whole or part.
16
Vouchers Payable 272,187
Due to Federal Government 135,720
Due to State Government 32,600
Internal Payables to Business-type Activities 6,400
Net Position—Net Investment in Capital Assets 17,684,376
Net Position—Restricted for Public Safety 15,000
Net Position—Unrestricted 505,425
Totals $24,945,972 $24,945,972
e. Select [Reports, Trial Balances, Post-Closing Trial Balance] and print the trial
balance for 2016, or submit a saved .pdf version of the trial balance electronically if
directed to do so by your instructor. Retain in your cumulative file until the due date
for your project or the time specified by your instructor.
Before closing the City of Smithville, click on [File], and [Save/Save As] to save
your work. If you close the file by clicking on the [X] box you will be asked if you
want to save your changes before closing.
whole or part.
17
Chapter 3 Recording the Annual Budget
The following budget for the General Fund of the City of Smithville was legally adopted
for the fiscal year ending December 31, 2017.
Estimated Revenues:
Taxes:
Real Property $1,679,070
Sales 1,960,000
Interest and Penalties on Taxes 9,000
Licenses and Permits 600,000
Fines and Forfeits 410,000
Intergovernmental Revenue 275,000
Charges for Services 236,000
Miscellaneous Revenues 91,300
Total Estimated Revenues $5,260,370
Appropriations:
General Government $ 667,200
Public Safety 2,565,500
Public Works 905,000
Health and Welfare 604,300
Culture and Recreation 460,800
Miscellaneous 47,100
Total Appropriations $5,249,900
Estimated Other Financing Sources and Uses:
Interfund Transfer Out $ 20,000
Required
a. After opening the file you created for Chapter 2 of this project, record the budget in
the general journal, providing entries in the Detail Journal when directed. Begin by
selecting [General Fund] in the [Current Accounting Entity] drop-down box and
the [Journal] tab. In the [Year] box, be sure to select the year 2017. Enter 3-a in
the [Transaction Description] box. Select “Estimated Revenues” in the drop down
[Account (# – Description)] window. This will take you automatically to the Detail
Journal where you will enter the detail for each estimated revenue source. In the
Detail Journal, select “Budget Authorization” from the drop-down menu for
[Transaction Description].
When you have finished entering the estimated revenue detail information, verify
that the correct total amount is shown in the Detail Journal, then click on [Return to
General Journal] and the total estimated revenues will be entered in the general
journal Estimated Revenues control account. Follow the same procedure to record
whole or part.
18
the budget detail for Appropriations. To complete this entry debit or credit
Budgetary Fund Balance as appropriate to balance the budgetary entry.
To finish recording the budget debit Budgetary Fund Balance and credit Estimated
Other Financing Uses—Interfund Transfer Out for $20,000. Note that budgetary
entries have no effect on governmental activities at the government-wide level and
thus the budget information is only recorded in the General Fund.
When you are satisfied you have made the entries correctly, post them to the general
ledger by clicking on [Post Entries]. Before posting, or after unposting as described
previously, you can edit, delete or insert entries in the journal by placing the cursor
in the line you want to adjust and then right-clicking. Note that the “Insert Entry”
function will work if you are inserting an entry prior to a balance sheet account.
However, it will not work when inserting an entry prior to any account that has an
associated subsidiary ledger (e.g., estimated revenues, expenditures). If you make
too many errors and want to start over, you can select [Student Assistance] from the
[File] menu and completely wipe out all data from the current fund or governmental
activities entity on which you are working. Generally, such radical action should be
unnecessary given the [Unpost] and [Insert] capabilities of the program, as
described previously.
b. Go to [Reports], print the pre-closing subsidiary ledgers and pre-closing trial
balance for year 2017 from the “Reports” window for retention in your cumulative
file until directed by your instructor to submit them, or submit saved versions of
these documents electronically if directed to do so by your instructor. As of this
time, only the budget has been recorded. This is your last opportunity to print or
export these documents with budget information only. After operating
transactions have been journalized and posted in Chapter 4, subsidiary ledgers and
trial balances will contain both budgetary and operating accounts and balances.
Before closing the City of Smithville, click on [File], and [Save/Save As] to save your
work. If you close the file by clicking on the [X] box you will be asked if you want to
save your changes before closing.
whole or part.
