Question information is attached.

Project overall(1) pdf is the basic information. Project 9(2).doc is all about the requirements.

Fill the project 9 tab in Governmental_Projects_Template (1).xlsx and Governmental_Financial_Statements_Template(1) (1).xlsx.

Statement of Revenue, Expenditures, and Changes in Fund Balance - Governmental Funds Town of Oakville Statement of Revenues, Expenditures, and Changes in Fund Balance - Governmental Funds From January 1 through August 31, 2017 General Fund REVENUES Property tax revenue Sales tax revenue Fines revenue Licenses and permits revenue Grant revenue Interest revenue Investment revenue Total REVENUES EXPENDITURES Payroll - Wages and salaries Supplies expenditure Lease principal - expenditure Lease interest - expenditure Acquisition of equipment Emergency communications system - expenditure Building expenditures Construction of bridge - expenditure Infrastructure expenditures Interest expenditure Bond issue costs - expenditure Total EXPENDITURES OTHER FINANCING SOURCES (uses) Total OTHER FINANCING SOURCES (uses) Net Change in Fund Balance Fund Balance Beginning Fund Balance Ending Special Revenue (Enforcement Grant) Debt Service Capital Projects Permanent Total Balance Sheet (Governmental Funds) Town of Oakville Balance Sheet - Governmental Funds As of August 31, 2017 General Fund ASSETS Cash & cash equivalents Marketable securities Receivables, net Inventory & supplies inventory Total ASSETS LIABILITIES Accounts payable & other current liabilities Total Liabilities DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources Total deferred inflows of resources Fund Balance LIAB., DEF. INFLOWS & NET POSITION Special Revenue (Enforcement Grant) Debt Service al Funds 7 Capital Projects Permanent Total Statement of Revenues, Expenses, and Changes in Fund Balance - Proprietary Funds Town of Oakville Statement of Revenues, Expenses, and Changes in Fund Balance Proprietary Funds From January 1 through August 31, 2017 Water Fund REVENUES Water revenue Total REVENUES EXPENDITURES Payroll - Wages and salaries Depreciation expense - plant and equipment Bad debt expense Other operating expenses Total EXPENDITURES Change in Fund Balance Total Fund Balance Beginning Fund Balance Ending Total Statement of Net Position - Proprietary Funds Town of Oakville Statement of Net Position - Proprietary Funds As of August 31, 2017 Water Fund ASSETS Cash & cash equivalents Receivables, net Inventory Inventory - energy Capital Assets - plant & equipment, net Total ASSETS LIABILITIES Accounts payable & other current liabilities Notes payable & other liabilities Bonds payable Total LIABILITIES NET POSITION Net investment in capital assets Unrestricted Total NET POSITION LIABILITIES & NET POSITION Total Government-wide Statement of Activities Town of Oakville Statement of Activities From January 1 through August 31, 2 Program Revenues Functions/Programs Expenses Charges for Services Primary Government Governmental Activities Capital projects Debt Service Public Safety Public Works Culture & Recreation General government Special revenue (for an enforcement grant) Total Governmental Activities Business -Type Activities Water fund Total Business-Type Activities Total Primary Government Property tax revenue Fines revenue Interest Investment revenue Licenses and permits revenues Sales tax Revenue Loss - Sale of equipment Total general revenues and transfers Change in net position Beginning net position Ending net position n of Oakville ent of Activities hrough August 31, 2017 Net (Expense) Revenue and Changes in Net Position Program Revenues Operating Grants and Contributions Primary Government Governmental Activities Business-Type Activities Total mits revenues nues and transfers ## Government-wide Statement of Net Position Town of Oakville Statement of Net Position As of August 31, 2017 Governmental Activities ASSETS Cash & cash equivalents Marketable securities Receivables, net Inventory & supplies Inventory - energy Capital Assets - plant & equipment, net Land Buildings Infrastructure Construction in progress Total ASSETS LIABILITIES Accounts payable & other current liabilities Notes payable & other liabilities Bonds payable Bond premium Total LIABILITIES DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources Total DEFERRED INFLOWS OF RESOURCES NET POSITION Net investment in capital assets Restricted Unrestricted Business-type Activities Total Total NET POSITION LIABILITIES & NET POSITION ## 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 9 Dr. Bakarich Project Nine The Financial Statements Learning Objectives In this project, you will learn to: Prepare the working paper postings to adjust from the modified accrual basis to the full accrual basis. Prepare the basic financial statements required by GASB 34. Introduction In this project, we will prepare the following basic statements that must be included in a Comprehensive Annual Financial Report (CAFR): Government-Wide Statements (full accrual basis): o Statement of Net Position o Statement of Activities Fund Statements: For the governmental funds (modified accrual basis): Balance Sheet Statement of Revenues, Expenditures and Changes in Fund Balances For the proprietary funds (full accrual basis): Statement of Net Position Statement of Revenues, Expenses and Changes in Fund Net Position STEPS (For doc # note the numbers of the steps below): 1) Close the budgetary entries (estimated revenues, appropriations, budgetary control). 2) Entering Adjustments to Reconcile Modified Accrual to Full Accrual. Remember these are all working paper postings and are not posted to the general ledger. Complete all entries ( A- N) in the template in the Project 9 tab. Do not post these working paper postings to the General Ledger accounts. For all entries that require an adjustment to beginning Net Position (as was done in Chapter 11 exercises), utilize the specific Fund Balance instead. No fund # is needed in the fund column as these adjustments are to prepare combined full-accrual statements for all governmental funds. For Doc #, please use the letters a-n as denoted below. Department numbers should still be used for expenses. a) Recall from Project 1 that assets were received from Mayberry County upon establishment of the Town of Oakville. For the full accrual basis, we must incorporate the following assets into the government-wide statements (credit to beginning General Fund Balance): Adapted from Granof et al. 1 ACCT243 Fall 2017: Semester Project 9 Land Buildings Equipment Infrastructure Total Adapted from Granof et al. Dr. Bakarich $ 800,000 6,000,000 1,300,000 40,000,000 $48,100,000 2 ACCT243 Fall 2017: Semester Project 9 Dr. Bakarich