Description
General Fund
Balance Sheet
Dec 31, 2010
Assets
Cash
Accounts Receivable
Liabilities and Fund Balance
$ 17,500
Accounts Payable
Total Liabilities
$ 6,000
6,000
Reserve for Encumbrances
Unreserved Fund Balance
Total Assets
$ 15,000
2,500
500
11,000
Total Liabilities and Fund Balance
$ 17,500
Journalize the following transactions for the Calhoun County General Fund for 2011.
1. (2pts) Reinstate Encumbrances closed Dec 31.
Account Name
Debit
Credit
2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues =
$690,000. Book the budget.
Debit
Credit
Account Name
3. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. Journalize
Receivable.
Debit
Credit
Account Name
4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each.
Journalize Encumbrance.
Debit
Credit
Account Name
5. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaip in 6 months. Journalize Cash
transfer for General Fund only.
Debit
Credit
Account Name
6. (2pts) $500,000 in property taxes collected. Journalize receipt of Cash.
Account Name
Debit
Credit
7. (2pts) $150,000 loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize cash
transfer for General Fund only.
Debit
Credit
Account Name
8. (2pts) Payroll expenditures of $125,000 paid. Journalize payment. Payroll is not an encumbered item.
Account Name
Debit
Credit
9. (2pts) BOTH Cruisers ordered arrive! Invoice ‘vouchered’ for $24,500 each. Journalize the liability.
Debit
Credit
Account Name
10. (2pts) You discover $5,000 paid from Special Revenue Fund#1 for fire dept equipment should have
been paid from General Fund. Correct expenditure for General Fund and transfer Cash next year. Special
Revenue expenditure occurred in 2010. All 2010 temporary accounts have been closed. Journalize
correcting entry for General Fund.
Debit
Credit
Account Name
11. (2pts) $8,000 transferred to Debt Service Fund #5. Amount transferred does not have to be repaid.
Journalize Cash transfer.
Debit
Credit
Account Name
12. (2pts) At year end, the county attorney says lawsuit judgements totaling $300,000 will have to be
paid. Of that total, $50,000 is payable in the coming year. Book appropriate liability for General Fund.
No Encumbrance for this item.
Debit
Credit
Account Name
13. (2pts) $90,000 federal Grant check arrives. Grant is for the ‘DARE’ educational project
expenditures for calendar year 2011. Journalize receipt of Cash and related Deferred Revenue.
Debit
Credit
Account Name
14. (2pts) County Commissioners spend $30,000 for Dare police van. Journalize payment and
recognition of grant revenue. No encumbrance set up for van.
Debit
Credit
Account Name
15. (8pts) Prepare closing entries:
Account Name
Debit
Credit
16. (7pts) Complete the Statement of Revenues, Expenditures, and Changes in Fund Balances.
Calhoun County
General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the 2011 Fiscal Year
Revenues
$
Expenditures
Excess of Revenues Over Expenditures
Other Financing Sources (Uses)Interfund
Transfers (Out) – Debt Service
Net Change in Fund Balances
Fund Balance, Beginning of Year
As previously reported
$
Correction of Prior Year Error
Fund Balance, End of Year
$
17. (11pts) Complete the following Balance Sheet:
Calhoun County
General Fund
Balance Sheet
Dec 31, 2011
Assets
Cash
$
Accounts Receivable
Taxes Receivable, Current
$
Allowance for Uncollectable Taxes, Current
Due from Special Revenue Fund #4
Advance to CPF#2
Total Assets
$
Liabilities
Accounts Payable
$
Vouchers Payable
Due to Special Revenue Fund #1
Deferred Revenue
Total Liabilities
$
Fund Balance
Reserved for Encumbrances
$
Reserved for Long Term Advance
Unreserved
Total Fund Balance
$
Total Liabilities and Fund Balance
$
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