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In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues eamed or expenditures incurred are'accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: General Journal Cash Disbursements Journal Cash Receipts Journal General Ledger Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. Practice Set CHART OF ACCOUNTS GeneralFund-General Ledger Account Codes Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A.521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Llabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues Practice Set-Assumptions and Exhibits The following assumptions and exhiblts will be used in preparing the practice set. The Town's opening balances are: (General Ledgers are already posted) Exhibith The following budget was approved for 20x year: Exhibit. B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. The ffllmwinn ahetramte wana naid dukinm tha than wanth marlad nf num namtine eat A. Accounting Entries January 2 - The budget included in Exhibit A is joumalized and posted to the appropriate ledgers. January 2 - Real Property Tax bills are prepared and malled amounting to $50,000. January 5 - Sales Tax Revenues ($10,000) for the 4 quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. January 15 - Payroll #1 in Exhibit B is paid. January 20 - Received prior year State aid claim accrued minus $500 disallowance. January 29 - Payroll \#2 in Exhibit B is paid. January 30= Abstract #1 in Exhibit C is paid. January 31 - Tax Collector remits tax moneys in the amount of $40,000. February 1 - The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. February 2 - Recelves State aid for youth program in the amount of $1,100($100 adjustment for mathematical mistake). February 10 - Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. February 16 - Payroll 3 in Exhibit B is paid. February 17 - The Police Department issues purchase order 32 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4 .) February 22 - Paid Abstract 22 Exhibit C. LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS GENERAL FUND BALANCE SHEET DECEMBER 31, 20XX ASSETS LIABILITIES, DEFERRED REVENUE AND FUND BALANCE