Granoff Warlow 3 1 Team c G W 3 1 Please enter the letter of the Multiple Choice which you think is right in the yellow cells 1 2 3 4 5 6 7 8 9 10 c a d d b a b b c a Page 1 Please enter the letter of the Multiple Choice which you think is right in the yellow cells G W 3 1 Page 2 Granoff Warlow 3 2 Team G W 3 2 C Please enter the letter of the Multiple Choice which you think is right in the yellow cells 1 2 3 4 5 6 7 8 9 10 b c c d d b d a c a Page 3 Copley 4 2 a Prepare the Closing Entries for December 31 It s not necessary to use control accounts and subsidiary ledgers for this project You do not require any Dates or Descriptions Only the Account Names amounts C 4 2 Team VILLAGE OF SEASIDE PINES General Fund Credit Account Name Debit Credit 1 2 Debit Account Name Appropriations Budgetary Fund Balance Other Incomes Property Tax Income Other Income Expected Income Public Safety Expenses General Government Expenses Transfer Out Internal Service Fund Encumbrances Fund Balance b Prepare the Statement of Incomes Expenses and Modifications in Fund Balance for the General Fund VILLAGE OF SEASIDE PINES General Fund Statement of Revenues Expenditures and Changes in Fund Balance For the Year Ended December 31 2009 485 000 30 000 35 000 503 000 38 000 503 000 38 000 175 000 247 000 33 000 550 000 247 000 175 000 33 000 60 000 26 000 541 000 422 000 119 000 33 000 24 000 110 000 6 000 Total Income Total Expenses Incomes Property Tax Income Other Income Expenses General Government Expenses Public Safety Expenses Excess Incomes over Expenses Other Financing Uses Transfers Out Other incomes Net Change in Fund Balance Fund Balance Dec 31 2011 Page 4 Prepare the Fund Balance Section of the December 31 Balance Sheet c TOTAL NON SPENDABLE RESTRICTED COMMITTED ASSIGNED UNASSIGNED C 4 2 0 0 0 144 000 60 000 60 000 144 000 FUND BALANCE 151 000 RESERVE FOR ENCUMBRANCES 60 000 TOTAL FUND BALANCES 211 000 7 000 7 000 Page 5 Copley 4 2 a Team Prepare the Closing Entries for December 31 It s not necessary to use control accounts and subsidiary ledgers for this task You do not require any Dates or descriptions Only the Account Names amounts b Prepare the Statement of Incomes Expenses and Changes in Fund Balance for the General Fund 1 2 VILLAGE OF SEASIDE PINES General Fund Debit Account Na Credit Acc Debit Appropriations Expected Other Financing Us Budgetary Fund Balance 485 000 35 000 60 000 Credit Expected Income 580 000 Property Tax Income Other Income 503 000 38 000 60 000 Encumbrances contro 33 000 Transfer Out to Inter General Government 175 000 Public Safety Expense 247 000 26 000 Fund Balance VILLAGE OF SEASIDE PINES General Fund Statement of Incomes Expenses and Changes in Fund Balance For the Year Ended December 31 2009 Property Tax Income Other Incomes 503 000 38 000 Total Income 541 000 Incomes Expenses General Government Expens Public Safety Expenses 175 000 247 000 Total Expenses 422 000 Excess Incomes over Expenses 119 000 Other financing uses Transfers out Net Change in Fund Balance Fund Balance January 1 2012 33 000 33 000 86 000 39 000 Fund Balance December 31 2012 125 000 Prepare the Fund Balance Section of the December 31 Balance Sheet c TOTAL NON SPENDABLE RESTRICTED COMMITTED ASSIGNED UNASSIGNED 144 000 60 000 60 000 144 000 0 0 0 FUND BALANCE 151 000 RESERVE FOR ENCUMBRANCES 60 000 TOTAL FUND BALANCES 211 000 7 000 7 000 Fund Balance Non spendable Assigned Unassigned 7 000 60 000 144 000 Total Fund Balances 211 000 Prepare the Statement of Incomes Expenses and Changes in Fund Balance for the General Fund C 4 3 Copley 4 6 Team Prepare Journal Entries in General Journal form to document the happenings deals in the accounts of the Summer Employment Grant Fund Debit Account Name Expected Income Control 1 Credit Account Name Appropriation Control Debit 325 000 Credit 325 000 2 Cash 3a Expense Control 3b Grant Receivable 4 Cash 5a Appropriation Control 5b Income Control Due to General Fund Cash Accrued Wages Due Income Control Grant Receivable Expected Income Control Unreserved Fund balance 325 000 312 000 272 000 298 000 325 000 272 000 325 000 307 000 5 000 272 000 298 000 325 000 272 000 Page 9 Copley 4 4 Team Prepare Journal Entries in General Journal form to document the happenings deals in the accounts of the Town of Quincy C 4 4 Debit Account Name Delayed incomes Property Taxes Taxes Receivable Current a b c d e f Cash Cash Expected Uncollectible Deliquent Taxes Incomes Control Credit Account Name Incomes Control Expected Uncollectible Present Taxes Incomes Control Taxes Receivable Present Taxes Receivable Present Taxes Receivable Delinquent Taxes Delayed incomes Property Taxes Page 10 Debit 182 000 Credit c 10 000 000 4 600 000 4 800 000 12 000 175 000 182 000 300 000 9 700 000 4 600 000 4 800 000 12 000 175 000 C 4 4 Page 11