Worksheet to convert Governmental fund basis information to accrual basis
Journal Entries debits
credits
(enter as
negatives)
Gov’tal Fund
Balances
Adjustments & Eliminations
Balances for
Gov’t-wide
Stmts
1 Capital Assets 1,875,000
Debits Credits
Bonds Payalbe 1,875,000 DEBITS:
to record beginning balances LT debt and capital assets Cash 2,123,249 2,123,249
Taxes Receivable, net 559,000 559,000
2 Capital Assets 1,250,000
Inventories 116,000 116,000
Capital Expenditures 1,250,000 Capital Assets (net) 11,875,000 235,500 32,889,500
to capitalize current expenditures 21,250,000
–
3 Depreciation expense 235,500
Expenditures (expenses) Current
Accumulated depreciation 235,500 General Govt. Operations 1,490,501 1,490,501
current year depreciation Public Safety 1,495,000 1,495,000
Education 1,115,000 1,115,000
4 OFS – Proceeds of Bonds 2,500,000
Other Expenditures (expenses)
OFS – Premium on Bonds 80,000 – Debt Service Principal 93,750 93,750 8–
Bonds Payable 2,500,000 – Interest (expenditure/expense) 187,500 6187,500 3,000 5372,000
Premium on Bonds 80,000
To record LT liability for bonds issued this year
– Capital Outlay 1,250,000 1,250,000 2–
– Depreciation 3235,500 235,500
5 Premium on Bonds 3,000
Other Fin. Uses – Transfers Out 911,250 611,250 7300,000
Interest Expense 3,000
To amortize 9 months of bond premium
Total Debits 9,341,250 10,695,750
Enter all amounts as positive numbers. The worksheet is
formatted to add debits to assets & expenses and add credits
to revenues, liabilities & equity
Worksheet to convert Governmental fund basis information to accrual basis
Journal Entries debits
credits
(enter as
negatives)
Gov’tal Fund
Balances
Adjustments & Eliminations
Balances for
Gov’t-wide
Stmts
1 Capital Assets 1,875,000
Debits Credits
CREDITS:
6 Interest Expense 187,500
Accounts Payable 35,000 35,000
Accrued interest payable 187,500 Due to Other Funds 115,000 115,000
To accrue interest for 9 months on bonds issued this year Contracts Payable 400,000 400,000
Accrued Interest Payable 187,500 6187,500
7 Transfer In 611,250
Short Term Notes Payable 300,000 300,000
Transfer Out 611,250 Bonds Payable 893,750 1,875,000 1
To eliminate interfund transfers (between governmental type only) 2,500,000 44,281,250
Premium on Bonds 53,000 80,000 477,000
8 Bond Payable 93,750
–
Expenditures – principal 93,750 –
To eliminate expenditure for bond principal and reduce liability
Revenues
Property Taxes 3,589,000 3,589,000
Sales Taxes 838,000 838,000
Interest –
Fees, Licenses & Permits 312,000 312,000
Miscellaneous 80,000 80,000
Intergovernmental Grant for –
General Gov’t Operations 450,000 450,000
–
Other Financing Sources
Proceeds of Bonds 2,500,000 42,500,000 –
Premium on Bonds 80,000 480,000 –
Transfers In 611,250 7611,250 –
Net Position at beginning of year 31,000 31,000
Total Credits 9,341,250 10,695,750
Journal Entries debits
credits
(enter as
negatives)
Gov’tal Fund
Balances
Adjustments & Eliminations
Balances for
Gov’t-wide
Stmts
1 Capital Assets 1,875,000
Debits Credits
column totals for JE’s 6,836,000 6,836,000
PROVINCE OF EUROPA
STATEMENT OF ACTIVITIES GOVERNMENT-WIDE BASIS
FOR THE YEAR ENDED DECEMBER 31, 2091
PROVINCE OF EUROPA
STATEMENT OF NET POSITION
AS OF DECEMBER 31, 2091
Governmental
Activities
Business-Type
Activities
Total
Assets
Cash 2,123,249$ 69,500$ 2,192,749$
Accounts Receivable (Net) 272,600 272,600
Taxes Receivable (Net) 559,000 559,000
Internal Balances Current (115,000) 115,000 – Enter payables to other funds as negative, receivables as positve amounts
Inventories 116,000 14,000 130,000
Capital Assets, Net of Accumulated Depreciation 2,889,500 1,895,583 4,785,083
Total Assets 5,572,749$ 2,366,683$ 7,939,432$
Liabilities
Accounts Payable 35,000 55,000 90,000
Contracts Payable 400,000 232,500 632,500
Accrued Interest Payable 187,500 125,000 312,500
Short Term Notes Payable 300,000 650,000 950,000
General Obligation Bonds Payable 4,281,250 1,250,000 5,531,250
Premium on Bonds Sold 77,000 77,000
Total Liabilities 5,280,750 2,312,500 7,593,250
Net Position
Net Investment in Capital Assets (1,468,750) 645,583 (823,167)
Unrestricted 1,760,749 (591,400) 1,169,349
Total Net Position 291,999$ 54,183$ 346,182$
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