C 5 7a a Prepare Journal Entries in General Journal form to document the happening in the Debt Service Fund You do not require any Dates Only enter the Account Names amounts in the yellow cells below To help you please refer to the Illustrative Case Regular Serial Bonds in Chapter 5 beginning on page 130 Village of Harris General Journal Debit Account Name Credit Account Name Copley 5 7 2008 1 Cash 2 Cash Expenses Interest 3 Other Financing Sources Transfers in 2009 4 Cash Expenses Interest Expenses Principal 5 Cash Expenses Interest 6 Other Financing Sources Transfers in Fund Balance Reserved for Debt Service Other Financing Sources Transfers in Premium transferred to the Debt Service Fund Other Financing Sources Transfers in Received from the General Fund Cash Record the First Interest Payment Expenses Interest Fund Balances Reserved for Debt Services Record the 2008 Closing Entry Other Financing Sources Transfers in Received from the General Fund Cash Record the Principal Interest Payment Other Financing Sources Transfers in Received from the General Fund Cash Record the First Interest Payment Expenses Interest Expenses Principal Record the 2009 Closing Entry Page 1 Debit 50 000 150 000 150 000 200 000 350 000 150 000 250 000 142 500 142 500 492 500 50 000 To help you please refer to the Illustrative Case Regular Serial Bonds in Chapter 5 beginning on page 130 C 5 7a Page 2 Credit 50 000 150 000 150 000 150 000 50 000 350 000 400 000 142 500 142 500 292 500 250 000 Copley 5 10 C 5 10a a Preuming the deal satisfies the requirements for a Capital Lease under the rules of SFAS No 13 make the entries needed in 1 the capital projects fund and 2 the Debt Service Fund on July 1 2011 and July 1 2012 See page 149 in Chapter V 1 Expenses Capital Outlay 2 Expenses Interest Expenses Principal CITY OF GENOA Capital Projects Fund July 1 2011 Other Financing Sources Capital Lease Cash Record the Capital Lease of Computer Equipment CITY OF GENOA Debt Service Fund July 1 2012 Cash Record the Lease Payment Page 3 54 552 42 552 12 000 2 128 9 872 12 000 C 5 10a Page 4 Copley 6 3 C 6 3 Why could it be desirable to operate Enterprise funds at a profit When referencing Copley page 162 3 an Enterprise Fund is meant to be an income generating fund which enhances Net Assets It seeks to gain operating finances for commercial organizations as well as offer expansion for factories to produce a service to the public Any extra money is used for repairs and expansion as well as functioning expenditures Page 5 fund which enhances Net Assets It seeks to gain operating finances for commercial organizations as well as C 6 3 Page 6 Copley 6 10 C 6 10 1 Cash 2 Prepaid Insurance 3 Office machines 4 Investments 5 Due From Other Funds 6 Cash 7 Cash 8 Operating Expenditures 9 Operating Expenditures Insurance Claims 10 Operating Expenditures Wear and tear 11 Operating Expenditures Page 7 12 Investments 13 Operating Expenditures Insurance Claims Closing Entries Operating Incomes Charges for Services Non Operating Incomes Investment Income Non Operating Incomes Net Rise in FMV Investments Transfers In C 6 10 Page 8 C 6 10 VILLAGE OF FROSTBITE RISK MANAGEMENT FUND GENERAL JOURNAL 2012 Long Term Advance From Enterprise Fund Transfer In Operating Incomes Charges for Services Due from Other Funds Non Operating Income Investment Income Cash Cash Cash Cash Cash Accumulated Wear and tear Office machines Page 9 750 000 200 000 10 000 450 000 630 000 375 000 27 000 200 000 150 000 2 000 190 000 C 6 10 Prepaid Insurance Non Operating Incomes Net Rise in FMV Investments Accrued Debts Operating Expenses Personnel Services Operating Expenditures Contracted Services Operating Expenditures Wear and tear Operating Expenditures Insurance Claims Net Assets 6 000 90 000 525 000 27 000 6 000 500 000 Page 10 C 6 10 Page 11 250 000 500 000 200000 10 000 450 000 630 000 375 000 27 000 200 000 150 000 2 000 190 000 0 6 000 90 000 200 000 190 000 2 000 225 000 441 000 C 6 10 Page 12 Copley 7 6 C 7 6a a Prepare Journal Entries in General Journal form to document the happenings deals which happened during the Financial Year Ended June 30 2009 General Journal for the Belvedere Community Trust Fund 1 Cash Debit Account Name 2 Investment in XYZ Company Bonds Accrued interest Receivable 3 Investment in ABC Stock 4 Cash 5 Cash 6 Cash 7 Cash Investment in DEF Stock 8 Deductions Distribution to Community NFP Companies 9 Deductions Administrative Expenditures 10 Accrued Interest Receivable 11 Investment in XYZ Company Bonds Page 13 Additions Investment Incomes Fair Value C 7 6a 12 Additions Contributions Additions Investment Incomes Interest Additions Investment Incomes Dividends Additions Investment Incomes Fair Value Page 14 Prepare Journal Entries in General Journal form to document the happenings deals C 7 6a Debit 3 000 000 Credit 3 000 000 2 000 000 30 000 2 030 000 950 000 950 000 60 000 38 000 960 000 965 000 60 000 104 000 12 000 30 000 2 000 30 000 30 000 38 000 950 000 10 000 965 000 60 000 104 000 12 000 30 000 Page 15 Credit Account Name Additions Contributions Record Initial Contribution Cash Record Investment in XYZ Bonds Cash Record Investment in ABC Stock Accrued Interest Receivable Additions Investment Incomes Interest Record Semi Annual Interest Payment Additions Investment Incomes Dividends Record Dividend Payment Received Investment in ABC Stock Additions Investment Incomes Fair Value Record Sale of ABC Stock Cash Record Purchase of DEF Stock Additions Investment Incomes Interest Record Second Semi Annual Interest Payment Cash Record Distribution to Community Companies Cash Record Administrative Expenditures Additions Investment Incomes Interest Record Accrued Interest Investment in DEF Stock Record Adjustment for Fair Value of Investments Deductions Administrative Expenditures Deductions Distribution to NFP Orgs Net Assets held in Trust for NFP Orgs Record Closing Entries C 7 6a 3 000 5 000 3 000 000 120 000 19 000 7 000 12 000 95 000 3 039 000 Page 16