The following information is necessary to complete questions a-n of the problems portion.

Calhoun County

General Fund

Balance Sheet

Dec 31, 2010

Assets			Liabilities and Fund Balance
Cash	$ 15,000		Accounts Payable	$ 6,000
Accounts Receivable	2,500		Total Liabilities	6,000
			Reserve for Encumbrances	500
			Unreserved Fund Balance	11,000
Total Assets	$ 17,500		Total Liabilities and Fund Balance	$ 17,500

Journalize the following transactions for the Calhoun County General Fund for 2011.

A. (2pts) Reinstate Encumbrances closed Dec 31.

Account Name	Debit	Credit

B. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues = $690,000. Book the budget.

Account Name	Debit	Credit

C (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. Journalize Receivable.

Account Name	Debit	Credit

D. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each. Journalize Encumbrances.

Account Name	Debit	Credit

E. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaid in 6 months. Journalize Cash transfer for General Fund only.

Account Name	Debit	Credit

F. (2pts) $500,000 in property taxes collected. Journalize receipt of Cash.

Account Name	Debit	Credit

G. (2pts) $150,000 loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize cash transfer for General Fund only.

Account Name	Debit	Credit

H. (2pts) Payroll expenditures of $125,000 paid. Journalize payment. Payroll is not an encumbered item.

Account Name	Debit	Credit

I. (2pts) BOTH Cruisers ordered arrive! Invoice 'vouchered' for $24,500 each. Journalize the liability.

Account Name	Debit	Credit

J. (2pts) You discover $5,000 paid from Special Revenue Fund#1 for fire dept equipment should have been paid from General Fund. Correct expenditure for General Fund and transfer Cash next year. Special Revenue expenditure occurred in 2010. All 2010 temporary accounts have been closed. Journalize correcting entry for General Fund.

Account Name	Debit	Credit

K. (2pts) $8,000 transferred to Debt Service Fund #5. Amount transferred does not have to be repaid. Journalize Cash transfer.

Account Name	Debit	Credit

L. (2pts) At year end, the county attorney says lawsuit judgments totaling $300,000 will have to be paid. Of that total, $50,000 is payable in the coming year. Book the appropriate liability for General Fund. No Encumbrance for this item.

Account Name	Debit	Credit

M. (2pts) $90,000 federal Grant check arrives. Grant is for the 'DARE' educational project expenditures for calendar year 2011. Journalize receipt of Cash and related Deferred Revenue.

Account Name	Debit	Credit

N. (2pts) County Commissioners spend $30,000 for Dare police van. Journalize payment and recognition of grant revenue. No encumbrance set up for van.

Account Name	Debit	Credit

O. (12 points) Review the following information and prepare the closing entries for the Village of Cumberland General fund general ledger:

Village of Cumberland

General Fund Trial Balance

As of December 31, 2015

	Debits	Credits
Accounts Payable		$19,000
Allowance for Uncollectible Taxes		12,000
Appropriations		485,000
Budgetary Fund Balance		20,000
Cash	$175,000
Deferred Inflows – Property Taxes		38,000
Due From Capital Projects Fund	5,000
Due To Debt Service Fund		17,000
Encumbrances	63,000
Estimated Revenue	540,000
Estimated Other Financing Uses		35,000
General Government Expenditures	190,000
Other Revenues		55,000
Property Tax Revenue		500,000
Public Safety Expenditures	244,000
Budgetary Fund Balance – Reserve For Encumbrances		63,000
Supplies Inventory	17,000
Tax Anticipation Note Payable		100,000
Taxes Receivable	202,000
Transfer Out (To Internal Service Fund)	33,000
Fund Balance		125,000
Totals	$1,469,000	$1,469,000

Closing Entries for Village of Cumberland:

	Debits	Credits

P. (7 points) Prepare the General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the Village of Cumberland for the year ended December 31, 2015.

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Q. (7 points) Prepare the General Fund Balance Sheet for the Village of Cumberland at December 31, 2015.

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