In the practice set you will have the opportunity to maintain a set of accounting records...
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In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if it were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: > General Journal Cash Disbursements Journal > Cash Receipts Journal General Ledger > Subsidiary Expenditure Ledger Subsidiary Revenue Ledger Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger. General Fund -General Ledger Account Codes CHART OF ACCOUNTS Assets A200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues General Fund - Individual Revenue and Expenditure Account Codes Revenue Account Codes A1001 Real Property Taxes A1090 Interest on Taxes A1120 A1255 Clerk Fees A3820 Youth Programs Non-Property Tax Distribution by County (Sales Tax) Expenditure Account Codes A1990.4 Contingent Account A3120.1 Police Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. The Town's opening balances are: Cash State and Federal, Other Due from Other Governments 909 Fund Balance (General Ledgers are already posted) 200 410 440 Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues A1001 A1120 A3820 Real Property Taxes Sales Tax State Aid A599 Appropriated Fund Balance A960 Appropriations $40,000 $10,000 $10,000 $50,000 40,000 10,000 $60,000 $ 100,000 $ 30,000 $ 130,000 Appropriation Subsidiaries A3120.1 Police Personal Services A3120.2 Police Equipment Contractual A3120.4 Police A7110.1 A7110.2 A7110.4 A1990.4 Parks - Personal Services Parks - Equipment Parks - Contractual Contingent Account Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis. Police Parks Police Parks (only gross payroll entries will be made) Police Parks Payroll #1 3120.1 7110.1 Police Parks Payroll #2 3120.1 7110.1 Payroll #3 3120.1 7110.1 $ 50,000 21,000 11,000 25,000 12,000 10,000 1.000 $130.000 Payroll #4 3120.1 7110.1 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $1,500.00 $ 750.00 $ 1,500.00 $ 750.00 The following abstracts were paid during the two-month period of our practice set. Exhibit C Abstract #1 Claim # 1 2 3 4 5 Claimant ABC Park Equipment Lewis Uniforms Handy Plumbing King Hardware Eager Janitorial Service Summary Abstract #2 Claim # 6 7 8 9 10 3120.4 $ 7110.2 7110.4 Claimant Jack's Printing Company XYZ Equipment Jones Lumber Handy Plumbing Lewis Uniforms Summary 600.00 300.00 350.00 $1,250,000 3120.2 3120.4 7110.4 Account 7110.2 3120.4 7110.4 7110.4 3120.4 * This was originally encumbered. Account 7110.4 3120.2 7110.4 7110.4 3120.4 $12,400.00 400.00 400.00 $13,200.00 Amount $ 300.00 500.00 100.00 250.00 100.00 $1,250.00 Amount 200.00 *12,400.00 100.00 100.00 400.00 $13.200.00 Check # Check # A. Accounting Entries January 2 January 2 January 5 January 10 January 15 January 20 January 29 January 30 January 31 February 1 February 2 February 10 February 22 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. Real Property Tax bills are prepared and mailed amounting to $50,000. Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. Payroll #1 in Exhibit B is paid. Received prior year State aid claim accrued minus $500 disallowance. Payroll #2 in Exhibit B is paid. Abstract #1 in Exhibit C is paid. - . - February 16 February 17 - Practice Set Y Tax Collector remits tax moneys in the amount of $40,000. The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. Receives State aid for youth program in the amount of $1,100 ($100 adjustment for mathematical mistake). Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. Payroll #3 in Exhibit B is paid. The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) Paid Abstract #2 Exhibit C. 6 February 28 Record Payroll #4 Exhibit B. Payroll should charge 80 percent to month of February, 20 percent should be attributed to March. B. Adjusting Entries Practice Set 1. Park equipment in the amount of $4,000. (7110.2) was received but never recorded. 2. A State aid claim has just been submitted $5,000 (youth program). C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet) LOCAL GOVERNMENT OF DISTINCTION ANNUAL FINANCIAL STATEMENTS Add: Revenues GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE RESERVED AND UNRESERVED FISCAL YEAR ENDED DECEMBER 31, 20XX Fund Balance 1/1/XX Less: Expenditures Fund Balance 12/31/XX
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Step 1 Recording Transactions Using the prescribed accounting records and the chart of accounts prov... View the full answer
Related Book For
Fraud examination
ISBN: 978-0538470841
4th edition
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
Posted Date:
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