b) In Project 1, it was also noted that Oakville assumed long-term bond debt of $25,000,000 in the general fund. Per the full accrual basis, this amount has to be incorporated into the government-wide statements. c) At the end of Project 3, we noted information for the Government-wide Statements: On March 31, 2017, the funds purchased capital assets for $4,300,000 as follows: Capital Assets - plant & equipment Buildings Infrastructure $1,254,000 600,000 2,446,000 $4,300,000 Total These capital assets were recorded in governmental funds from invoices #303 and #304 as follows: General government Public safety Public works Culture and recreation Public safety Public works Culture and recreation Total $ 85,000 312,000 800,000 57,000 600,000 1,646,000 800,000 $4,300,000 (Small piece of equipment) (Medium piece of equipment) (Large piece of equipment) (Tiny piece of equipment) (Police building) (Main Street infrastructure project) (Arts infrastructure project) d) In Project 3, we also noted vacation pay that will be paid in the future as follows: General government Public safety Culture and recreation Public works Total $224,000 188,000 299,000 30,000 $741,000 For government-wide financial statements, this liability needs to be accrued as an other payable. Be sure to note the department numbers. e) In Project 4, there was an entry to issue bonds to construct a bridge. The town issued $4,000,000 in 30-year general obligation bonds at a premium of $142,000. Bonds Premium on bonds Total Adapted from Granof et al. $4,000,000 142,000 $4,142,000 3 ACCT243 f) Fall 2017: Semester Project 9 Dr. Bakarich In Project 4, the town also recognized payments to contractors in the amount of $1,000,000. In the government-wide statements, this amount must be included in \"construction in progress\" rather than be recognized as an expenditure. g) In Project 4, the additional $350,000 of interest on bonds that is due after year-end must be accrued in the working paper postings under the full accrual basis for the government-wide statements. The accrual can be captured under bonds payable. This is for Department #417. h) In Project 4, the amortization of the bond premium of $1,290 issued during the year must be recorded in the government-wide financial statements under the full accrual basis. This is for Department #417. i) In Project 5, on May 31, 2017, the town calculated, but did not record the following depreciation on capital assets (plant and equipment): Depreciation - General government Depreciation - Public safety Depreciation - Culture and recreation Depreciation - Public works $ Total 85,000 68,000 373,000 1,154,000 $1,680,000 Depreciation must be recognized in the government-wide statements and assigned to the appropriate department numbers. j) In Project 5, the General Fund sold general government equipment for $30,000 on May 31, 2017 and recorded the cash receipt and revenue in the governmental funds based on modified accrual accounting. This entry must be part of the working paper postings based on full accrual accounting. The equipment was recorded on the books at $50,000 with no accumulated depreciation. Note: By using the other financing source account from Project 5 and removing the asset from the books, the proper amount of gain/loss should be recognized. k) In Project 6, the town leased a $100,000 emergency communications system Adapted from Granof et al. 4 ACCT243 Fall 2017: Semester Project 9 Dr. Bakarich ( e q u i p m e n t ) for its police department. Inasmuch as the lease qualifies as a capital lease, the town, in its government-wide statements, must record an asset of $100,000 and a long-term lease liability (other payables) of $100,000 as part of the working paper postings. The original entry for the source of financing and expenditure are improper for full accrual accounting l) In Project 6, the town made its first-year lease payment of which $7,587 was for the debt principal. This lease payment has to be posted under the full accrual basis for government-wide financial statements as a reduction in a liability, not an expenditure. m) The amount remaining as the balance in Deferred Inflow of Resources in the governmental funds relates to revenue that is not measurable and available. However, for full accrual basis statements, this amount reflects revenue for the current fiscal year. Record the necessary adjustment for revenue. n) There were two transfers between governmental funds that totaled $1,414,000. This should be eliminated for government-wide reporting. 3) Trial Balance. Post the unadjusted balances from the GL to the Trial Balance tab. Do not include the budgetary accounts in the Trial Balance. Post the adjustments recorded in the Project 9 tab from the above transactions in the Adjustment columns on the Trial Balance tab (except #1 the budget closing entry). Show the adjusted balance in all accounts. 4) Financial Statements. Prepare the financial statements for the eight months ending August 31, 2017 using the templates in the financial statements Excel file. The file contains a separate worksheet tab for each of the financial statements. Hint: Utilize the department codes for the proper separation of expenses in the government-wide statement of revenues, expenses, and changes in net position. Be sure to look at the GL detail as well as the reconciling entries from Project 9. Beginning fund balance for governmental funds and beginning net position for proprietary funds are the beginning fund balances that were established in project 1 plus any adjustments made in project 9 specifically to fund balance. Beginning net position for the governmental-type activities and business-type activities columns on the government-wide statements are calculated in the same way. Ending total net position on the statement of revenues, expenses, and changes in net position for the government-wide statement should tie to the government-wide Adapted from Granof et al. 5 ACCT243 Fall 2017: Semester Project 9 Dr. Bakarich statement of net position. There are no restrictions for the purpose of designating net position into the three categories on the government-wide statements or the proprietary fund statements. However, there should be a designation for \"net investment in capital assets\" for both the proprietary fund statement and government-wide statement. The fund balance on the governmental fund statements does not need to be classified into the various restrictions (i.e. nonspendable, committed, assigned, etc.). Since the consumption method was used, inventory does not need to be separately denoted in the fund balance. Adapted from Granof et al. 6 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