19
Chapter 4 Recording Operating Transactions Affecting the General
Fund and Governmental Activities at the Government-wide
Level
Presented below are a number of transactions for the City of Smithville that occurred
during fiscal year 2017, the year for which the budget given in Chapter 3 was recorded.
Read all instructions carefully.
a. After opening the data file containing your data from Chapters 2 and 3 of this project,
record the following transactions in the general journal for the General Fund and, if
applicable, in the general journal for governmental activities at the government-wide
level. For all entries, the date selected should be year 2017. For each of the
paragraphs that requires entries in both the General Fund and governmental activities
journals, you can either record them in both journals on a paragraph-by-paragraph
basis or, alternatively, record all the General Fund journal entries first for all
paragraphs, then complete the governmental activities journal entries for all
paragraphs. Regardless of the method you choose, we recommend that you refer to
the illustrative journal entries in Chapter 4 of the Reck and Lowensohn textbook (17th
edition) for guidance in making all entries.
For each entry affecting budgetary accounts or operating statement accounts, the
Detail Journal will automatically open to allow you to record the appropriate amounts
in the detail budgetary or actual accounts, as was the case in Chapter 3.
Before closing the City of Smithville, click on [File], and [Save/Save As] to save
your work. If you close the file by clicking on the [X] box you will be asked if you
want to save your changes before closing.
1. [Para. 4-a-1] On January 2, 2017, real property taxes were levied for the year in
the amount of $1,731,000. It was estimated that 3 percent of the levy would be
uncollectible.
Required: Record this transaction in both the General Fund and governmental
activities journal. (Note: Type 4-a-1 as the paragraph number in the [Transaction
Description] box for this entry; 4-a-2 for the next transaction, etc. Careful
referencing by paragraph number is very helpful should you need to determine
where you may have omitted a required journal entry or made an error.) Select
“Accrued Revenue” in the drop down [Transaction Description] menu in the
Detail Journal related to the General Fund entry.
2. [Para. 4-a-2] Encumbrances were recorded in the following amounts for purchase
orders issued against the appropriations indicated:
whole or part.
20
General Government $ 98,453
Public Safety 183,259
Public Works 217,675
Health and Welfare 174,469
Culture and Recreation 108,927
Miscellaneous 41,563
Total $824,346
Required: Record the encumbrances in the General Fund general journal and
Detail Journal as appropriate. In the Detail Journal, select “Purchase Orders”
from the drop down [Transaction Description] menu. You can also type in an
alternative description, if desired.
3. [Para. 4-a-3] Cash was received during the year in the total amount of $5,584,052
for collections from the following receivables and cash revenues, as indicated:
Current Property Taxes $1,561,535
Delinquent Property Taxes 335,000
Interest and Penalties Receivable on Taxes 34,270
Due from Other Funds/Internal Receivables 12,000
Due from State Government 165,000
Revenues: (total: $3,476,247)
Sales Taxes 1,981,203
Licenses and Permits 601,314
Fines and Forfeits 410,660
Intergovernmental 160,000
Charges for Services 231,820
Miscellaneous 91,250
Total $5,584,052
Required: Record the receipt of cash and the related credits to receivables and
revenues accounts, as applicable, in both the General Fund and governmental
activities journals. (Select “Received in Cash” in the drop down [Transaction
Description] menu in the Detail Journal related to the General Fund revenue
entries.)
For purposes of the governmental activities entries at the government-wide level
assume the following revenue classifications:
General Fund Governmental Activities
Sales Taxes General Revenues—Taxes—Sales
Licenses and Permits Program Revenues—General Government—
Charges for Services
Fines and Forfeits Program Revenues—General Government—
Charges for Services
whole or part.
21
Intergovernmental Program Revenues—Public Safety—Operating
Grants and Contributions
Charges for Services Program Revenues—General Government—
Charges for Services, $143,850
Program Revenues—Culture and Recreation—
Charges for Services, $87,970
Miscellaneous General Revenues—Miscellaneous
4. [Para. 4-a-4] Additional interest and penalties were accrued on delinquent
property taxes in the amount of $2,840, of which 10 percent was estimated to be
uncollectible.
Required: Record this accrual in both the General Fund and governmental
activities general journals.
