GOVERNMENT FUND ACCOUNTING
CITY OF BINGHAM Water Utility Fund Trial Balance As of December 31, 2016 Debits redit Cash Restricted Cash-Customer Deposits Customer Accounts Receivable Accumulated Provision for $513,395 62,920 176,484 Uncollectible Accounts $ 5,192 Inventory of Supplies Due from Other Funds Utility Plant in Service Accumulated Depreciation-- 103,560 14,300 20,900,429 Utility Plant Construction Work in Progress Vouchers 4,612,406 1,308,340 Vouchers Payable Customer Deposits Accrued Interest Payable Revenue Bonds Payable Unamortized Bond Discounts 81,662 62,920 477,510 15,917,000 71,720 on Revenue Bonds Payable Net Position-Net Investment in Capital 1,751,083 243,375 151 148 Assets Net Position-Unrestricted Totals Additional information: Accrued Interest Payable represents six months' accrual of interest on 6% revenue bonds payable. Interest is payable semiannually on January 1 and July 1 of each year. Unamortized Bond Discount is credited on January 1 and July 1 for the amortization applicable to the interest payment period. Amortization is computed by the straight-line method. The balance of $71,720 is to be amortized over the remaining 20 years of the bond maturity. Customers place deposits on their accounts. Restricted Cash - Customer Deposits represents the amounts paid, and Customer Deposits reflects the liability of the fund associated with these payments. Refunds to customers discontinuing services are made out of these deposits and requires reducing the liability and the restricted cash. If the deposit is used to pay the final bill of a discontinuing customer, the liability would be decreased as well as the customer receivable. Additionally, the amounts are reclassed from cash for restricted customer deposits to cash. Note: No transactions will be recorded in the Govt Wide general journal. CITY OF BINGHAM Water Utility Fund Trial Balance As of December 31, 2016 Debits redit Cash Restricted Cash-Customer Deposits Customer Accounts Receivable Accumulated Provision for $513,395 62,920 176,484 Uncollectible Accounts $ 5,192 Inventory of Supplies Due from Other Funds Utility Plant in Service Accumulated Depreciation-- 103,560 14,300 20,900,429 Utility Plant Construction Work in Progress Vouchers 4,612,406 1,308,340 Vouchers Payable Customer Deposits Accrued Interest Payable Revenue Bonds Payable Unamortized Bond Discounts 81,662 62,920 477,510 15,917,000 71,720 on Revenue Bonds Payable Net Position-Net Investment in Capital 1,751,083 243,375 151 148 Assets Net Position-Unrestricted Totals Additional information: Accrued Interest Payable represents six months' accrual of interest on 6% revenue bonds payable. Interest is payable semiannually on January 1 and July 1 of each year. Unamortized Bond Discount is credited on January 1 and July 1 for the amortization applicable to the interest payment period. Amortization is computed by the straight-line method. The balance of $71,720 is to be amortized over the remaining 20 years of the bond maturity. Customers place deposits on their accounts. Restricted Cash - Customer Deposits represents the amounts paid, and Customer Deposits reflects the liability of the fund associated with these payments. Refunds to customers discontinuing services are made out of these deposits and requires reducing the liability and the restricted cash. If the deposit is used to pay the final bill of a discontinuing customer, the liability would be decreased as well as the customer receivable. Additionally, the amounts are reclassed from cash for restricted customer deposits to cash. Note: No transactions will be recorded in the Govt Wide general journal
