Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-32 FUND-BASED FINANCIAL STATEMENTS General Journal a. General Fund Debits Credits Estimated Revenue Control Estimated Other Financing Sources Control (Budgetary) Fund Balance Appropriations Control b. Capital Projects Fund Debits Credits Cash Other Financing Sources-Bond Proceeds c. General Fund Debits Credits Encumbrances Fund Balance-Reserved for Encumbrances d. General Fund Debits Credits Fund Balance-Reserved for Encumbrances Encumbrances Expenditures Control Vouchers Payable e. General Fund Debits Credits Vouchers Payable Cash f. General Fund Debits Credits Other Financing Uses-Transfer Out-Capital Projects Due to Capital Projects Fund (Special Assessment) Capital Projects Fund Due from General Fund Other Financing Sources-Transfer In-General Fund g. General Fund Debits Credits Other Financing Uses-Transfers Out-Motor Pool Cash Internal Service Fund Cash Contributed Capital h. General Fund Debits Credits Property Taxes Receivable Revenues-Property Taxes Allowance for Uncollectible Taxes I. Special Revenue Fund Debits Credits Cash Deferred Revenue j. Debits Credits Expenditures-Salaries Cash Deferred Revenue Revenues-Grant GOVERNMENT-WIDE FINANCIAL STATEMENTS General Journal a. No entry Debits Credits b. Governmental Activities Debits Credits Cash Bonds Payable c. No entry Debits Credits d. Governmental Activities Debits Credits Equipment Vouchers Payable e. Governmental Activities Debits Credits Vouchers Payable Cash f. No entry Debits Credits g. No entry Debits Credits h. Governmental Activities Debits Credits Property Taxes Receivable Revenues-Property Taxes Allowance for Uncollectible Taxes I. Governmental Activities Debits Credits Cash Deferred Revenue j. Governmental Activities Debits Credits Expense-Public Safety Cash Deferred Revenues Revenues
Given P16-32: Fund based financial statements: a. Budget is passed for police, ambulance and other activities Funding is from property taxes, transfers and bond proceeds All monetary outflows are for expenses and fixed assets Deficit is projected b. Bond issued at face value to fund building construction c. Computer is ordered for tax department d. Computer is received e. Invoice for computer is paid f. Agreement reached to transfer money from General Fund as partial payment for special assessments project This money is not yet transferred City will be secondarily liable for money borrowed for this work g. Motor pool created to service government vehicles Money is transferred from General fund to permanently finance this facility h. Property taxes are levied Most will be collected during current period A small percentage is estimated to be uncollectible i. Grant money is collected from state to supplement police salaries No entry has previously been recorded j. A portion of the grant money in (i.) is properly spent
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