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General Fund - General Ledger
# date Journal Entries debits credits CASH
1 Jan. 1 Encumbrances 11,806 bb 18,000 ALLOWANCE FOR
Budgetary Fund Balance Reserve for Encumbrances 11,806 5450,000 300,000 3TAXES RECEIVABLE UNCOLLECTIBLE TAXES SUPPLIES
additional debit account
To re-establish outstanding encumbrances 63,030,000 11,501 7bb - - bb bb 13,000
19 1,230,000 900,000 8 6 3,700,000 111,000 6 8 935,000
3 Feb. 1 OFU - Transfer out to Enterprise Fund 300,000 250,000 11 3,030,000 6 6 104,000 832,000 24
Intergovernmental grant revenue 450,000 935,000 8300,000 28 920,000 21
To record a cash grant from UEC 8900,000 21 805,000
6 31-Jan Taxes Receivable 3,700,000
Estimated Uncollectible taxes 111,000 - 35,000 300,000 115,000 31,000
Revenue- Property taxes 3,589,000
Encumbrances 11,806 GENERAL GOVERNMENT PUBLIC SAFETY EDUCATION OTHER FINANCING OTHER FINANCING USES
To record payment for supplies ordered in previous year EXPENDITURES EXPENDITURES EXPENDITURES SOURCES TRANSFERS OUT
Note this will not appear in 2091 Budgetary Comparison Schedule 711,501 3300,000
20 837,000 20 775,000 20 725,000 11 250,000
8 Encumbrances 940,000 21 350,000 21 320,000 21 250,000 22 281,250
11 Mar. 31 OFU - Transfer out to (CPF) 250,000 BUDGETARY FUND BALANCE
Cash 250,000 ENCUMBRANCES RESERVE FOR ENCUMBRANCES
To record transfer to CPF for school building 111,806 - bb
11,806 7 7 11,806 11,806 1
18 Nov. 30 Encumbrances 167,020 8940,000 940,000 8940,000 8
General Fund - General Ledger
Expenditures: Public Safety 775,000 -
Expenditures: Education 725,000
Cash 2,337,000
To record payroll
21 Expenditures: General Operations 350,000
Expenditures: Public Safety 320,000
Expenditures: Education 250,000
Due to Enterprise Fund 920,000
To record receipt of utility bills
Due to Enterprise Fund 805,000
Cash 805,000
To record Payment of utility bills
22 OFU-Tranfer out (to DSF) 281,250
Cash 281,250
Appropriations 4,150,000
Estm' OFU - Transfers to other funds 850,000
Budgetary Fund Balance 260,000
Estimated Revenues 5,260,000
Closing Entries
# date Journal Entries debits credits DEBT SERVICE FUND GENERAL LEDGER
12 Apr. 1 Cash 80,000
OFS - Transfers In (from CPF) 80,000 CASH FUND BALANCE
To record transfer from CPF bb - - bb
12 80,000
22 Cash 281,250 22 281,250
OFS - Transfers In (from GF) 281,250 281,250 23
To record transfer from GF
80,000 -
23 Jan. 1 Expenditure - Debt Service Principal 93,750
Expenditure - Debt Service Interest 187,500 OTHER FINANCING SOURCES EXPENDITURES EXPENDITURES
Cash 281,250 TRANSFERS IN BOND PRINCIPAL BOND INTEREST
To record payment on serial bonds 80,000 12
281,250 22
23 93,750 23 187,500
OFS - Transfers In 361,250
Expenditure - Debt Service Principal 93,750 361,250 93,750 187,500
Expenditure - Debt Service Interest 187,500
Fund Balance 80,000
Closing Entry T. Debits 361,250
T. Credits 361,250
# date Journal Entries debits credits CAPITAL PROJECTS FUND GENERAL LEDGER
11 Mar. 31 Cash 250,000
OFS - Transfers In (from GF) 250,000 DUE FROM OTHER
To record transfer from CPF CASH FUNDS CONTRACTS PAYABLE
