Student Name:
Class:
a.
Debits Credits
b.
Debits Credits
c.
Debits Credits
d.
Debits Credits
e.
Debits Credits
f.
Debits Credits
g.
Debits Credits
h.
Debits Credits
I.
Debits Credits
j.
Debits Credits
Problem 16-37
McGraw-Hill
Instructor
Cash
Other Financing Sources-Bond Proceeds
Other Financing Sources-Transfer In-General Fund
Property Taxes Receivable
Appropriations
General Fund
Estimated Revenues
Estimated Other Financing Sources
(Budgetary) Fund Balance
Capital Projects Fund
General Fund
Expenditures – Computer
General Fund
Encumbrances – Computer
Encumbrances Outstanding
Encumbrances Outstanding
Encumbrances – Computer
Capital Projects Fund
Due from General Fund
Due to Capital Projects Fund (Special Assessment)
Other Financing Uses-Transfers Out-Motor Pool
Cash
Grant Revenue Collected in Advance
Expenditures-Salaries
Cash
General Fund
General Fund
Special Revenue Fund
Cash
Contributed Capital
Revenues-Property Taxes
Allowance for Uncollectible Taxes
Cash
Internal Service Fund
General Journal
FUND FINANCIAL STATEMENTS
Special Revenue Fund
Other Financing Uses-Transfer Out-Capital Projects
Vouchers Payable
Cash
Vouchers Payable
Grant Revenue Collected in Advance
General Fund
General Fund
Revenues-Grant
Student Name:
Class:
Problem 16-37
McGraw-Hill
Instructor
GOVERNMENT-WIDE FINANCIAL STATEMENTS
General Journal
a.
Debits Credits
b.
Debits Credits
c.
Debits Credits
d.
Debits Credits
e.
Debits Credits
f.
Debits Credits
g.
Debits Credits
h.
Debits Credits
Debits Credits
Governmental Activities
j.
Debits Credits
Revenue
Governmental Activities
Cash
Grant Revenue Collected in Advance
Governmental Activities
Vouchers Payable
Cash
No entry
Grant Revenue Collected in Advance
No entry
Expense-Public Safety
Cash
Governmental Activities
Property Taxes Receivable
Revenues-Property Taxes
Allowance for Uncollectible Taxes
Governmental Activities
Equipment
Vouchers Payable
Cash
Bonds Payable
No entry
Governmental Activities
No entry
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
A portion of the grant money in (i.) is properly spent
No entry has previously been recorded
Grant money is collected from state to supplement police salaries
A small percentage is estimated to be uncollectible
Most will be collected during current period
Property taxes are levied
this facility
Money is transferred from General fund to permanently finance
Motor pool created to service government vehicles
City will be secondarily liable for money borrowed for this work
This money is not yet transferred
partial payment for special assessments project
Agreement reached to transfer money from General Fund as
Invoice for computer is paid
Computer is received
Fund based financial statements:
Computer is ordered for tax department
A bond is issued at face value to fund construction of municipal building .
Deficit is projected
All monetary outflows are for expenses and fixed assets
Funding is from property taxes, transfers and bond proceeds
Budget is passed for police, ambulance and other ongoing activities
Student Name:
Class:
a. Debits Credits
94,000
94,000 «- Correct!
b. Debits Credits
1,200
1,200 «- Correct!
c. Debits Credits
11,000,000
11,000,000 «- Correct!
d. Debits Credits
140,000
140,000 «- Correct!
e. Debits Credits
94,000
94,000 «- Correct!
96,000
96,000 «- Correct!
f. Debits Credits
32,000
32,000 «- Correct!
32,000
32,000 «- Correct!
g. Debits Credits
30,000
30,000 «- Correct!
h. Debits Credits
5,000
5,000 «- Correct!
5,000
5,000 «- Correct!
General Fund
Special Revenue Fund
Unearned Grant Revenue
Expenditures – Truck
Vouchers or Accounts Payable
Expenditures
Cash
Capital Projects Fund
Special Revenue Fund
Problem 16-38
McGraw-Hill
Instructor
Unearned Grant Revenue
Revenues
Cash
Cash
Other Financing Sources-Transfers In
Other Financing Uses-Transfers Out
Cash
Encumbrances Outstanding
General Fund
Encumbrances – Truck
General Fund
General Fund
Fund Financial Statements
CITY OF PUDDING
Expenditures
Due to Internal Service Fund
Other Financing Sources-Bonds Proceeds
Capital Projects Fund
General Fund
General Journal
Cash
Encumbrances – Truck
Cash
Other Financing Uses-Transfers Out – Swimming Pool
Encumbrances Outstanding
Student Name:
Class:
Problem 16-38
McGraw-Hill
Instructor
a. Debits Credits
– «- Correct!
b. Debits Credits
– «- Correct!
c. Debits Credits
11,000,000
11,000,000 «- Correct!
d. Debits Credits
140,000
140,000 «- Correct!