5. [Para. 4-a-5] General Fund payrolls for the year totaled $4,403,038. Of that
amount, $572,395 was withheld for employees’ federal income taxes; $660,456
for federal payroll taxes; $190,798 for employees’ state income taxes; $220,152
for retirement funds administered by the state government; and the remaining
$2,759,237 was paid to employees in cash. The City of Smithville does not record
encumbrances for payrolls. The payrolls were chargeable against the following
functions’ appropriations:
General Government $ 550,376
Public Safety 2,381,644
Public Works 690,481
Health and Welfare 431,673
Culture and Recreation 348,864
Total $4,403,038
Required: Make summary journal entries for payroll in both the General Fund
and governmental activities general journals for the year.
6. [Para. 4-a-6] Invoices for some of the goods recorded as encumbrances in
transaction 4-a-2 were received and vouchered for later payment, as listed below.
Related encumbrances were canceled in the amounts shown (Select “Elimination”
in the drop down [Transaction Description] menu in the Detail Journal):
Expenditures Encumbrances
General Government $ 94,776 $ 94,752
Public Safety 175,406 175,620
Public Works 194,408 194,512
Health and Welfare 172,872 173,002
Culture and Recreation 108,187 108,150
Miscellaneous 41,160 41,563
$786,809 $787,599
whole or part.
22
Required: Record the receipt of these goods and the related vouchers payable in
both the General Fund and governmental activities journals. At the government-
wide level, you should assume the city uses the periodic inventory method. Thus,
the invoiced amounts above should be recorded as expenses of the appropriate
functions, except that $32,340 of the amount charged to the Public Works
function was for a vehicle (debit Equipment for this item at the government-wide
level). Expenditures charged to the miscellaneous appropriation should be
recorded in this case as General Government expenses at the government-wide
level.
7. [Para. 4-a-7] During FY 2017, the City of Smithville received notification that
the state government would send $115,000 to it at the beginning of the next fiscal
year. Based on the city’s definition of “available for use,” the city considers the
funds available to use for Public Safety’s operating activities in the current
reporting period. The budget for the current year included this amount as
“Intergovernmental Revenue.”
Required: Record this transaction as a receivable and revenue in the General
Fund and governmental activities journals. (Note: Select “Accrued Revenue” in
the [Transaction Description] box in the Detail Journal). At the government-
wide level, assume that this item is an operating grant to the Public Safety
function.
8. [Para. 4-a-8] Checks were written in the total amount of $2,622,090 during 2017.
These checks were in payment of the following items:
Vouchers Payable $ 995,600
Due to Other Funds/Internal Payables 6,400
Due to Federal Government 1,218,400
Due to State Government 401,690
Total amount paid $2,622,090
Required: Record the payment of these items in both the General Fund and
governmental activities general journals.
9. [Para. 4-a-9] Current taxes receivable uncollected at year-end, and the related
Allowance for Uncollectible Current Taxes account, were both reclassified as
delinquent.
Required: Record these reclassifications in the General Fund and governmental
activities journals.
10. [Para. 4-a-10] The city’s budget for 2017 was legally amended as follows:
23
Estimated Revenues:
Decreases Increases
Taxes—Sales $ 20,000
Charges for Services $ 5,000
Total $ 5,000 $ 20,000
Appropriations:
Public Works $ 3,200
Health and Welfare 1,750
Culture and Recreation $ 2,000
Miscellaneous 5,000
$ 7,000 $ 4,950
Estimated Other Financing Uses:
Interfund Transfer Out $ 10,000
Required: Record the budget amendments in the General Fund general journal
only. Budgetary items do not affect the government-wide accounting records.
(Note: Select “Budget Amendment” in the [Transaction Description] box in the
Detail Journal.)
11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased
by $11,000; $1,000 of this was estimated as uncollectible.
Required: Record this transaction in the General Fund and governmental
activities journals.
12. [Para. 4-a-12] Services received by the General Government function of the
General Fund from the Solid Waste Disposal Fund amounted to $18,200 during
the year. Of this amount, $15,400 was paid in cash and $2,800 remained unpaid at
year-end.
Required: Record the receipt of these services, amounts paid during the year,
and remaining liability in the General Fund and governmental activities journals.
At the government-wide level the liability should be credited to Internal Payables
to Business-type Activities. Do not record these items in the Solid Waste
Disposal Fund until instructed to do so in Chapter 7 of this case.
13. [Para. 4-a-13] Delinquent taxes receivable in the amount of $17,150 were written
off as uncollectible. Interest and penalties already recorded as receivable on these
taxes, amounting to $8,820, were also written off. Additional interest on these
taxes that had legally accrued was not recorded since it was deemed uncollectible
in its entirety.
whole or part.
