The state government administers a special revenue fund, the Fish and Game Fund. By legislation, revenue in this fund can be used only for the purpose of protection, propagation, and restoration of sport fish and game resources and the expenses of administering sport fish and wildlife programs. Revenues are received from the sale of State sport fishing and hunting licenses and special permits as well as money received in settlement of a claim or loss caused by damage to fish and game purposes. The fund began in 2017 with the following balances:

		Debits	Credits
Accounts Payable			$ 66,000
Cash		$200,000
License Fees Receivable		125,000
Supplies		9,000
Fund Balance			265,000
Wages Payable			3,000
Total		$334,000	$334,000

1. The State adopted a budget for the Fish and Game Fund providing estimated revenues of $1,450,000, appropriations of $1,650,000, and anticipated transfers from the States General Fund of $300,000. All expenditures, other than capital expenditures, are to be charged to Current ExpendituresWildlife Management.

2. At the end of 2016, there were outstanding purchase orders for hatchery supplies totaling $26,000 that will be received in the current year. It is the States policy to honor outstanding purchase orders from the previous year.

3. Hunting and fishing licenses are sold by outfitters and outdoor equipment retailers and are remitted to the State by the 15th of the following month. During 2017, the State received $1,270,000 in cash for licenses, which includes the amount accrued at the end of the previous year. In addition, it is estimated $96,000 will be received in January 2018 for December 2017 sales.

4. During the year, the State received an additional $208,000 for fines levied against individuals violating state hunting and fishing laws.

5. The State operates fish hatcheries for its stocking program. During the year, the State placed orders totaling $281,000 for hatchlings, feed, and other supplies. These are in addition to the outstanding purchase orders from 2017.

6. The State received supplies at an invoice cost totaling $287,500 for hatchery supplies. The related encumbrances for these items totaled $289,000 (this includes the $26,000 issued in 2016).

7. Payments of accounts payable totaled $312,000 in 2017.

8. The General Fund provided $300,000 to the Fish and Game Fund for the acquisition of a new fish hatchery. This amount was received in 2017.

9. A purchase order was awarded to Aquatics Construction Company for the new hatchery in the amount of $300,900. The contract was completed and capital expenditures for the new hatchery were paid in the amount of $300,900.

10. page 117Wages were paid during the year in the amount of $981,000. This includes the unpaid amounts accrued at the end of the previous year.

11. Unpaid wages related to the last pay period of 2017 totaled $9,800 and will be paid in January 2018.

12. At December 31, the unused hatchery supplies on hand totaled $15,000.

Use the Excel template provided. A separate tab is provided in Excel for each of these steps.

1. Prepare journal entries to record the information described in items 1 to 12.

2. Post these entries to T-accounts.

3. Prepare closing journal entries; post to the T-account provided. Classify fund balances assuming all spendable net resources are classified as Restricted.

4. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund for the year ending 2017.

