chap005 - Chapter 5 5-1 The solution to this and the first...

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Chapter 5 5-1. The solution to this and the first exercise of Chapters 1–4 and 6–9 will differ from student to student, assuming each has a different CAFR. 5-2. 1. D. 2. C. 3. B. 4. C. 5. D. 6. A. 7. C. 8. D. 9. C. 10. A. 5-3. 1. D. 2. A. 3. D. 4. B. 5 5. D. 6. A. 7. C. 8. D. 9. C. 10. D. 5- 1
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5-4 (A). ARMSTRONG COUNTY COUNTY OFFICE BUILDING CONSTRUCTION FUND CAPITAL PROJECTS FUND GENERAL JOURNAL Debi ts Credi ts 1. Cash Other Financing Sources- Proceeds of Bonds 9,000,000 9,000,000 2. Encumbrances Control Fund Balance-Reserved for Encumbrances 8,800,000 8,800,000 3. Fund Balance-Reserved for Encumbrances Encumbrances Control Construction Expenditures Contracts Payable Contracts Payable Contracts Payable-Retained Percentage Cash 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 300,000 5,700,000 4. Fund Balance-Reserved for Encumbrances Encumbrances Control Construction Expenditures Contracts Payable Contracts Payable Contracts Payable-Retained Percentage Cash 2,800,000 2,800,000 2,800,000 2,800,000 2,800,000 140,000 2,660,000 5. Contracts Payable-Retained Percentage Construction Expenditures Accounts Payable 440,000 10,000 450,000 6A. Accounts Payable Cash 450,000 450,000 B. Other Financing Uses-Transfers Out Cash 190,000 190,000 7. Other Financing Sources-Proceeds of Bonds Construction Expenditures Other Financing Uses-Transfers Out 9,000,000 8,810,000 190,000 5- 2
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5-4 (B). ARMSTRONG COUNTY COUNTY OFFICE BUILDING CONSTRUCTION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE YEAR ENDED JUNE 30, 2008 Revenues: $ --0-- Expenditures: Capital Outlay 8,810,000 Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Proceeds of Bonds Transfers Out (8,810,000) 9,000,000 (190,000) Total Other Financing Sources (Uses) 8,810,000 Net Change in Fund Balance --0-- Fund Balance, July 1, 2007 --0-- Fund Balance, June 30, 2008 $ --0-- 5- 3
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5-5. VILLAGE OF HARVARD DEBT SERVICE FUND GENERAL JOURNAL Debits Credits 1. No Entry for bond Sale Cash Other Financing Sources-Transfers In 50,000 50,000 2. Cash Other Financing Sources-Transfers In Expenditures-Interest Cash ($5,000,000 x .06 x ½) 150,000 150,000 150,000 150,000 3. Other Financing Sources-Transfers In Expenditures-Interest ervice Fund Balance-Reserved for Debt Service 200,000 150,000 50,000 4. Cash Other Financing Sources-Transfers In ($5,000,000 x .06 x ½ = $150,000. $150,000 + $250,000 - $50,000 = $350,000) 350,000 350,000 Expenditures-Interest Expenditures-Principal Cash ($150,000 + $250,000 = $400,000) 150,000 250,000 400,000 5. Cash Other Financing sources-Transfers In 142,500 142,500 Expenditures-Interest Cash ($5,000,000 - $250,000 = $4,750,000. $4,750,000 x .06 x ½ = $142,500) 142,500 142,500 6. Other Financing Sources-Transfers In Fund Balance-Reserved for Debt Service Expenditures-Interest Expenditures-Principal 492,500 50,000 292,500 250,000 5- 4
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5-6. CITY OF IRWIN DEBT SERVICE FUND GENERAL JOURNAL Debit s Credits A. Year Ended June 30, 2007 7/1/2006 Cash Other Financing Sources-Transfers In $300,000 $300,000 1/1/2007 Expenditures-Interest Cash 300,000 300,000 Year Ended June 30, 2008 7/1/2007 Cash Other Financing sources-Transfers In 1,570,000 1,570,000 Expenditures-Interest 300,000 Expenditures-Principal Cash 1,000,000 1,300,000 1/1/2008 Expenditures-Interest Cash 270,000 270,000 B. Year Ended September 30, 2006 No Entries Necessary, No Principal or Interest Payments are Legally Due This Fiscal year Year Ended September 30, 2007 10/1/2006 Cash Other Financing Sources-Transfers In 1,600,000 1,600,000 1/1/2007 Expenditures-Interest Cash 300,000 300,000 7/1/2007 Expenditures-Interest Expenditures-Principal Cash 300,000 1,000,000 1,300,000 5- 5
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5-7.
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