24
Required: Record this transaction in the General Fund and governmental
activities journals.
14. [4-a-14] In December 2017, the General Fund transferred $10,000 to the Street
Improvement Bond Debt Service Fund to assist with an interest payment due on
January 1, 2018.
Required: Record this transaction in the General Fund only. The transaction has
no effect at the government-wide level since it occurs between two governmental
activities. Do not record this transaction in the Street Improvement Bond
Debt Service Fund until instructed to do so in Chapter 6 of this case.
15. [4-a-15] Adjusting Entry. A physical count of consumable supplies at year-end
showed an ending balance of $67,420, an increase of $1,420 during the year. The
city uses the purchases method of accounting for its inventory in the General
Fund and the consumption method at the government-wide level. Since the city
uses a periodic inventory system, both at the fund and governmental levels, it
records all purchases of inventory as expenditures in the General Fund and as
expenses at the government-wide level. These were included as part of the
amounts recorded in paragraph 4-a-6. Adjustments to the expenses accounts
should be made to the Public Works function, where most supplies are used.
Required: Prepare the adjusting journal entries in the General Fund journal to
adjust the Inventory of Supplies and Fund Balance—Nonspendable—Inventory of
Supplies accounts to the correct balances and the governmental activities journal
to adjust the Expenses—Public Works and Inventory of Supplies accounts.
Post all journal entries to the general and subsidiary ledgers: After reviewing
all entries for accuracy, including year and paragraph numbers, post all entries to
the general ledger accounts and to all subsidiary ledger accounts, by clicking on
[Post Entries]. Also post all entries in the governmental activities journal.
16. Closing Entry. Following the instructions in the next paragraph, prepare and post
the necessary entries to close the Estimated Revenues, Appropriations, and
Estimated Other Financing Uses accounts to Budgetary Fund Balance, and
Revenues, Expenditures, and Other Financing Uses to Fund Balance—
Unassigned. Because the City of Smithville honors all outstanding encumbrances
at year-end, it is not necessary to close Encumbrances to Encumbrances
Outstanding at year-end since encumbrances do not affect the General Fund
balance sheet or statement of revenues, expenditures, and changes in fund
balances. If, however, you would like to avoid having these accounts appear in
the post-closing trial balance, you can opt to close Encumbrances to
Encumbrances Outstanding. If the accounts are closed, they would need to be
reestablished at the beginning of the next year.
whole or part.
25
To close the temporary accounts, you must click on the check mark for [Closing
Entry], “Closing Entry” will appear in the [Transaction Description] box. Be
sure the check mark in the box for [Closing Entry] is showing before closing
each individual account. Also, you will be sent to the Detail Journal where you
must close each individual budgetary or operating statement account. To
determine the closing amounts for both General Ledger and subsidiary ledger
accounts, you will need to first save and print the pre-closing version of these
ledgers for year 2017 from the [Reports] menu.
At year-end, an analysis by the city’s finance department determined the
following constraints on resources in the General Fund. Prepare the appropriate
journal entry in the General Fund to reclassify amounts between Fund Balance—
Unassigned and the fund balance accounts corresponding to the constraints shown
below. (Note: You should consider the beginning of year balances in fund
balance accounts in calculating the amounts to be reclassified. Be sure the check
mark in the box for [Closing Entry] is showing before closing each individual
account.)
Account Ending Balance
Fund Balance—Restricted—Public Safety $36,000
Fund Balance—Committed—Health and Welfare 43,000
Fund Balance—Committed—Public Works 12,700
Fund Balance—Assigned—Culture and Recreation 0
Note: DO NOT PREPARE CLOSING ENTRIES FOR GOVERNMENTAL
ACTIVITIES AT THIS TIME since governmental activities will not be closed
until Chapter 9, after the capital projects fund (Chapter 5) and debt service fund
(Chapter 6) transactions affecting governmental activities at the government-wide
level have been recorded.
b. Select [Export] from the drop down [File] menu to create an Excel worksheet of the
General Fund post-closing trial balance as of December 31, 2017. Use Excel to
prepare in good form a balance sheet for the General Fund as of December 31, 2017.
