Question information is attached.

Project overall is the basic information. Project 3 is all about the requirements.

Fill the project 3 tab in Governmental_Projects_Template (1).xlsx

Chart of Accounts 100 101 103 105 106 116 117 141 142 143 150 151 160 170 180 190 195 199 200 202 205 210 215 217 230 231 235 239 240 241 242 243 244 245 ASSETS Cash & Cash Equivalents Marketable Securities Property Taxes Receivable Delinquent Property Taxes Receivable Accounts Receivable - Water Accounts Receivable - Allowance for Bad Debts Inventories Energy Inventory Supplies Inventory Plant and Equipment Accumulated Depreciation - Plant and Equipment Land Buildings Infrastructure Construction in Progress TOTAL ASSETS Deferred Outflows of Resources LIABILITIES Accounts Payable Accrued Wages and Salaries Utility Bond Payable Note Payable Other Payables Bonds Payable Bonds Premium TOTAL LIABILITIES Deferred Inflows of Resources Fund Balance-General fund Fund Balance-Permanent fund Fund Balance-Special revenue fund Fund Balance-Debt service fund Fund Balance-Capital projects fund Fund Balance-Proprietary fund 288B Budgetary Fund Balance 299B Estimated Revenue 399B Appropriations 300 301 310 315 320 325 330 335 360 370 375 380 385 389 390 500 510 510 550 560 565 570 575 578 580 585 590 610 615 620 625 710 799 990 REVENUES Property Tax Revenue Sales Tax Revenue Fines Revenue Licenses and Permits Revenue Grant Revenue Interest Revenue Investment Revenue Water Revenue Other Financing Sources - Sale of Assets Other Financing Sources - Capital Leases Other Financing Sources - Bond Proceeds (Face) Other Financing Sources - Bond Proceeds (Premium) TOTAL REVENUES Nonreciprocal Transfer In EXPENDITURES Payroll - Wages and Salaries Expenditures Compensated Absences Expense Supplies Expenditure Lease Principal - Expenditure Lease Interest - Expenditure Equipment - Expenditure Emergency Communications System - Expenditure Depreciation Expense - Plant and Equipment Building Expenditures Construction of Bridge - Expenditures Infrastructure Expenditures Premium Amortization Interest Expenditure Bad Debt Expense Bond Issue Costs - Expenditure Other Operating Expenses TOTAL EXPENDITURES Nonreciprocal Transfer Out Governmental Fund Balance Practice Set Town of Oakville General Ledger Account Project Fund Doc Dept Cash Account Project Fund Doc Dept 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 101 Marketable Securities Account Project Fund Doc Dept 103 103 103 103 Property Taxes Receivable Account Project Fund Doc Dept Debit Credit Balance Debit Account Credit 101 Balance Debit Account Credit 103 Balance Debit Account Credit 105 Balance 105 105 105 General Fund 1 Delinquent Property Taxes Receivable Account 106 Account Project Fund Doc Dept Debit 106 106 106 Accounts Receivable - Water Account Project Fund Doc Dept Debit 116 116 Accounts Receivable - Allowance for Bad Debts Account Project Fund Doc Dept Debit 117 Inventories Account Project Fund Doc Dept Debit 141 Energy Inventory Account Project Fund Doc Dept Debit 142 Supplies Inventory Account Project Fund Doc Dept Debit 143 143 143 Plant and Equipment Account Project Fund Doc Dept Debit 150 150 Accumulated Depreciation - Plant and Equipment Account Project Fund Doc Dept Debit 151 Land Account Project Fund Doc Dept Debit 160 Buildings Account Project Fund Doc Dept 170 Infrastructure Account Project Fund Doc Dept 180 Construction in Progress Account Project Fund Doc Dept 190 Deferred Outflows of Resources Account Project Fund Doc Dept 199 Accounts Payable Account Project Fund Doc Dept Credit Balance Account Credit 116 Balance Account Credit 117 Balance Account Credit 141 Balance Account Credit 142 Balance Account Credit 143 Balance Account Credit 150 Balance Account Credit 151 Balance Account Credit 160 Balance Account 170 Debit Credit Balance Debit Account Credit 180 Balance Debit Account Credit 190 Balance Debit Account Credit 199 Balance Debit Account Credit 202 Balance 202 202 Accrued Wages and Salaries Account Project Fund Doc Dept 205 Utility Bond Payable Account Project Fund Doc Dept 210 Note Payable Account Project Fund Doc Dept 215 Other Payables Account Project Fund Doc