City of Monroe
ProfArgeol
general_fund_template.xlsGeneral Fund Journal Entries
| reference | Account Titles | Debits | Credits | |||||
| 3-C | ||||||||
| Type journal entries in the space provided. Link these to the T-accounts and link the T-account balances | ||||||||
| to the financial statements provided on the tabs at the bottom of the page. |
&L&"Arial,Bold"&14City of Monroe - General Fund Journal Entries
General Fund T-accounts
| CASH | ESTIMATED | INTEREST & PENALTIES | ESTM' UNCOLLECTIBLE | DUE FROM | |||||||||||||||||||
| bb | 80,000 | TAXES RECEIVABLE | UNCOLLECTIBLE TAXES | RECEIVABLE | INTEREST & PENALTIES | STATE GOV'T | |||||||||||||||||
| bb | 215,855 | 37,333 | bb | bb | 21,586 | 4,318 | bb | bb | 330,000 | ||||||||||||||
| 215,855 | 37,333 | 21,586 | 4,318 | 330,000 | |||||||||||||||||||
| 80,000 | |||||||||||||||||||||||
| TAX ANTICIPATION | DUE TO | DUE TO | DUE TO | DEFERRED REVENUES | |||||||||||||||||||
| ACCOUNTS PAYABLE | NOTE PAYABLE | OTHER FUNDS | FEDERAL GOV'T | STATE GOV'T | - PROPERTY TAXES | ||||||||||||||||||
| 154,750 | bb | - | bb | 35,250 | bb | - | bb | bb | 20,000 | bb | |||||||||||||
| 154,750 | - | 35,250 | - | - | 20,000 | ||||||||||||||||||
| TOTAL FUND BALANCE | EXPENDITURES | OTHER FINANCING | |||||||||||||||||||||
| (beginning of year) | REVENUES CONTROL | CONTROL | USES CONTROL | ||||||||||||||||||||
| 395,790 | bb | ||||||||||||||||||||||
| 395,790 | - | - | - | ||||||||||||||||||||
| BUDGETARY ACCOUNTS | |||||||||||||||||||||||
| BUDGETARY | ESTIMATED OTHER | BUDGETARY FUND BALANCE | ENCUMBRANCES | ||||||||||||||||||||
| ESTIMATED REVENUES | APPROPRIATIONS | FUND BALANCE | FINANCING USES | RESERVE FOR ENCUMBRANCES | RESERVE FOR ENCUMBRANCES | CONTROL | |||||||||||||||||
| - | - | - | - | ||||||||||||||||||||
| - | - |
&L&16City of Monroe&C&16General Fund - General Ledger
Closing Entries
| BUDGETARY | |||||||
| Account Title | Debits | Credits | FUND BALANCE | ||||
| 90,000 | Preclosing | ||||||
| closing entry | |||||||
| 90,000 | |||||||
| FUND BALANCE | |||||||
| 395,790 | Preclosing | ||||||
| closing entry | |||||||
| 395,790 | ending balance | ||||||
| Complete the following table | |||||||
| Non-spendable | Restricted | Committed | Assigned | Unassigned | Total | ||
| Fund Balance |
&L&14City of Monroe&C&14General Fund - Closing Entries
Stmt of revenues & expenditures
| Revenues | |||||||
| Property Taxes | $6,469,000 | ||||||
| Sales Taxes | 3,115,000 | ||||||
| Interest and Penalties on Taxes | 28,000 | Shaded areas, provided as part | |||||
| Licenses and Permits | 800,000 | of the continuous problem. | |||||
| Intergovernmental Revenues | 288,000 | ||||||
| Miscellaneous Revenues | 270,000 | ||||||
| Total Revenues | $ 10,970,000 | $ 10,970,000 | |||||
| Expenditures | |||||||
| Current: | |||||||
| General Government | $1,692,300 | ||||||
| Public Safety | 3,258,700 | ||||||
| Highways and Streets | 1,441,400 | ||||||
| Sanitation | 591,400 | ||||||
| Health | 723,600 | ||||||
| Welfare | 373,800 | ||||||
| Culture and Recreation | 916,800 | ||||||
| Capital Outlay | 445,600 | ||||||
| Total Expenditures | 9,443,600 | 9,443,600 | |||||
| Excess (Deficiency) of Revenues Over Expenditures | |||||||
| Other Financing Sources (Uses) | |||||||
| Transfers Out | |||||||
| Total Other Financing Sources (Uses) | - | ||||||
| Net Change in Fund Balance | - | ||||||
| Fund Balance, January 1 | |||||||
| Fund Balance, December 31 | $ - | ||||||
| This information provided in the problem | |||||||
| Revenues | |||||||
| Property Taxes . . . . . . | $6,469,000 | ||||||
| Sales Taxes | 3,115,000 | ||||||
| Interest and Penalties on Taxes . . . . . . . . . . | 28,000 | ||||||
| Licenses and Permits . . | 800,000 | ||||||
| Intergovernmental Revenue . . . . . . . . . . | 288,000 | ||||||
| Miscellaneous Revenue | 270,000 | ||||||
| Total . . . . . . . . . . . . | $10,970,000 | ||||||
| Expenditures | |||||||
| General Government . . . | $1,692,300 | ||||||
| Public Safety . . . . . . . . . | 3,258,700 | ||||||
| Highways and Streets . . | 1,441,400 | ||||||
| Sanitation . . . . . . . . . . . . | 591,400 | ||||||
| Health . . . . . . . . . . . . . . | 723,600 | ||||||
| Welfare . . . . . . . . . . . . . | 373,800 | ||||||
| Culture and Recreation . | 916,800 | ||||||
| Capital Outlay . . . . . . . . | 445,600 | ||||||
| Total . . . . . . . . . . . . . | $9,443,600 |
&L&"Times New Roman,Regular"&14City of Monroe
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund
For the year ended December 31, 2014
An error exists if this cell is not equal to zero
Control and subsidiary accounts should equal
An error exists if this cell is not equal to zero
Control and subsidiary accounts should equal
Balance Sheet
| Assets | ||||
| Cash | ||||
| Taxes Reveivable - Deliquent | ||||
| Less Allowance Uncollectible | - | |||
| Interest and Penalties Receivable on Taxes | ||||
| Less Estimated Uncollectibles | - | |||
| Due from State Government | ||||
| Total Assets | $ - | |||
| Liabilities and Fund Equity | ||||
| Liabilities | ||||
| Accounts Payable | ||||
| Deferred Revenues - Property Taxes | ||||
| Due to Other funds | ||||
| Total Liabilities | $ - | |||
| Fund Equity | ||||
| Fund Balance - Assigned (for outstanding encumbrances) | ||||
| Fund Balance - Unassigned | ||||
| Total Fund Equity | - | |||
| Total Liabilities and Fund Equity | $ - |
&L&"Times New Roman,Regular"&14City of Monroe
General Fund
Balance Sheet
As of December 31, 2014