Follow the format shown in Illustration 4-3 of Reck and Lowensohn, Accounting for
Governmental & Nonprofit Entities, 17th edition textbook (hereafter referred to as
“the textbook”). Alternatively, you can click on [Reports] to print the post-closing
c. Select [Export] from the drop down [File] menu to create an Excel worksheet of the
General Fund pre-closing subsidiary ledger account balances for the year 2017. Use
Excel to prepare in good form a statement of revenues, expenditures, and changes in
fund balance for the General Fund for the year ended December 31, 2017. (See
Illustration 4-4 in the textbook for an example format.)
d. Use the Excel worksheet of the General Fund pre-closing subsidiary ledger account
balances created in part c above to prepare in good form a schedule of revenues,
whole or part.
26
expenditures, and changes in fund balance—budget and actual for the General Fund
for the year ended December 31, 2017. (See Illustration 4-5 in the textbook for an
example format.)
e. Prepare a reconciliation of total expenditures reported in your solution to part c of this
problem with the total expenditures and encumbrances reported in your solution to
part d of this problem. (In Chapter 4 below Illustration 4-5, see discussion and
example which compares Illustrations 4-4 and 4-5.)
[Note: File the printouts of all your worksheets and your completed financial
statements in your cumulative problem folder until directed by your instructor
to submit them, unless your instructor specifies submission of files electronically,
in which case you will need to save a .pdf version of you trial balances.]
Before closing the City of Smithville, click on [File], and [Save/Save As] to save your
work. If you close the file by clicking on the [X] box you will be asked if you want to
save your changes before closing.
27
Chapter 5 Recording Capital Asset Transactions
Street Improvement Capital Projects Fund and Governmental Activities at the
Government-wide Level
During late 2016, the voters of the City of Smithville authorized tax-supported bond
issues totaling $8,000,000 as partial financing for a series of projects to construct streets,
curbs, culverts, and storm sewers in various parts of the city. The estimated total cost of
the series of projects, which are expected to extend over the next three years, was
$10,200,000. In addition to the bond financing, voters also approved a special ½ cent
sales tax to assist in financing the projects. The sales tax begins January 1, 2017 and will
continue for five years. The sales tax is projected to generate $500,000 each year.
Required
a. Prepare general journal entries as necessary to record the transactions described
below in the Street Improvement Fund general journal and, if applicable, in the
governmental activities general journal. Do not record entries at this time in other
affected funds; those entries will be made in the later chapters of this cumulative
problem that cover the affected funds. Use account titles listed under the drop down
[Account (# – Description)] menu. Be sure the year 2017 is selected from the drop-
down [Year] menu and the appropriate paragraph number shown in bold-face font
below is in the [Transaction Description] box.
Before closing the City of Smithville, click on [File], and [Save/Save As] to save
your work. If you close the file by clicking on the [X] box you will be asked if you
want to save your changes before closing.
1. [Para. 5-a-1] In early 2017, design plans and specifications for the first project,
the Elm Street Project, were submitted by a construction engineering firm. The
firm billed the Street Improvement Fund for $125,000.
Required: Record this billing and the related Vouchers Payable liability in the
Street Improvement Fund and governmental activities journals. (Note: this
transaction was not encumbered.)
2. [Para. 5-a-2] On March 1, 2017, the city signed a $40,000, 90-day tax
anticipation note bearing interest of 2.5 percent per annum.
Required: Record this transaction in the Street Improvement Fund and
governmental activities journals.
3. [Para. 5-a-3] A $335 purchase order for advertisements soliciting bids for the
Elm Street Project was issued during April 2017. The bill for advertising in the
amount of $330 was received and a voucher for payment was issued.
28
Required: Record the encumbrance, billing, and the Vouchers Payable liability
in the Street Improvement Fund and governmental activities journals, as
appropriate.
4. [Para. 5-a-4] On April 15, 2017, construction bids were opened and analyzed. A
bid of $2,100,000 was accepted, and the contract was awarded for the Elm Street
Project. The contract provided for a retained percentage of 5 percent from each
progress payment, and from the final payment, until final inspection and
acceptance by the city’s public works inspectors.
Required: Record the signing of the contract in the Street Improvement Fund
general journal. This transaction has no effect at the government-wide level.
5. [Para. 5-a-5] Sales tax revenue of $190,000 was received.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities general journals.
6. [Para. 5-a-6] Vouchers payable accumulated to date were paid in April 20, 2017.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities general journals.