Dept 217 Bonds Payable Account Project Fund Doc Dept 230 Bonds Premium Account Project Fund Doc Dept 231 Deferred Inflows of Resources Account Project Fund Doc Dept 239 239 239 Fund Balance-General Account Project Fund Doc Dept 240 240 Fund Balance-Permanent fund Account Project Fund Doc Dept 241 Fund Balance-Special revenue fund Account Project Fund Doc Dept 242 Fund Balance-Debt service fund Account Project Fund Doc Dept 243 Fund Balance-Capital projects fund Account Project Fund Doc Dept 244 Fund Balance-Proprietary fund Account Project Fund Doc Dept 245 Property Tax Revenue Account Project Fund Doc Dept 301 301 Debit Account Credit 205 Balance Debit Account Credit 210 Balance Debit Account Credit 215 Balance Debit Account Credit 217 Balance Debit Account Credit 230 Balance Debit Account Credit 231 Balance Debit Account Credit 239 Balance Debit Account Credit 240 Balance Debit Account Credit 241 Balance Debit Account Credit 242 Balance Debit Account Credit 243 Balance Debit Account Credit 244 Balance Debit Account Credit 245 Balance Debit Account Credit 301 Balance 301 Debit Account Credit 310 Balance Debit Account Credit 315 Balance Licenses and Permits Revenue Account Account Project Fund Doc Dept Debit Credit 320 Grant Revenue Account Account Project Fund Doc Dept Debit Credit 325 Interest Revenue Account Account Project Fund Doc Dept Debit Credit 330 330 Investment Revenue Account Account Project Fund Doc Dept Debit Credit 335 335 Water Revenue Account Account Project Fund Doc Dept Debit Credit 360 Other Financing Sources - Sale of assets Account Account Project Fund Doc Dept Debit Credit 370 Other Financing Sources - Capital Leases Account Account Project Fund Doc Dept Debit Credit 375 Other Financing Sources - Bond Proceeds (Face) Account Account Project Fund Doc Dept Debit Credit 380 Other Financing Sources - Bond Proceeds (PremiumAccount Account Project Fund Doc Dept Debit Credit 385 Nonreciprocal Transfer In Account Account Project Fund Doc Dept Debit Credit 390 390 Payroll - Wages and Salaries Account Account Project Fund Doc Dept Debit Credit 510 510 510 510 510 Supplies Expenditure Account 320 Balance Account 310 Account 315 Sales Tax Revenue Project Fund Doc Dept Fines Revenue Project Fund Doc Dept 325 Balance 330 Balance 335 Balance 360 Balance 370 Balance 375 Balance 380 Balance 385 Balance 390 Balance 510 Balance 550 Account Project Fund Doc Dept Debit 550 550 550 550 Lease Principal - Expenditure Account Project Fund Doc Dept Debit 560 Lease Interest - Expenditure Account Project Fund Doc Dept Debit 565 Equipment Expenditure Account Project Fund Doc Dept Debit 570 570 570 570 Emergency Communications System - Expenditure Account Project Fund Doc Dept Debit 575 Depreciation Expense - Plant and Equipment Account Project Fund Doc Dept Debit 578 Building Expenditures Account Project Fund Doc Dept Debit 580 Construction of Bridge - Expenditures Account Project Fund Doc Dept Debit 585 Infrastructure Expenditures Account Project Fund Doc Dept Debit 590 590 Interest Expenditure Account Project Fund Doc Dept Debit 615 Bad Debt Expense Account Project Fund Doc Dept Debit 620 Bond Issue Costs - Expenditure Account Project Fund Doc Dept Debit 625 Other Operating Expenses Account Project Fund Doc Dept Debit 710 Nonreciprocal Transfer Out Account Project Fund Doc Dept Debit 990 Credit Balance Account Credit 560 Balance Account Credit 565 Balance Account Credit 570 Balance Account Credit 575 Balance Account Credit 578 Balance Account Credit 580 Balance Account Credit 585 Balance Account Credit 590 Balance Account Credit 615 Balance Account Credit 620 Balance Account Credit 625 Balance Account Credit 710 Balance Account Credit 990 Balance 990 Totals Budgetary Fund Balance Project Fund Doc Dept - - - Debit Account Credit 288B Balance Estimated Revenue Project Fund Doc Dept Debit Account Credit 299B Balance Appropriations Project Fund Debit Account Credit 399B Balance Doc Dept Governmental Fund Balance Practice Set Town of Oakville Working Paper Postings August 31 Balance Acct # Account 101 Cash & Cash Equivalents 103 Marketable Securities 105 Property Taxes Receivable 106 Delinquent Property Taxes Rec 