Debits Credits
140,000
140,000 «- Correct!
e. Debits Credits
96,000
96,000 «- Correct!
f. Debits Credits
– «- Correct!
g. Debits Credits
30,000
30,000 «- Correct!
h. Debits Credits
5,000
5,000 «- Correct!
5,000
5,000 «- Correct!
No entry
Expenditures – Truck
No Entry
Governmental Activities
No Entry
Vouchers or Accounts Payable
Governmental Activities
Transfers Out-Swimming Pool
Cash
Business Type Activities
Cash
Transfers In-General Fund
Cash
Bonds Payable
Governmental Activities
Revenues
Governmental Activities
Expense-Public Service
Unearned Grant Revenue
Unearned Grant Revenue
Governmental Activities
Cash
Cash
General Journal
Government-Wide Financial Statements
CITY OF PUDDING
a. 94,000$
b. 1,200$
c. 11,000,000$
d. 140,000$
e. 96,000$
f. 32,000$
g. 30,000$
h. 5,000$
Cash received from State (g.) is expended appropriately
State grant received to be spent to promote recycling
Cash transferred from General Fund to Capital Projects fund
Truck ordered in (a.) received at actual cost (not yet paid)
Cash transferred from General Fund to Enterprise Fund for pool
Bond issued to build new road
Given P16-38:
Printing work charged by city print shop for school system
Ordered new truck for sanitation department-cost
CITY OF PUDDING
Student Name:
Class:
a. Debits Credits
900,000
900,000 «- Correct!
b. Debits Credits
1,100,000
1,100,000 «- Correct!
c. Debits Credits
130,000
130,000 «- Correct!
Debits Credits
2,000 «- Correct!
f. Debits Credits
90,000
90,000 «- Correct!
g. Debits Credits
Revenues – Property Taxes
Allowance for Uncollectible Current Taxes
Taxes Receivable
General Fund
Inventory of Supplies
Encumbrances Outstanding
General Fund
Encumbrances – Equipment
Expenditures Control-Machinery and Equipment
Vouchers or Accounts Payable
Cash
Other Financing Sources-Transfers In
Problem 16-39
McGraw-Hill
Instructor
Other Financing Sources-Bonds Proceeds
Special Revenue Fund
Cash
Cash
General Fund
Unavailable Grant Revenue
Grant Receivable
General Fund
General Journal
Fund Financial Statements
Debt Service Fund
Capital Projects Fund
Cash
Capital Projects Fund
Encumbrances – Warehouse
Encumbrances Outstanding
Other Financing Uses-Transfers Out
Student Name:
Class:
Problem 16-39
McGraw-Hill
Instructor
Government-Wide Financial Statements
General Journal
a. Debits Credits
900,000
900,000 «- Correct!
b. Debits Credits
– «- Correct!
c. Debits Credits
– «- Correct!
d. Debits Credits
12,000
12,000 «- Correct!
e. Debits Credits
2,000
2,000 «- Correct!
f. Debits Credits
90,000
90,000 «- Correct!
g. Debits Credits
600,000
576,000 «- Correct!
24,000 «- Correct!
Allowance for Uncollectible Current Taxes
Machinery and Equipment
Vouchers or Accounts Payable
Governmental Activities
Cash
Bonds Payable
No Entry
Revenues – Property Taxes
Governmental Activities
Taxes Receivable
Governmental Activities
Grant Receivable
Unearned Grant Revenue
Governmental Activities
No Entry
Inventory of Supplies
Cash
Governmental Activities
a. 900,000$
b. 1,100,000$
c. 130,000$
d. 12,000$
11,800$
e. 2,000$
f. 90,000$
g. 600,000$
4%
Given P16-39:
Transfer of unrestricted funds made to pay debt in (a.)
Contract signed for warehouse construction
Bonds sold at face value to finance warehouse construction
Local government transactions:
Equipment for fire department received (cost)
Portion anticipated as uncollectible
Property tax assessment mailed
State grant awarded to supplement police salaries
Supplies for school purchased for cash
Anticipated cost of fire department equipment at time of order
Student Name:
Class:
a. Debits Credits
834,000
540,000 «- Correct!
