Chapter 4 Case Study (1)
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Chapter 4 Case Study
Required:
Book journal entries for the following transactions in both the General Fund ledger and Government-Wide/Governmental Activities ledger.
1. The budget FY 2024 for the Town of Susanville authorizes expenditures of $3,700,000 allocated to the following: General Government $600,000, Public Safety $1,340,000, Public Works $1,200,000, Health and Welfare $430,000, Culture and Recreation $100,000 and Miscellaneous $30,000. Forecasted revenues of $3,980,000 were authorized and allocated to the following functions/programs: Property Taxes $2,520,000, Interest and Penalties on Delinquent Taxes $20,000, Sales taxes $550,000, Licenses and Permits $305,000, Fines and Forfeits $260,000, Intergovernmental Revenue, $170,000, Charges for Services $130,000 and Miscellaneous Revenues $25,000 for FY 2024. The entry to record the budget is:
General Fund: Estimated Revenues 3,980,000
Budgetary FB
208,000
Appropriations
3,700,000
Governmental Activities:
N/A
2. The Town of Susanville placed purchase orders for supplies totaling $65,150 for the following programs: General Government $26,000, Public Works $19,500, Health and Welfare $12,000, Culture & Recreation $7,650. The entry to record this transaction would be:
General Fund: Encumbrances – 2024
65,150
Encumbrances outstanding - 2024 65,150
Governmental Activities: N/A
3. Assume that only a portion of the supplies was filled and completed during the year at an actual cost of $32,500, for which the estimated cost had been $33,750. The breakdown of the estimated costs is as follows for
the portion of the goods that came in is as follows: General Government $21,000, Public Works $9,500, Health
and Welfare $1,000 and Culture and Recreation $2,250. The allocation to function/program for actual costs is as follows: General Government $20,800, Public Works $9,200, Health and Welfare $700, and Culture and Recreation $1,800. The Town of Susanville received the invoice for the goods but has yet to pay for them. General Fund: Encumbrances outstanding – 2024
33,750
Vouchers Payable
33,750
Expenditures – 2024
32,500
Vouchers payable 32,500
Governmental Activities: Expenses – General Gov.
20,800
Expenses – Public works
9,200
Expenses – Health & Well
400
Expenses – Culture & Rec
1,800
Vouchers payable
32,500
4. In addition to supplies, the police department authorized the purchase of a new copier. It was ordered with an estimated cost of $30,000.
General Fund: Encumbrances – 2024
30,000
Encumbrances Outstanding – 2024
30,000
Governmental Activities: N/A
5. The copier was received at an actual cost of $29,750 and the government has yet to pay the invoice. The copier qualifies as a long-lived asset according to the government’s capitalization policy. General Fund: Encumbrances outstanding – 2024
30,000
Encumbrances – 2024
30,000
Expenditures – 2024
29,750
Vouchers Payable 29,750
Governmental Activities: Equipment 29,750
Vouchers Payable 29,750
6. Bills were paid in the amount of $62,250 to pay the outstanding liability account Vouchers Payable.
General Fund: Expenditures – 2024
62,250
Vouchers payable
62,250
Governmental Activities: 7. For FY 2024, the City of Susanville sends out property tax invoices based on required tax revenue of $2,600,000, and it is estimated that 4% will be uncollectible. General Fund: Tax receivable – current 2,600,000
Allowance for tax Rec – current
104,000
Revenues
2,496,000
Governmental Activities: Tax receivable – current 2,600,000
Allowance for tax Rec – current
104,000
Revenues
2,496,000
8. The City of Susanville collected $2,042,033 of current property taxes.
General Fund: Cash 2,042,033
Tax Receivable – Current 2,042,033
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117,600
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630,400
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Financing Uses, $2,766,000;
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Uses, $2,770,000;
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$
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3,185,000
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400,000
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20,000
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20,000
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The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.
