$4-12.$

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 from fines imposed on individuals violating state hunting and fishing laws. The fund began in $2024$ with the following

balances:

The State adopted a budget for the Fish and Game Fund providing estimated revenues of $$1,450,000,$ appropriations of $$1,500,000,$

and anticipated transfers from the State's General Fund of $$200,000.$ All expenditures, other than capital expenditures, are to be

charged to Current Expenditures$-$Wildlife Management.

At the end of the previous year, there were outstanding purchase orders for hatchery supplies totaling $$26,000$ that will be received in

the current year. It is the State's policy to honor outstanding purchase orders from the previous year.

Hunting and fishing licenses are sold by outfitters and outdoor equipment retailers and are remitted to the State by the $15$ th of the

following month. During $2024,$ the State received $$1,307,000$ in cash for licenses, which includes the amount accrued at the end of the

previous year. In addition, it is estimated $$102,000$ will be received in January $2025$ for December $2024$ sales.

During the year, the State received an additional $$212,000$ for fines levied against individuals violating state hunting and fishing laws.

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 the previous year $($Item $2$ above$).$

The State received supplies at an invoice cost totaling $$288,200$ for hatchery supplies. The related encumbrances for these items

totaled $$289,000($this includes the $$26,000$ issued in $2023).$

Payments of accounts payable totaled $$312,000.$

The General Fund transferred $$200,000$ to the Fish and Game Fund for the acquisition of a new fish hatchery.

A purchase order was awarded to Aquatics Construction Company for the new hatchery in the amount of $$312,000.$ The contract was

completed, and capital expenditures for the new hatchery were paid in the amount of $$312,000.$

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

Unpaid wages related to the last pay period of $2024$ totaled $$2,500$ and will be paid in January of next year.

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

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

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

b$.$ Post these entries to T$-$accounts.

c$.$ Prepare closing journal entries; post to the T$-$account provided. Classify fund balances assuming all spendable net resources are

classified as Restricted.

d$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund for the year.

e$.$ Prepare a Balance Sheet for the special revenue fund.

State Government $-$ Special Revenue Fund

Fish and Game Fund Journal Entries

December $31,2020$

Item # Account Title

BUDGETARY FUND BALANCE $-$

RESERVE FOR ENCUMBRANCES

ESTIMATED OTHER

FINANCING SOURCES

bb

ENCUMBRANCES

Check that these equal after posting each journal entry

Total Debit Balances

Total Credit Balances