Calhoun County General Fund Balance Sheet Dec 31, 2010AssetsCashAccounts ReceivableLiabilities and Fund Balance$ 17,500Accounts PayableTotal Liabilities$ 6,0006,000Reserve for EncumbrancesUnreserved Fund BalanceTotal Assets$ 15,0002,50050011,000Total Liabilities and Fund Balance$ 17,500Journalize the following transactions for the Calhoun County General Fund for 2011.1. (2pts) Reinstate Encumbrances closed Dec 31.Account NameDebitCredit2. (2pts) General Fund Budget is adopted: Planned Expenditures= $700,000 and Planned revenues =$690,000. Book the budget.DebitCreditAccount Name3. (2pts) Property Tax levy set at $700,000. 3% of levy not expected to be collected. JournalizeReceivable.DebitCreditAccount Name4. (2pts) Fire truck ordered for $80,000 and 2 Police cruisers ordered at a cost of $25,000 each.Journalize Encumbrance.DebitCreditAccount Name5. (2pts) $7,500 loaned to Special Revenue Fund #4. Amount to be repaip in 6 months. Journalize Cashtransfer for General Fund only.DebitCreditAccount Name6. (2pts) $500,000 in property taxes collected. Journalize receipt of Cash.Account NameDebitCredit7. (2pts) $150,000 loaned to Capital Projects Fund #2.Loan to be repaid in 2 years. Journalize cashtransfer for General Fund only.DebitCreditAccount Name8. (2pts) Payroll expenditures of $125,000 paid. Journalize payment. Payroll is not an encumbered item.Account NameDebitCredit9. (2pts) BOTH Cruisers ordered arrive! Invoice ‘vouchered’ for $24,500 each. Journalize the liability.DebitCreditAccount Name

10. (2pts) You discover $5,000 paid from Special Revenue Fund#1 for fire dept equipment should havebeen paid from General Fund. Correct expenditure for General Fund and transfer Cash next year. SpecialRevenue expenditure occurred in 2010. All 2010 temporary accounts have been closed. Journalizecorrecting entry for General Fund.DebitCreditAccount Name11. (2pts) $8,000 transferred to Debt Service Fund #5. Amount transferred does not have to be repaid.Journalize Cash transfer.DebitCreditAccount Name12. (2pts) At year end, the county attorney says lawsuit judgements totaling $300,000 will have to bepaid. Of that total, $50,000 is payable in the coming year. Book appropriate liability for General Fund.No Encumbrance for this item.DebitCreditAccount Name13. (2pts) $90,000 federal Grant check arrives. Grant is for the ‘DARE’ educational projectexpenditures for calendar year 2011. Journalize receipt of Cash and related Deferred Revenue.DebitCreditAccount Name14. (2pts) County Commissioners spend $30,000 for Dare police van. Journalize payment andrecognition of grant revenue. No encumbrance set up for van.DebitCreditAccount Name15. (8pts) Prepare closing entries:Account NameDebitCredit16. (7pts) Complete the Statement of Revenues, Expenditures, and Changes in Fund Balances.Calhoun CountyGeneral FundStatement of Revenues, Expenditures, and Changes in Fund BalancesFor the 2011 Fiscal YearRevenues$ExpendituresExcess of Revenues Over ExpendituresOther Financing Sources (Uses)InterfundTransfers (Out) – Debt ServiceNet Change in Fund BalancesFund Balance, Beginning of YearAs previously reported$Correction of Prior Year ErrorFund Balance, End of Year$17. (11pts) Complete the following Balance Sheet:Calhoun CountyGeneral FundBalance SheetDec 31, 2011AssetsCash$Accounts ReceivableTaxes Receivable, Current$Allowance for Uncollectable Taxes, CurrentDue from Special Revenue Fund #4Advance to CPF#2Total Assets$LiabilitiesAccounts Payable$Vouchers PayableDue to Special Revenue Fund #1Deferred RevenueTotal Liabilities$Fund BalanceReserved for Encumbrances$Reserved for Long Term AdvanceUnreservedTotal Fund Balance$Total Liabilities and Fund Balance$Computation Worksheet