Accounting -6The following information is necessary to complete the problems portion of this exam.

| January 30, 2017

Question
6The following information is necessary to complete the problems portion of this exam.

Calhoun County

General Fund

Balance Sheet

Dec 31, 2010

Assets

Liabilities and Fund Balance

Cash

$ 15,000

Accounts Payable

$ 6,000

Accounts Receivable

2,500

Total Liabilities

6,000

Reserve for Encumbrances

500

Unreserved Fund Balance

11,000

Total Assets

$ 17,500

Total Liabilities and Fund Balance

$ 17,500

Journalize the following transactions for the Calhoun CountyGeneral Fund for 2011.

1. (2pts) Reinstate Encumbrances closed Dec 31.

Account Name

Debit

Credit

2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues = $690,000. Book the budget.

Account Name

Debit

Credit

3. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. Journalize Receivable.

Account Name

Debit

Credit

4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each. Journalize Encumbrance.

Account Name

Debit

Credit

5. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaip in 6 months. Journalize Cash transfer for General Fund only.

Account Name

Debit

Credit

6. (2pts) $500,000 in property taxes collected. Journalize receipt of Cash.

Account Name

Debit

Credit

7. (2pts) $150,000 loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize cash transfer for General Fund only.

Account Name

Debit

Credit

8. (2pts) Payroll expenditures of $125,000 paid. Journalize payment. Payroll is not an encumbered item.

Account Name

Debit

Credit

9. (2pts) BOTH Cruisers ordered arrive! Invoice ‘vouchered’ for $24,500 each. Journalize the liability.

Account Name

Debit

Credit

10. (2pts) You discover $5,000 paid from Special Revenue Fund#1 for fire dept equipment should have been paid from General Fund. Correct expenditure for General Fund and transfer Cash next year. Special Revenue expenditure occurred in 2010. All 2010 temporary accounts have been closed. Journalize correcting entry for General Fund.

Account Name

Debit

Credit

11. (2pts) $8,000 transferred to Debt Service Fund #5. Amount transferred does not have to be repaid. Journalize Cash transfer.

Account Name

Debit

Credit

12. (2pts) At year end, the county attorney says lawsuit judgements totaling $300,000 will have to be paid. Of that total, $50,000 is payable in the coming year. Book appropriate liability for General Fund. No Encumbrance for this item.

Account Name

Debit

Credit

13. (2pts) $90,000 federal Grant check arrives. Grant is for the ‘DARE’ educational project expenditures for calendar year 2011. Journalize receipt of Cash and related Deferred Revenue.

Account Name

Debit

Credit

14. (2pts) County Commissioners spend $30,000 for Dare police van. Journalize payment and recognition of grant revenue. No encumbrance set up for van.

Account Name

Debit

Credit

15. (8pts) Prepare closing entries:

Account Name

Debit

Credit

16. (7pts) Complete the Statement of Revenues, Expenditures, and Changes in Fund Balances.

Calhoun County

General Fund

Statement of Revenues, Expenditures, and Changes in Fund Balances

For the 2011 Fiscal Year

Revenues

$

Expenditures

Excess of Revenues Over Expenditures

Other Financing Sources (Uses)Interfund Transfers (Out) – Debt Service

Net Change in Fund Balances

Fund Balance, Beginning of Year

As previously reported

$

Correction of Prior Year Error

Fund Balance, End of Year

$

17. (11pts) Complete the following Balance Sheet:

Calhoun County

General Fund

Balance Sheet

Dec 31, 2011

Assets

Cash

$

Accounts Receivable

Taxes Receivable, Current

$

Allowance for Uncollectable Taxes, Current

Due from Special Revenue Fund #4

Advance to CPF#2

Total Assets

$

Liabilities

Accounts Payable

$

Vouchers Payable

Due to Special Revenue Fund #1

Deferred Revenue

Total Liabilities

$

Fund Balance

Reserved for Encumbrances

$

Reserved for Long Term Advance

Unreserved

Total Fund Balance

$

Total Liabilities and Fund Balance

$

Computation Worksheet

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