To record estimated revenues
To record appropriations
Reserve for encumbrances
To record the order of supplies
Chapter 9-General Capital Assets & Long-Term Debt
Create journals for the General Fund and General Cap. Assets
1. A pickup truck purchased seven years ago for $30 with General Fund money was
sold for $5. The government's proprietary funds usually deprecia
Chapter 6 Expenditure Accounting
A. What are Expenditures- a measurement used to fund liabilities, where as expenses
are for expired costs
B. An expenditure is best described as any decrease in fund net position-for
operations, capital outlay, and debt se
Class Schedule Wednesdays 6:00-9:00 PM
Chapter 1 Gov. & Nonprofit Acct.
Chapter 2 Gov. Reporting Model
Readings prior to Class
1. The remaining funds of a Capital Projects Fund, $1,500, were transferred to the
Debt Service Fund to be used in the repayment of debt and interest on that debt
that was issued to finance and expansion of the county courthouse.
2. The county General Fun
Chapter 15 CAFR
A. The Comprehensive Annual Financial Report
Contains the following elements
o Introductory section- this will have legal requirements, managements
responsibilities, and the overall results of the audit
o Financial Section-The auditors re
Problem 1 Bond Anticipation Notes
Green Mountain County had the following transactions related to the issuance of its bond
anticipation notes. All amounts are in thousands of dollars.
1. The county issued $5,000 of 12-month, 6% bond anticipa
The City of Bettingers Bend General Fund had a beginning inventory of materials and
supplies of $86,000.
1. Materials and supplies costing $740,000 were ordered during the year.
2. The materials and supplies ordered were received; actual cost, $741
1. Prepare the journal entries required in the Enterprise Fund. If no entry is required,
state No entry required and explain why.
2. Compute the amount of sales revenues that should be reported for the Enterprise Fund.
a. Services of $5,000 wer
Listed below are selected transactions for the Maury County Internal Service Fund.
1. The ISF Purchased a building that several departments will use on January 2,
20X2, by paying $100,000 down and borrowing $350,000 on a 6%, 10-ye
The following entries would have been made during the year.
To record the endowment contribution (in a permanently restricted fund)
To record the initial contribution of equipment
To record the initial contribution of cash
Estimated bond proceeds
Estimated grant revenues
Estimated transfer from general fund
Appropriationsbond issue costs
To record the budget
1. Consumption Method
Under the consumption basis, the expenditures would represent the amount of
supplies consumed. By analyzing the inventory account, we can determine the
amount of supplies purchased:
Beginning balance + Purchases - Consumption
To record a state disability grant (At the time the award is announced the city had
fulfilled all eligibility requirements. There are no time-requirements; the funds can be
spent at any
LEARNING TEAM CHARTER TEAM
Course Title ACC/546 Auditing
Team Members/Contact Information
Time zone and
Mon - Sat 8am to 8pm; Sun
after 1 pm EST
Mon - Sat 8am to 5pm; Sun
after 1 pm CST