Accounting for the General and Special Revenue Funds $115$

During the year, the State notified the Village that $$500,000$ for the Street and Highway Fund will be awarded for work performed on several bridges over the next two years. The grant is a cost reimbursement arrangement $($no budget entry is necessary$).$

During the year, the Village signed contracts for bridge repairs that amounted to $$438,000.$

The bridge repairs were completed, and an invoice was received for $$435,000,$ of which $$348,000$ was paid in cash.

The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $$1,800.$ This amount is not related to the bridge repairs under the state grant.

The state government paid the Village $$412,000$ on work completed under the grant before year$-$end.

Required:

a$.$ Prepare the journal entries for the above transactions. Prepare Closing entries for year$-$end.

b$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund.

c$.$ Prepare a Balance Sheet.

Excel$-$Based Problems

Excel$-$Based Problems

$4-11.$ Jefferson County's General Fund began the year $2024$ with the following account balances:

$\backslash$table$[[,$Deblts,Credils$],[$Cash$,$$$142,220,],[$Taxes Recelvable,$36,348,],[$Allowance for Uncollectible Taxes,,$1,900],[$Supplies$,1,660,21,000],[$Deferred Inflows$-$Property Taxes,,$570],[$Wages Payable,,$156,758],[$Fund Balance,$$180,228,]]$

During $2024,$ Jefferson experienced the following transactions:

The budget was passed by the County Commission, providing estimated revenues of $$286,500$ and appropriations of $$235,000,$ and estimated other financing uses of $$40,000.$

Encumbrances totaling $$4,800$ outstanding at December $31,2023,$ were re$-$established.

The Deferred Inflows$-$Property Taxes at December $31,2023,$ is recognized as revenue in the current period.

Property taxes in the amount of $$290,000$ were levied by the County. It is estimated $0\mathrm{.}5$ percent $(\frac{1}{2}$ of $1$ percent$)$ will be uncollectible.

Property tax collections totaled $$263,400.$ Accounts totaling $$1,850$ were written off as uncollectible.

Encumbrances were issued for supplies in the amount of $$37,100.$

Supplies in the amount of $$40,500$ were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $$41,000$ and included the $$4,800$ encumbered last year. The County paid $$38,100$ on accounts payable during the year.

The County contracted to have alarm systems $($capital assets$)$ installed in the administration building at a cost of $$45,700.$ The systems were installed, and the amount was paid.

Paid wages totaling $$135,900,$ including the amount payable at the end of $2023.($These were for general government operations.$)$

Paid other general government operating items of $$7,600.$

The General Fund transferred $$39,800$ to the debt service fund in anticipation of bond interest and principal payments.

Wages earned but unpaid at the end of the year amounted to $$1,050.$

Supplies of $$400$ were on hand at the end of the year. $($Supplies are used for general government operations.$)$

A review of property taxes receivable indicates that $$23\mathrm{.}000$ of the

Alternative formats

anticipation of bond interest and principal payments.

$12.$ Wages earned but unpaid at the end of the year amounted to $$1,050.$

$13.$ Supplies of $$400$ were on hand at the end of the year. $($Supplies are used for general government operations.$)$

$14.$ A review of property taxes receivable indicates that $$23,000$ of the outstanding balances would likely be collected more than $60$ days after yearend and should be deferred.

Required:

Use the Excel template provided on the textbook website to complete the following requirements. A separate tab is provided in Excel for the following items:

a$.$ Prepare journal entries to record the information described in items $1$ to $14.$ Classify expenditures in the General Fund as either General Government Operations or Capital Outlay. Make entries directly to these and the individual revenue accounts; do not use s