Fixed assets are purchased with general fund cash - in which fund(s) would this entry be recorded?
General fund, General Fixed Assets account group
Long term serial bonds are issued to finance construction of new museum. Bonds are sold at a premium - in which fund(s) would this entry be recorded?
Debt service, capital projects, general long term debt account group
General fund transfers money to cover principal and interest requirements of a debt issue - in which fund(s) would this entry be recorded?
general fund, debt service fund, general long term debt account group
The fund receiving the payment makes a scheduled payment of principal and interest - in which fund(s) would this entry be recorded?
debt service, general long term debt account group
a special assessment project is half completed at year end - in which fund(s) would this entry be recorded?
capital projects, general fixed assets account group
income is earned by an endowment fund and is transferred to a recipient fund, which is restricted as to its expenditures by the trust agreement specified for a government program - in which fund(s) would this entry be recorded?
proprietary funds, special revenue funds
possible depreciation entries on assets are recorded - in which fund(s) would this entry be recorded?
enterprise, internal service, general fixed assets, proprietary
the government owned water utility issues debt to purchase new equipment - in which fund(s) would this entry be recorded?
enterprise
A new city building is completed and leftover funds are transferred to the fund responsible for repaying the debt used to finance the project - in which fund(s) would this entry be recorded?
capital projects, debt service, general fixed assets, general long term debt
What are the 5 governmental funds?
General, debt service, special revenue, capital projects, and permanent
What are the proprietary funds?
enterprise and internal service
What are the fiduciary funds?
Trust and agency funds
A purchase order is approved for $50,000, what would the journal entry look like?
Encumbrances $50,000
Fund Balance-reserved for encumbrances $50,000
An invoice is received for $50,000 for a purchase order that was already approved. What would the journal entry look like?
Fund Balance-reserved for encumbrances $50,000
Encumbrances $50,000
Expenditures $50,000
Vouchers Payable $50,000
There is a $10,000 balance left in encumbrances at the end of the year, what does the closing entry look like?
Fund balance-unreserved $10,000
Encumbrances $10,000
In recording a budget, is estimated revenues usually debited or credited?
debited
In recording a budget, is appropriations usually debited or credited?
credited
In the general fund, are expenditures usually debited or credited?
debited
In the general fund, are revenues usually debited or credited?
credited
In the general fund, are Other financing uses usually debited or credited?
debited
In recording a budget, are estimated other financing sources usually debited or credited?
debited