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ACIS 4124 Revised P5 - Chapter 05 Accounting for General Capital Assets and Capital Projects 5-10 a FALTS CITY STREET IMPROVEMENT FUND(SIF Journal

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Chapter 05 - Accounting for General Capital Assets and Capital Projects 5-10. a . FALTS CITY STREET IMPROVEMENT FUND (SIF) Journal entries that are in bold letters and all caps are for the SIF Fund. Debits Credits 1. CASH 100,000 OTHER FINANCING SOURCES—PROCEEDS OF BOND ANTICIPATION NOTES 100,000 Governmental Activities: Cash 100,000 Bond Anticipation Notes Payable 100,000 2. DUE FROM FEDERAL GOVERNMENT 750,000 REVENUES 750,000 Note: the $750,000 to be received the following year is a time requirement and would not be accrued. Governmental Activities: Due from Federal Government 750,000 Program Revenues – Capital Grants & Contributions 750,000 3. ENCUMBRANCES 2,700,000 RESERVE FOR ENCUMBRANCES 2,700,000 Governmental Activities: No entry 4. CONSTRUCTION EXPENDITURES 60,000 DUE TO OTHER FUNDS 60,000 --Don’t worry about the following entry at the government-wide level. You won’t be tested on it. Governmental Activities Construction Work in Progress -cost of supplies- Inventory of Supplies -cost- 5-1
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Chapter 05 - Accounting for General Capital Assets and Capital Projects Debits Credits 5. CONSTRUCTION EXPENDITURES 69,000 CASH 69,000 Governmental activities: Construction Work in Progress
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This note was uploaded on 03/28/2012 for the course ACIS 4124 taught by Professor Dr.easterwood during the Spring '12 term at Virginia Tech.

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ACIS 4124 Revised P5 - Chapter 05 Accounting for General Capital Assets and Capital Projects 5-10 a FALTS CITY STREET IMPROVEMENT FUND(SIF Journal

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