bb - bb - - bb
12 Apr. 1 Cash 2,580,000 11 250,000 1,250,000 14
OFS - Proceeds of Bond Issue 2,500,000 12 2,580,000 14 850,000
OFS - Proceeds of Bond Premium 80,000 80,000 12
To record issuance of bonds 850,000 14
1,900,000 - 400,000
Budgetary Fund Balance Reserve for Encumbrances 1,250,000 TRANSFERS IN PROCEEDS OF BONDS PREMIUM ON BONDS
Encumbrances 1,250,000 250,000 11 2,500,000 12 80,000 12
To record partial completing of construction contract
Dec. 31 Contracts payable 850,000 250,000 2,500,000 80,000
T. Debits 4,580,000
Budgetary Fund Balance Reserve for Encumbrances 1,350,000 T. Credits 4,580,000
Encumbrances 1,350,000
Closing Entries
# date Journal Entries debits credits
14 Nov. 31 Construction in process 1,250,000
Investment in general fixed assets 1,250,000 CONSTRUCTION
To record progress billing for the school building BUILDINGS & STRUCT EQUIPMENT IN PROCESS
bb 1,395,000 bb 480,000 bb -
26 Apr. 1 Investment in general fixed assets 235,500 14 1,250,000
Accumulated depreciation - Buildings & Structures 139,500
Accumulated depreciation - Equipment & Machinery 96,000 1,395,000 480,000 1,250,000
BUILDINGS & STRUCT EQUIP & MACHINERY GEN. FIXED ASSETS
bb bb 1,875,000 bb
139,500 26 96,000 26 1,250,000
14
26 235,500
139,500 96,000 2,889,500
T. Debits 7,483,250
Dec. 31 Premium on Bonds 3,000 T. Credits 7,482,875
Amount to be provided for payment of bonds 3,000
Amortize bond premium (80,000/20yrs)(9/12months)
GENERAL FIXED ASSET ACCOUNT GROUP
PROVINCE OF EUROPA
GOVERNMENTAL FUNDS
General
Debt
Service
Capital
Projects
Total
Governmental
Funds
Revenues
Property Taxes 3,589,000$ 3,589,000$
Sales Taxes 838,000 838,000
Fees, Licenses and Permits 312,000 312,000
Intergovernmental Revenues 450,000 450,000
Education Program Fee Revenues 80,000 80,000
Total Revenues 5,269,000 - - 5,269,000
Expenditures
Current:
General Government Operations 1,490,501 1,490,501
Public Safety 1,495,000 1,495,000
Education 1,115,000 1,115,000
Capital Outlay 1,250,000$ 1,250,000
Debt Service -
Principal 93,750$ 93,750
Fund Balance, January 1, 2091 31,000 - - 31,000
Fund Balance, December 31, 2091 368,249$ 80,000$ 1,500,000$ 1,948,249$
PROVICE OF EUROPA
GOVERNMENTAL FUNDS
General
Debt
Service
Capital
Projects
Total
Governmental
Funds
Assets
Cash 143,249$ 80,000$ 1,900,000$ 2,123,249$
Taxes Reveivable - Gross 566,000 566,000
Less: Allowance uncollectibles taxes (7,000) (7,000)
Supplies Inventory 116,000 116,000
Total Assets 818,249$ 80,000$ 1,900,000$ 2,798,249$
Liabilities and Fund Equity
Liabilities
Capital Acquisitions 167,020 150,000 317,020
Unassigned 85,229 85,229
Total Fund Balance 368,249 80,000 1,500,000 1,948,249
Total Liabilities and Fund Equity 818,249$ 80,000$ 1,900,000$ 2,798,249$
PROVINCE OF EUROPA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Public Safety 1,400,000 1,400,000 1,662,020 (262,020)
Education 1,250,000 1,250,000 1,115,000 135,000
-
Total Expenditures 4,150,000 4,150,000 4,256,020 (106,020)
Excess (Deficiency) of Revenues Over Expenditures 1,110,000 1,110,000 1,012,980 115,020