116 Accounts Receivable - Water 117 Accounts Rec - Allow. for Bad Debts 141 142 143 150 Inventories Energy Inventory Supplies Inventory Plant and Equipment 151 Accum Depr - Plant and Equipment 160 Land 170 Buildings 180 Infrastructure 190 199 202 205 210 215 217 Construction in Progress Deferred Outflows of Resources Accounts Payable Accrued Wages and Salaries Utility Bond Payable Note Payable Other Payables 230 Bonds Payable DR CR Adjustments per Project 9 DR CR August 31 Balance Acct # Account 231 Bonds Premium 239 Deferred Inflows of Resources 240 Fund Balance-General fund 241 242 243 244 245 301 310 315 320 325 330 335 360 370 375 390 510 520 Fund Balance-Permanent fund Fund Balance-Special revenue fund Fund Balance-Debt service fund Fund Balance-Capital projects fund Fund Balance-Proprietary fund Property Tax Revenue Sales Tax Revenue Fines Revenue Licenses and Permits Revenue Grant Revenue Interest Revenue Investment Revenue Water Revenue Other Fin Sources - Sale of Assets Other Fin Sources - Capital Leases Other Fin Sources - Bond Proceeds (Face) Other Financing Sources - Bond Proceeds (Premium) Nonreciprocal Transfer In Payroll - Wages and Salaries Compensated Absence Expense 550 560 565 570 Supplies Expenditure Lease Principal - Expenditure Lease Interest - Expenditure Equipment Expenditure 380 385 DR CR Adjustments per Project 9 DR CR August 31 Balance Acct # Account DR Adjustments per Project 9 DR CR CR 575 Emergency Comm System - Expend 578 Depr Exp - Plant and Equipment 580 Building Expenditures 585 Construction of Bridge - Expenditures 590 Infrastructure Expenditures 610 615 620 625 710 990 Debt Service Cost Interest Expenditure Bad Debt Expense Bond Issue Costs - Expenditure Other Operating Expenses Nonreciprocal Transfer Out TOTALS $ - $ - $ - $ - Adjusted Balance DR CR Adjusted Balance DR CR Adjusted Balance DR $ CR - $ - Governmental Fund Balance Practice Set Town of Oakville Project One General Journal Doc # Fund # Dept # Account # Name Debit Credit Your Name: Governmental Fund Balance Practice Set Town of Oakville Project Two General Journal Doc # Fund # Dept # Account # Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Project Three General Journal Doc # Fund # Dept # Account # Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Project Four General Journal Doc # Fund # Dept # Account # Name Debit Credit Your Name: Governmental Fund Balance Practice Set Town of Oakville Project Five General Journal Doc # Fund # Dept # Account # Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Account # Trial Balance as of May 31, 2017 by Fund General Fund 101 Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Account # Trial Balance as of May 31, 2017 by Fund Permanent Fund 150 Name Debit Credit Account # Governmental Fund Balance Practice Set Town of Oakville Gove Trial Balance as of May 31, 2017 by Fund Special Revenue Fund 205 Name Debit Tri Credit Account # Governmental Fund Balance Practice Set Town of Oakville Trial Balance as of May 31, 2017 by Fund Debt Service Fund 301 Name Debit Governm Trial Ba C Credit Account # Governmental Fund Balance Practice Set Town of Oakville Trial Balance as of May 31, 2017 by Fund Capital Projects Fund 401 Name Debit Credit Account # Governmental Fund Balance Practice Set Town of Oakville Account # Trial Balance as of May 31, 2017 by Fund Proprietary Fund 591 Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Project Six General Journal Doc # Fund # Dept # Account # Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Project Seven Account # Water Fund 591 Trial Balance as of July 31, 2017 Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Project Eight Permanent Fund 150 Trial Balance as of August 31, 2017 Account # Name Debit Credit Governmental Fund Balance Practice Set Town of Oakville Project Nine Working Paper Postings Doc # Fund # Dept # Account # Name Debit Credit ACCT243 Fall 2017: Semester Project 3 Dr. Bakarich Project Three Recording Expenditure Transactions Learning Objectives In this project, you will learn to: Prepare modified accrual basis expenditure entries for a variety of operating activities Expenditure transactions are recorded in governmental funds on the modified accrual basis. In this module we will make several expenditure entries for governmental funds. 