Debits
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$ 108,000
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$ 27,400
Accrued interest payable
30,600
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51,000
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13,000
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96,800
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561,000
Cost of sales and services
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17,300
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40,500
Interest revenue
5,300
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117,600
Bank note payable
630,400
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18,900
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Property taxes
$1,740,000
Sales taxes
1,000,000
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10,000
Total
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2,000,000
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300,000
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Street and Highway Fund Balance Sheet
As of December 31, 2019
Assets
Cash
$
19,000
Investments
63,000
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Total assets
$
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- Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars). Debits Credits Cash $1,800 Property taxes receivable 800 Salaries payable $700 Deferred property tax revenues 300 Unassigned fund balance - 1,600 Totals $2,600 $2,600 Croton has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar…arrow_forwardPrepare journal entries to record the following transactions and events that occurred in Jeter City during calendar year 2022. 1. The city council adopted the following budget: Adopted budget Estimated revenues and other sources: Property taxes $3,250,000 Sales taxes 1,820,000 Use of fund balance 65,000 Total $5,135,000 Appropriations: Streets and parkways: Personal services $1,014,000 Equipment 123,500 Operating supplies 162,500 All other appropriations 3,835,000 Total $5,135,000 2. The Department of Streets and Parkways (S&P) took bids to purchase several items of equipment. The lowest bid came in at $136,500, which was greater than the amount appropriated for equipment. Jeter City’s budget director, who had the authority to interchange budgetary appropriations amounts within a department, authorized a $13,000 reduction in the department’s personal services appropriation and a corresponding increase in the equipment appropriation. 3. S&P entered into contract S&P…arrow_forwardPrepare a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the General Fund for the year ended December 31, 2021.arrow_forward
- Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…arrow_forwardMiscellaneous scenarios requiring journal entries The following transactions and events pertain to Bean County’s General Fundfor the calendar year 2022:1. The entity receives invoices in early January 2023 for $25,000 for professional servicesobtained in 2022, and $32,000 for December 2022 utility services.2. The entity borrows $500,000 on August 1, 2022, in anticipation of thecollection of property taxes. The borrowed amount is due to be repaid onJanuary 31, 2023, with interest at the rate of 1.5 percent per annum.3. The entity invests $300,000 cash in a CD on November 1, 2022, at an interest rateof 1 percent per annum. The CD will mature on January 31, 2023.4. In September 2022, the entity receives and accepts supplies that had beenordered in August. The amount that had been encumbered was $40,000,but the amount of the approved invoice was $42,000.Prepare journal entries for the transactions and events listed above.Enter 0 or leave the field blank if no entry is required for calendar…arrow_forwardJournal entries and financial statements for an Internal Service Fund The city of Pleasantville’s Data Processing Fund, an Internal Service Fund, provides services for a fee toall departments of Pleasantville’s government.The Fund had the following transactions and events during calendar year 2021. (There was no fund balanceat the beginning of the year.)1. The General Fund made a $2,000,000 transfer of cash to establish the Data Processing Fund.2. The Data Processing Fund pays cash for a $1,900,000 computer.3. Supplies costing $4,500 were purchased on credit.4. Bills totaling $650,000 were sent to the various city departments.5. Repairs to the computer were made at a cost of $2,400, on credit.6. Collections from city departments for services (see #4) were $629,000.7. Salaries of $200,000 were paid to the employees.8. Accounts payable totaling $5,900 was paid.9. As of the end of the year, $300 of supplies (see #3) had not been used.10. Depreciation expense on the computer for the year…arrow_forward
- 2arrow_forwardProblem 5. A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 2016, is as follows: A. A budget was approved, showing estimated revenues of $900,000, appropriations $875,000, transfers in of $27,000 from other funds, and required transfers of $20,000 to other funds. B. The outstanding encumbrance at the end of 2015 was $25,000. Amounts encumbered in the prior period are included in appropriations for 2016. C. Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. D. Encumbrances for $25,000 had not been liquidated by the end of 2015 (see B). Invoices for all these items were received in 2016 and totaled $24,000. E. Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes Receivable - current and taxes receivable - delinquent were…arrow_forward*Please prepare journal entries for government-wide financial statements** (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, put "No journal entry required") A) budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. B) contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. C) Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. The new building is completed. An invoice for $9,000,000 is received by the county and paid. E) Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). F) A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents…arrow_forward
- ! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required A Required B Complete this question by entering your answers in the tabs below. Required C VILLAGE OF SEASIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2024 Net Position: Net Investment in Capital Assets Unrestricted Total Net Position Debits Required: a.…arrow_forwardJournal entries to record miscellaneous transactions and events A city's Parks Department has these two General Fund appropriations: Parks department salaries and Parks department other than salaries. All of the following transactions and events are applicable to calendar year 2021. 1. Salaries of $21,000 were paid in October 2021. 2. A purchase order for trees was placed at an estimated cost of $3,000. 3. The trees ordered in the previous transaction were received and accepted. The invoice was approved for payment. 4. The invoice received in the previous transaction was paid. 5. An invoice for $2,600 for November electricity services was approved for payment in early December 2021. 6. Parks Department employees worked during the last week of December 2021 and earned $12,000. They will be paid in early January 2022. 7. An invoice for $3,900 for December electricity services was received in early January 2022.arrow_forwardces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…arrow_forward
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