5. Prepare a Balance Sheet for the special revenue fund as of December 31, 2017.

CAPITAL PROJECTS FUND GENERAL LEDGER DUE FROM OTHER CASH GOVERNMENTS 68.000 CONTRACTS PAYABLE bb FUND BALANCE 68.000 bb 68.000 68.000 INTERGOVERNMENTAL REVENUES CAPITAL EXPENDITURES OTHER FINANCING USES TRANSFERS OUT OTHER FINANCING SOURCES PROCEEDS OF BONDS OTHER FINANCING SOURCES PREMIUM ON BONDS BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES ENCUMBRANCES Total debit balances Total credit balances 68,000 68,000 DEBT SERVICE FUND GENERAL LEDGER CASH FUND BALANCE bb - bb OTHER FINANCING SOURCES TRANSFERS IN EXPENDITURES BOND PRINCIPAL EXPENDITURES BOND INTEREST Total debit balances Total credit balances PERMANENT FUND - ELWOOD FAMILY BOOK FUND GENERAL LEDGER RECEIVABLE FROM GRANTOR 500,000 INVESTMENTS IN CORPORATE BONDS INVESTMENTS IN US GOV'T SECURITIES CASH bb 500,000 INTEREST RECEIVABLE ACCOUNTS PAYABLE FUND BALANCE 500,000 bb 500,000 REVENUES INVESTMENT INCOME INTEREST REVENUES - INVESTMENT INCOME NET INCREASE IN FAIR VALUE OF INVESTMENTS EXPENDITURES LIBRARY Total debit balances Total credit balances 500,000 500,000 General Fund Capital Projects Fund Total Debt Service Permanent Governmental Fund Fund Funds $ 262,075 $ 262,075 Revenues Property Taxes Intergovernmental revenues Investment income: Interest income Net increase in fair value of investments Total Revenues 262,075 - - - 262,075 181,560 181,560 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 39,900 39,900 221,460 221,460 Excess (Deficiency) of Revenues Over Expenditures 40,615 40,615 Other financing sources (uses) Proceeds of bonds Premium on bonds Transfers in Transfers out total other financing sources (uses) (43,000) (43,000) (43,000) (43,000) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 156,758 154,373 (2,385) 156,758 154,373 $ $ - $ - $ - $ Gereral Fund Capital Projects Fund Debt Service Fund Total Pemarent Governmental Fund Funds Assets Cash $ 128,148 $ 128,148 areas a requi are ass financi: 51,325 51,325 Investment in corporate bonds Investment in US securities Taxes Receivable - net Due from other governments Accrued interest receivable Supplies Inventory Total Assets 350 $ 179,823 350 179,823 $ - $ - $ - $ Liabilities, Defened Inflows and Fund Balances Liabilities Accounts Payable Wages Payable Contracts payable Total Liabilities 2,000 850 2,000 850 2,850 2,850 Deferred Inflows of Resources Property Taxes 22,600 22,600 350 350 Fund Balances Nonspendable Inventories Permanent Fund principal Restricted for low income housing projects Assigned General Government operations Debt Service Library purchases Jrassigned Total Fund Bahnces 800 800 153,223 154,373 153,223 154,373 - - - Total Liabilities and Fund Balances $ 179,823 $ - $ - $ - $ 179,823 CAPITAL PROJECTS FUND GENERAL LEDGER DUE FROM OTHER CASH GOVERNMENTS 68.000 CONTRACTS PAYABLE bb FUND BALANCE 68.000 bb 68.000 68.000 INTERGOVERNMENTAL REVENUES CAPITAL EXPENDITURES OTHER FINANCING USES TRANSFERS OUT OTHER FINANCING SOURCES PROCEEDS OF BONDS OTHER FINANCING SOURCES PREMIUM ON BONDS BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES ENCUMBRANCES Total debit balances Total credit balances 68,000 68,000 DEBT SERVICE FUND GENERAL LEDGER CASH FUND BALANCE bb - bb OTHER FINANCING SOURCES TRANSFERS IN EXPENDITURES BOND PRINCIPAL EXPENDITURES BOND INTEREST Total debit balances Total credit balances PERMANENT FUND - ELWOOD FAMILY BOOK FUND GENERAL LEDGER RECEIVABLE FROM GRANTOR 500,000 INVESTMENTS IN CORPORATE BONDS INVESTMENTS IN US GOV'T SECURITIES CASH bb 500,000 INTEREST RECEIVABLE ACCOUNTS PAYABLE FUND BALANCE 500,000 bb 500,000 REVENUES INVESTMENT INCOME INTEREST REVENUES - INVESTMENT INCOME NET INCREASE IN FAIR VALUE OF INVESTMENTS EXPENDITURES LIBRARY Total debit balances Total credit balances 500,000 500,000 General Fund Capital Projects Fund Total Debt Service Permanent Governmental Fund Fund Funds $ 262,075 $ 262,075 Revenues Property Taxes Intergovernmental revenues Investment income: Interest income Net increase in fair value of investments Total Revenues 262,075 - - - 262,075 181,560 181,560 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 39,900 39,900 221,460 221,460 Excess (Deficiency) of Revenues Over Expenditures 40,615 40,615 Other financing sources (uses) Proceeds of bonds Premium on bonds Transfers in Transfers out total other financing sources (uses) (43,000) (43,000) (43,000) (43,000) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 156,758 154,373 (2,385) 156,758 154,373 $ $ - $ - $ - $ Gereral Fund Capital Projects Fund Debt Service Fund Total Pemarent Governmental Fund Funds Assets Cash $ 128,148 $ 128,148 areas a requi are ass financi: 51,325 51,325 Investment in corporate bonds Investment in US securities Taxes Receivable - net Due from other governments Accrued interest receivable Supplies Inventory Total Assets 350 $ 179,823 350 179,823 $ - $ - $ - $ Liabilities, Defened Inflows and Fund Balances Liabilities Accounts Payable Wages Payable Contracts payable Total Liabilities 2,000 850 2,000 850 2,850 2,850 Deferred Inflows of Resources Property Taxes 22,600 22,600 350 350 Fund Balances Nonspendable Inventories Permanent Fund principal Restricted for low income housing projects Assigned General Government operations Debt Service Library purchases Jrassigned Total Fund Bahnces 800 800 153,223 154,373 153,223 154,373 - - - Total Liabilities and Fund Balances $ 179,823 $ - $ - $ - $ 179,823