1) Wages and Salaries Read the email below received from the Comptroller of the Town of Oakville (document #301): Wages and Salaries accrued and paid To: Junior Accounting Staf From: Comptroller of the Town of Oakville _ Incurred payroll wages and salary expenditure by Department: General Government Public Safety Public Works Culture and Rec. $3,100,000 4,700,000 750,000 560,000 Of the total wages and salaries accrued above ($9,110,000), $8,885,000 were paid out of the Town bank account. Be sure to note the departments for the expenditures; the non-expenditure parts of the journal entry can be marked to Department #000. 2) Supplies The following email was received from the administration office of the Town of Oakville (document #302): Adapted from Granof et al. 1 ACCT243 Fall 2017: Semester Project 3 Dr. Bakarich Supplies - Purchase and usage To: Junior Accounting Staff From: Administration Office of the Town of Oakville The following invoice was received from Mega Office: Invoice: 302 From: Mega Office To: Town of Oakville Date: 03/31/2017 Qty. Item Total 1 Various assortment of office supplies $1,462,000 $1,369,000 was paid to Mega Office from the Town's bank account, the remaining balance will remain in Accounts Payable for now. The amount of supplies used by each of the departments is recorded in the following table. Department General Government Public Safety Public Works Culture & Recreation Usage $415,000 595,000 260,000 128,000 The Town of Oakville uses the Consumption Method to account for supplies. Hints: All these transactions belong in the General Fund. The department number is a crucial part of this entry since this is an expenditure transaction. Supplies inventory is not associated with a particular department. 3) Purchase of Long-Lived Assets The following email was received from the Administration Office (document #303): Adapted from Granof et al. 2 ACCT243 Fall 2017: Semester Project 3 Dr. Bakarich 4) Building and Infrastructure The following email was received from the Administration Office (document #304): Adapted from Granof et al. 3 ACCT243 Fall 2017: Semester Project 3 Dr. Bakarich 5) Transfer Money to Debt Service Fund On March 31, 2017 the town transferred $1,400,000 to the debt service fund to cover required interest and principal on outstanding debt. The reference for this transaction is document #305. This is a non-reciprocal transfer. While the overall cash balance of the city remains unchanged, record separate journal entries for the general fund and debt service fund for this transaction so that the cash balance is properly denoted for each fund. STEPS: 1) Record the journal entries from #1-5 in the Project 3 tab. 2) Post all journal entries to the GL tab. Notes for Government-Wide Statements The following information pertains to creation of the government-wide statements. No entry needs to be made now. Make note of the following information to use in the final project. The following newly acquired assets will have to be added to the government-wide statements: Equipment Buildings Infrastructure $1,254,000 600,000 2,446,000 On March 31, 2017 the town recognized vacation pay to be paid in the future. This transaction has to be recorded only in the government-wide statements. No accounting entry is required at the fund level, but an adjustment will have to be made to incorporate the expenses in the government-wide statement for the following amounts. General Government $224,000 Adapted from Granof et al. 4 Public Safety 188,000 Public Works 30,000 Culture and Recreation 299,000 ACCT243 Adapted from Granof et al. Fall 2017: Semester Project 3 Dr. Bakarich 5 ACCT243 Fall 2017 Project Dr. Bakarich Semester Project: The residents of Oakville area in Mayberry County have petitioned the County that Oakville be recognized as a town within the County. The County agrees and all legal requirements have been satisfied. The Town of Oakville is officially established and the County agrees to transfer certain of its assets to the town. Correspondingly, the town