Governmental Accounting--Ch. 4 Journal Entries

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D-Estimated Revenues, C-Appropriations, C-Unreserved Fund Balance

to record appropriations and revenue estimates (also known as recording the budget)

D-Encumbrances, C-Reserve for Encumbrances

to record purchase order and contracts for goods and services

D-Taxes Receivable-Current, C-Allowance for Uncollectible Current Taxes, C-Revenues-Property Taxes

to record property taxes levied

D-Reserve for Encumbrances, C-Encumbrances, D-Expenditures, C-Vouchers Payable

to record arrival of goods and services

D-Estimated Revenues, D-Appropriations, C-Appropriations, C-Unreserved Fund Balance

to record adjusting the budget

D-Accounts Receivable, C-Allowance for Uncollectible Accounts Receivable, C-Revenues

to record accrued revenues

D-Cash, C-Revenues

to record cash revenues

D-Expenditures, C-Vouchers Payable

to record unencumbered entries such as payroll

D-Cash, C-Taxes Receivable-Current, C-Accounts Receivable, C-Revenues

to record collecting taxes, other receivables, and other revenues (the taxes and the receivables were previously accrued; the revenues are being recognized on a cash basis)

D-Taxes Receivable-Delinquent, C-Taxes Receivable-Current, D-Allowance for Uncollectible Taxes-Current, C-Allowance for Uncollectible Taxes-Delinquent

to record reclassifying of taxes as delinquent (taxes not paid by a current date become delinquent. This situation allows government to force taxpayers to also pay penalties and interest on delinquent taxes. Also, this event is not related (directly) to taxes that are unavailable.)

D-Vouchers Payable, C-Cash

to record paying amounts owed

D-Cash, C-Revenues-Interest and Penalties

Assume someone owes $100 in delinquent taxes and $30 in penalties and interest (assume the interest was not previously accrued). The person makes a $25 payment. What would be the journal entry to record the receipt of $25?

D-Investments, C-Cash

to record the purchase of investments

D-Expenditures, C-Due to Internal Service Fund

to record an interfund transaction: purchase of supplies from an internal service fund

D-Due from Special Revenue Fund, C-Expenditures

to record correcting an error (for our purposes, assume that an expenditure recorded earlier in the General Fund should have been recorded in the Special Revenue Fund. Upon catching the error, this entry would be recorded.)

D-Expenditures, C-Due to General Fund

to record correcting an error: the Other Fund

D-Transfer to Debt Service Fund, C-Due to Debt Service Fund

to record ordering a transfer

D-Due from General Fund, C-Transfer from General Fund

to record ordering a transfer: the Other Fund

D-Due from Special Revenue Fund, C-Transfer from Special Revenue Fund

to record a transfer to the General Fund

D-Transfer to Enterprise Fund, C-Cash

to record a transfer being paid

D-Expenditures, C-Vouchers Payable

to record other expenditures (for whatever reason, these expenditures were not previously accrued)

D-Vouchers Payable, C-Cash

to record any other payments

D-Cash, C-Short-Term Notes Payable

to record borrowing some money (obviously, this debt is a short-term borrowing; therefore, is is recorded in the General Fund and will be repaid from this fund)

D-Due to Internal Service Fund, C-Cash

to record paying another fund

D-Cash, C-Accounts Receivable

to record making another collection

D-Allowance for Uncollectible Accounts Receivable, C-Accounts Receivable

to record writing off an account

D-Short-Term Note Payable, D-Expenditures, C-Cash

to record repaying the amount borrowed from the bank, plus interest

D-Correction of Prior Year Error, C-Vouchers Payable

to record an expenditure that should have been recorded in a previous year, and (apparently) hasn't been paid this year.

D-Expenditures, C-Cash, D-Correction of Prior Year Error, C-Expenditures

to record an expenditure that should have been recorded in a previous year, and was paid this year.

D-Interest and Penalties Receivable, C-Allowance for Uncollectible Interest and Penalties, C-Revenues-Interest and Penalties

to record year-end adjustment for interest and penalties on delinquent taxes

D-Accrued Interest Receivable, C-Revenues

to record year-end adjusting entry for accrued interest on investments

D-Expenditures, C-Accured Interest Payable

to record year-end adjusting entry for accrued interest on short-term debt (unlike interest on long-term debt, we do accure this interest in the governmental fund that borrowed the money)

D-Appropriations, D-Unreserved Fund Balance, C-Estimated Revenues

to record closing entry to reverse the budget for the year

D-Revenues, C-Expenditures, C-Unreserved Fund Balance

to record the closing entry that closes the revenues and expensidtures accounts for the year.

D-Transfer from Special Revenue Fund, D-Unreserved Fund Balance, C-Transfer to Debt Service Fund, C-Transfer to Enterprise Fund, C-Correction of Prior Year Error

to record the closing entries that close the other operating accounts for the year.

D-Reserve for Encumbrances, C-Encumbrances, D-Unreserved Fund Balance, C-Reserve for Encumbrances

to record the closing entries that close the encumbrances accounts for the year.

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