ENTERPRISE FUND – GENERAL LEDGER
Journal Entries debits credits DUE FROM
3 Feb. 1 Cash 300,000 CASH OTHER FUNDS SUPPLIES ACCOUNTS RECEIVABLE
Transfer in – capital contribution 300,000 bb – bb – bb – bb –
To record contribution from GF 3300,000 1,045,000 921 920,000 91,100,000 21 2,120,000
21 805,000 632,500 17 805,000 21 1,086,000 24 1,805,000 21
9 Supplies Inventory 1,100,000 21 1,805,000 1,813,000 20 18,500 21
Accounts payable 1,100,000 27 650,000
To record receipt of supplies 115,000 14,000 296,500
Accounts payable 1,045,000
Cash 1,045,000 69,500
Payment of wages BUILDINGS & STRUCT
EQUIP & MACHINERY
GEOTHERMAL GENERATORS
bb bb bb
21 Due from General Fund 920,000 59,417 26 30,000 26 130,000 26
Accounts receivable 2,120,000 59,417 30,000 130,000
Revenue – charges for services 2,997,600
Allowance for uncollection accounts 42,400 ACCOUNTS PAYABLE CONTRACTS PAYABLE INTEREST PAYABLE ST NOTE PAYABLE
Supplies inventory 1,086,000
OPERATING EXPENSES
OPERATING EXPENSES NONOPERATING EXPENSES TRANSFER IN –
Record supplies used SUPPLIES EXPENSE DEPRECIATION EXPENSE INTEREST CAPITAL CONTRIBUTIONS
24 1,086,000 26 219,417 25 125,000 300,000 3
25 Dec. 31 Interest expense 125,000
Interest payable 125,000 1,086,000 219,417 125,000 300,000
ENTERPRISE FUND – GENERAL LEDGER
Accumulated depreciation – Machinery 130,000 –
27 Dec. 31 Cash 650,000
Note payable 650,000
Record short term borrowing
Revenue – charges for services 2,997,600
Transfer in – capital contribution 300,000
Salaries expense 1,813,000
Supplies expense 1,086,000
Depreciation expense 219,417
Interest expense 125,000
Net position 54,183
Closing entry
PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
Operating Revenues
Charges for Services 2,997,600$
Total Current Assets 2,997,600
Operating Expenses
Salaries 1,813,000
Supplies 1,086,000
Depreciation 219,417
Total Operating ExpensesNoncurrent Assets
3,118,417
Operting Income (120,817)
Nonoperating Revenues (Expenses)
Interest Expense (125,000) Expenses entered as negative amounts
Income before Contributions (245,817)
Capital Contibutions 300,000
Change in Net Position 54,183
Net Position, January 1, 2091 –
Net Position, December 31, 2091 54,183$
PROVINCE OF EUROPA
STATEMENT OF NET POSITION
PROVINCE OF EUROPA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
AS OF DECEMBER 31, 2091
Total Net Position 54,183$
PROVINCE OF EUROPA
STATEMENT OF CASH FLOWS
Cash Flows from Non-Capital Related Financing Activities
Borrowing for Operations 650,000
Net Cash Provided by Non-Capital Related Financing Activities 650,000
Cash Flows from Capital Related Financing Activities
Acquisition of Capital Assets (632,500)
Contributed Capital from General Fund 300,000
Operating Income (120,817)$
Adjustments to Reconcile Operating Income to Net Cash Provided
by Operating Actitities
Depreciation 219,417
(Increase) Decrease in Customer Accounts Receivable– net (272,600)
(Increase)Decrease in Interfund Receivables (115,000)
(Increase) Decrease in Inventories (14,000)
Increase (Decrease) in Accounts Payable 55,000
PROVINCE OF EUROPA
STATEMENT OF CASH FLOWS