will assume certain of the County's liabilities. This practice set utilizes two Excel files. The 'project' file contains several worksheets that you will use to record transactions and prepare interim reports (Projects 1-9). The 'financial statement' file contains templates on which you will prepare the governmental financial statements (Project 9). The Town of Oakville will maintain six funds: Fund Number 101 150 205 301 401 591 Fund Name General Permanent (for support of a cemetery) Special Revenue (for an enforcement grant) Debt Service Capital Projects Proprietary (for a water utility) Oakville maintains a General Ledger Journal where all journal entries are posted. A separate worksheet tab is used to record journal entry transactions for each of the nine projects, each labeled as Project 1, Project 2, etc. The General Ledger 'GL' tab will be updated after each project to record all the entries in one place. The Trial Balance tab will be used to post balances from the GL at the end of the project. A chart of accounts appears on a separate worksheet in the Excel Project file. Only expenditure/expense transactions must be assigned a department code. The department codes are as follows: Department Number 000 410 414 416 417 419 420 431 450 470 Adapted from Granof et.al Department Name No department code applicable General government Operations - Capital projects Operations - Cemetery Operations - Debt service Operations - Water Public safety Public works Culture and recreation Debt service ACCT243 Fall 2017 Project Dr. Bakarich For every transaction, it is critical to determine the account number, fund number, and department number (for expenditures only) before entering each entry to ensure that the entry is made correctly. This information will be important when creating the financial statements. In each project we will record different types of transactions. For convenience, we shall assume that all transactions in each individual project occurred in the same month and that each project occurs in a sequential month (e.g. transactions of Project 1 occur in January 2017, transactions in P roject 2 occur in February, transactions in Project 3 occur in March, etc.). Financial statements will be prepared for the eight months ending August 31, 2017. The chart below details the semester schedule and due dates for each part of the project. The \"Project File\" Excel template will be uploaded on each specified date with the specified deliverables. For instance, after Project 1, only the Project 1 tab and the GL will have been filled in, but the entire file should be uploaded to Blackboard. After Project 2, the Project 1 tab, the Project 2 tab and the GL will have been updated, but the entire file should be uploaded to Blackboard, etc. The Financial Statements Excel file will only be uploaded with Project 9. Ensure you read through grading feedback received on Blackboard before the submission of Project 9's financial statements and correct any prior information as necessary. Points for Projects 1-8 will not be re-adjusted, however, updating any incorrect information will assist in the preparation of financial statements in Project 9. Project Topic Deliverable Upload to Blackboard by 11:59pm on: 1 Budgetary Transactions Project File: Project 1 tab completed. GL tab up-to-date. Sun 10/1 2 Revenue Transactions Project File: Project 2 tab completed. GL tab up-to-date. Sun 10/8 3 Expenditure Transactions Project File: Project 3 tab completed. GL tab up-to-date. Sun 10/15 4 Capital Projects & Debt Service Funds Project File: Project 4 tab completed. GL tab up-to-date. Sun 10/22 5 Capital Transactions Project File: Project 5 tab completed. GL tab up-to-date. Sun 10/29 6 Other Long-Term Obligations Project File: Project 6 tab completed. GL tab up-to-date. Sun 11/5 7 Proprietary Fund Transactions Project File: Project 7 tab completed. GL tab up-to-date. Sun 11/12 8 Permanent Funds Project File: Project 8 tab completed. GL tab up-to-date. Sun 11/19 9 The Financial Statements (1) Project File: Project 9 tab completed. Trial Balance tab completed. Sun 12/3 (2) Financial Statement File completed. Adapted from Granof et.al