,250 Supplies Inventory 3,500
total current assets 42,100
Operating Expenses
Cost of services 83,690 Capital Assets (net) 35,000
Depreciation 6,900 Less: accumulated depreciation (13,400)
Total Assets 63,700$
Total Operating Expenses 90,590
Liabilities and Fund Equity
Operating Income (loss) 5,660 Liabilities
Accounts payable 4,350
Nonoperating income (expenses) Wages payable 490
Interest Expense (600) Interest payable 600
Total nonoperating revenue (600) total current liabilities 5,440
Change in Net Position 5,060 Bank note payable 10,000
Net Position- Beginning of Year 26,200 Advance from Enterprise fund 17,000
Net Position - End of Year 31,260$ Total Liabilities 32,440
Net Position
Unrestricted 26,660
Net investment in capital assets 4,600
Total Net Position 31,260$
Total Liabilities and Net Position 63,700$
Jefferson County
Jefferson County
Statement of Revenues Expenses and Changes in Net Position
Statement of Net Position
For the year ended 12-31-2015
As of 12-31-2015
Governmental
Activities:
Internal Service
Fund
Cash received from customers 87,000$
Cash paid to suppliers (37,350)
Cash paid to employees (46,800)
Net cash provided by operating activities 2,850
Proceeds of bank note 10,000
Net cash provided by noncapital financing activities 10,000
Acquisition of capital assets
Principal paid on long-term advance (8,000)
Interest paid
Net cash provided from capital and related financing activities (8,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided from intesting activities -
Increase in cash 4,850
Cash and cash equivalents beginning of year 18,000
Cash and cash equivalents end of year 22,850$
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Operating Income 5,660
Depreciation 6,900
(Increase) decrease in receivables (9,250)
(Increase) decrease in inventory 500
Increase (decrease) in accounts payable (1,150)
Increase (decrease) in wages payable 190
Net cash provided by operating activities 2,850$
Jefferson County
Statement of Cash Flows
for the year ended 12-31-2015
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