242,000 «- Correct!
52,000 «- Correct!
8,000,000
8,000,000 «- Correct!
d. Debits Credits
8,000,000
Contracts Payable
Cash
General Fund
Encumbrances – Office Building
Expenditures
Contracts Payable
Cash
Other Financing Uses
Debits Credits
1,000,000
1,000,000 «- Correct!
Cash
Expenditures – Interest
Expenditures – Bonds
General Fund
Debt Service Fund
800,000
768,000 «- Correct!
32,000 «- Correct!
Contribution Revenue
Cash
Revenues
Permanent Fund
Investments
Special Revenue Fund
Capital Projects Fund
Capital Projects Fund
Encumbrances – Office Building
Encumbrances Outstanding
Problem 16-42
McGraw-Hill
Instructor
Other Financing Sources
General Fund
Estimated Revenues
Cash
Estimated Other Financing Uses-Operating Transfers
Other Financing Resources
Capital Projects Fund
Debt Service Fund
Cash
Encumbrances Outstanding
Property Taxes Receivable
Budgetary Fund Balance
General Journal
Revenues – Property Taxes
Allowance for Uncollectible Taxes
Appropriations
Student Name:
Class:
Problem 16-42
McGraw-Hill
Instructor
CHESTERFIELD COUNTY
Government-Wide Financial Statements
General Journal
a. Debits Credits
– «- Correct!
b. Debits Credits
– «- Correct!
c. Debits Credits
8,000,000
8,000,000 «- Correct!
d. Debits Credits
8,000,000
8,000,000 «- Correct!
e. Debits Credits
– «- Correct!
g. Debits Credits
800,000
768,000 «- Correct!
32,000 «- Correct!
Revenues – Reserved for Highway Maintenance
Governmental Activities
Investments
Governmental Activities
Cash
300,000 «- Correct!
Governmental Activities
Bonds Payable
Cash
Interest Expense
Governmental Activities
Revenues-Donations
Revenues – Property Taxes
Governmental Activities
Property Taxes Receivable
Buildings
Cash
Bonds Payable
No Entry
No Entry
Cash
Allowance for Uncollectible Taxes
Governmental Activities
No Entry
a. 834,000$
540,000$
242,000$
b. 8,000,000$
c. 8,000,000$
d. 8,000,000$
e. 1,000,000$
f. 1,000,000$
100,000$
g. 800,000$
90%
6%
h. 120,000$
i. 300,000$
Property tax levies are assessed
CHESTERFIELD COUNTY
Anticipated revenue
Previously unrestricted cash set aside to pay bonds from (c.)
Invoice received and paid when building completed
Bonds sold at face value for construction of central office
Contract signed for central office construction
Investments are received by county as donation
Cash received from toll road – restricted for highway maintenance
Remainder expected to be uncollectible
Portion assumed collectible in subsequent periods
Portion assumed collectible in this period
Operating transfers out
Approved spending
Given P16-42:
Portion of payment representing interest
Portion of bonds comes due and is paid
Student Name:
Class:
170,000
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):
Bond proceeds
Transfers out
Change in Fund Balance
Total Other Financing Sources and Uses
Transfers in
280,000$
Correct!
720,000$
Taxes receivable
Total Fund Balance
Vouchers payable
Accounts payable
Total Assets
Due from Capital Projects Fund
CITY OF JENNINGS
Due to Debt Service Fund
Contracts payable
Total Liabilities
(Condensed)
GENERAL FUND
(Condensed)
Problem 16-43
McGraw-Hill
Instructor
Statement of Revenues, Expenditures, and Other Changes in Fund Balance
GENERAL FUND
CITY OF JENNINGS
Fund Balance, Ending
Fund Balance, Beginning
720,000$
Correct!
Total Liabilities, Deferred Inflows of Resources, and Fund Balances
Debit Credit
90,000$
30,000$
90,000
40,000
60,000
40,000
530,000
170,000
410,000
760,000
300,000
50,000
470,000
220,000
180,000
1,720,000$ 1,720,000$
Other Financing Sources-Bonds Proceeds
Given P16-43:
December 31, 2017
Trial Balance
CITY OF JENNINGS
Totals
Vouchers Payable
Taxes Receivable
Other Financing Uses-Transfers Out
Other Financing Sources-Transfers In
Contracts Payable
Cash
Accounts Payable
Revenues
Unavailable Revenues
Investments
Fund Balance-Unassigned
Expenditures
Due to Debt Service Funds
Due from Capital Projects Funds