Note:
Enter all amouts as positive numbers.
The worksheet is formatted to add debits to assets and expenses and
add credits to liabilities, equities and revenues
Gov’tal Fund Balances
Adjustments & Eliminations
Internal Service Funds
Balances for Gov’t-wide Stmts
Worksheet Journal Entries to Convert
Debits
Credits
Debits
Credits
to the Accrual basis of Accounting
DEBITS:
debits $
credits $
Cash
340,348
340,348
Capital Assets (Net)
7,752,000
Investment in corporate bonds
502,400
502,400
Net Position
Beginning of Year
7,752,000
Taxes Receivable
51,325
51,325
Due from other governments
280,000
280,000
Depreciation Expense
305,000
Accrued interest receivable
1,700
1,700
Capital Assets
(Net)
305,000
Supplies Inventory
350
350
Due from Other Funds
–
Capital Assets (Net)
651,900
Capital Assets – net of
accumulated depreciation (two rows)
Capital Outlay (Expenditure)
651,900
–
No Beginning Long Term Debt
Expenditures (expenses) Current
General Govt.
181,560
181,560
Proceeds From Sale Of Bonds
700,000
Library
12,700
12,700
Proceeds From Bond Premium
22,800
–
Bonds Payable
700,000
Other Expenditures (expenses)
Bonds Premium
22,800
– Debt Service Principal
22,000
22,000
– Interest expense/expenditure
21,000
21,000
Bonds Payable
22,000
– Capital Outlay
651,900
651,900
Expenditure – Principle On Bonds
22,000
– Depreciation
–
Other Fin. Uses – Transfers Out
65,800
65,800
Interest Expense
10,170
–
Interest Payable
10,170
Total Debits
2,131,083
2,131,083
CREDITS:
Premium On Bonds Payable
1,500
Accounts Payable
6,100
6,100
Interest
Expense
1,500
Wages Payable
850
850
Deferred Inflows – Property taxes
22,600
22,600
Deferred Inflows Property Taxes
22,600
Contracts Payable
25,000
25,000
Property Tax
Revenue
22,600
–
Accrued Interest Payable
–
Property Tax Revenue
21,000
Bank Note Payable
–
Net Position
Beginning of Year
21,000
Bonds Payable (two rows)
–
Transfers In
65,800
Premium on Bonds
–
Transfers Out
65,800
Advance from Water Utility Fund
–
–
Cash
22,850
Revenues
–
Due From Other Funds
15,750
Property Taxes
262,075
262,075
Supplies Inventory
3,500
Intergovernmental Revenues
280,000
280,000
Capital Assets (Net)
21,600
Investment income
21,100
21,100
Accounts Payable
4,350
–
Wages Payable
490
–
Interest Payable
600
Other Financing Sources
–
Bank Note
Payable
10,000
Proceeds of Bonds
700,000
700,000
Advance From
Enterprise Fund
17,000
Proceeds of Bond premium
22,800
22,800
Net Position
31,260
Transfers In
65,800
65,800
Net Position at
beginning of year
Net Position
5,660
(two rows)
724,758
724,758
General Government
Expenditures
5,660
Total Credits
2,131,083
2,131,083
Interest Expense
600
totals Journal entries
–
–
–
–
–
Net Position
600
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