Exercise_5_13_solution - JOURNAL ENTRIES Solution Jefferson...

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JOURNAL ENTRIES Solution Jefferson County Capital Project Fund Journal Entries December 31, 2015 Account Title Debits Credits 1 Cash 722,800 Other financing sources - proceeds of bonds 700,000 Other financing sources - premium on bonds 22,800 Other financing uses - transfers out 22,800 Cash 22,800 2 Due from other governments 280,000 Intergovernmental revenues 280,000 3 Encumbrances 1,000,000 Budgetary Fund Balance - Reserve for encumbrances 1,000,000 4 Capital expenditures 612,000 Contracts payable 612,000 Budgetary Fund Balance - Reserve for encumbrances 612,000 Encumbrances 612,000 Contracts payable 587,000 Cash 587,000 Jefferson County Debt Service Fund Journal Entries December 31, 2015 Account Title Debits Credits 5 Cash 22,800 Other financing sources - transfers in 22,800 6 Cash 43,000 Other financing sources - transfers in 43,000 7 Expenditures - bond principal 22,000 Expenditures - bond interest 21,000 Cash 43,000 Jefferson County Permanent Fund (Elwood Family Book) Journal Entries December 31, 2015 Account Title Debits Credits 8 Cash 130,000 Investments in corporate bonds 370,000 Receivable from grantor 500,000 9 Investment in US government securities 130,000 Cash 130,000 10 Cash 17,000 Revenues - investment income - interest 17,000 11 No entry - Permanent funds typically do not record encumbrances 12 Expenditures - Library 12,700 Accounts payable 12,700 Accounts payable 8,600 Cash 8,600 13 Accrued interest receivable 1,700 Revenues - investment income - interest 1,700 14 Investment in corporate bonds 3,000 Investment in US government securities 600 Revenues - net increase in fair value of investments 2,400

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