7. [Para. 5-a-7] On May 6, 2017, 4% deferred serial bonds with a face value of
$2,000,000 were sold for a total amount of $2,070,000, of which $28,000 was for
accrued interest from the January 1, 2017 date of the bonds and $42,000 was a
premium on the bonds sold. Cash in the amount of the accrued interest and
premium was deposited directly in the Street Improvement Bond Debt Service
Fund. Cash in the amount of $2,000,000 was deposited and recorded in the Street
Improvement Fund.
Required: Record these transactions in the Street Improvement Fund and
governmental activities journals. (Hint: In addition to recording the liability for
bonds payable in the governmental activities journal, you should record the
premium on the bonds payable [credit Premium on Deferred Serial Bonds] and
accrued interest on bonds sold [we recommend that you credit Expense—Interest
on Long-term Debt] in the governmental activities general journal for the $28,000
of accrued interest.) For now you should not make the entries in the Street
Improvement Bond Debt Service Fund to record the accrued interest and
premium. Those entries will be made in Chapter 6 of this cumulative problem.
8. [Para. 5-a-8] The city repaid the $40,000 tax anticipation note plus interest of
$250 ($40,000 X .025 X 90/360) (See transaction 2).
29
Required: Record this transaction in both the Street Improvement Fund and
governmental activities general journals. The $250 of interest should be debited
to Interest Expenditures in the Street Improvement Fund journal and to
Expenses—General Government in the governmental activities journal.
9. [Para. 5-a-9] In July 2017, the contractor for the Elm Street Project reported that
the project was one-half completed and requested a progress payment of
$1,050,000. This amount was paid in late July, less the contractual retention of 5
percent.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities general journals.
10. [Para. 5-a-10] Construction engineers engaged by the city submitted design plans
and specifications for the second street improvement project, the “Spruce Street
Project.” Vouchers were approved in the amount of $90,000 in payment for the
engineering services.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities journals. (Note: This transaction was not encumbered.)
11. [Para. 5-a-11] In late November 2017 the Elm Street project was completed and
the contractor for the project requested a final payment of $1,070,000. This
amount was recorded as a liability. Payment was made, less the retained
percentage, on December 1, 2017.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities journals.
12. [Para. 5-a-12] Additional sales taxes were collected in the amount of $320,000
on December 15, 2017.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities journals.
13. [Para. 5-a-13] Outstanding vouchers for engineering services were paid.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities journals.
14. [Para. 5-a-14] The city engineer approved the final construction on the Elm
Street Project, and the city paid the retained percentage (Transactions 9 and 11) to
the contractor.
Required: Record this transaction in both the Street Improvement Fund and
governmental activities journals. Total construction costs for the Elm Street
30
Project should be capitalized in the Infrastructure account in governmental
activities.
15. Verify the accuracy of all your preceding entries in the Street Improvement Fund
and governmental activities general journals, then click [Post Entries] of each
entity to post the entries to the respective general ledgers. For the Street
Improvement Fund only, prepare year-end closing entries for 2017 and post them
to the fund’s general ledger, Fund Balance—Restricted. (Note: You must click
on the box for [Closing Entry] to check mark it; “Closing Entry” will appear in
the [Transaction Description] box for the account being closed. Be sure the
check mark is present for each account being closed.) Click [Post Entries] to
post the closing entry. Under current GASB standards encumbrances and
encumbrances outstanding are not reported in any financial statements.
Consequently, there is no need to close these accounts since the Spruce Street
Project is still underway at year-end. Closing entries will be made in the
governmental activities general journal in Chapter 9 of this cumulative problem.
Ignore those entries for now.
c. Export the post-closing trial balance for year 2017 to an Excel worksheet and use
Excel to prepare a balance sheet for the Street Improvement Fund as of December 31,
2017. (See Illustration 4-3 in the textbook for an example of an appropriate format of
a governmental fund balance sheet.). In addition, print the post-closing trial balance
from the [Reports] drop-down menu.
d. Export the pre-closing trial balance for year 2017 to an Excel worksheet and use
Excel to prepare a statement of revenues, expenditures, and changes in fund balance
for the Street Improvement Fund for the year ended December 31, 2017. (See
Illustration 5-3 in textbook for an example of the format of a capital projects fund
statement of revenues, expenditures and changes in fund balance.). Print the pre-
closing trial balance from the [Reports] drop-down menu.
[Note: Retain all required printouts and your financial statements in your
cumulative folder until directed by your instructor to submit them, unless your
instructor prefers to have files submitted electronically, in which case you will
need to save a .pdf version of your trial balance.]