Chapter 8 Journal Entries

Question 1

Record Budget

Answer 1

DR: Estimated Revenue Control
DR: Estimated Other Financing Sources
DR: Budgetary Control (negative/deficit)
CR: Appropriations Control
CR: Estimated Other Financing Uses
CR: Budgetary Control (positive/surplus)

Question 2

Reverse Budget

Answer 2

DR: Appropriations
DR: Estimated Other Financing Uses
DR: Budgetary Control
CR: Estimated Revenue Control
CR: Estimated Other Financing Sources
CR: Budgetary Control
Reverse for exact same amount as what was recorded

Question 3

Accrual of Real Property Taxes Levied and Provide for Estimated Amount of Uncollectible Accounts

Answer 3

DR: Real Property Taxes Receivable - Current
CR: Revenue - Property Taxes
CR: Allowance for Uncollectible Taxes - Current

Question 4

Collection of Property Taxes

Answer 4

DR: Cash
CR: Real Property Taxes Receivable - Current

Question 5

Reclassify Taxes Receivable to Delinquent

Answer 5

DR: Property Taxes Receivable - Delinquent
CR: Property Taxes Receivable - Current

Question 6

Reclassify Allowance for Uncollectible Taxes to Delinquent and Adjust Revenues to Accrue Available Amounts

Answer 6

DR: Revenue - Property Taxes
DR: Allowance for Uncollectible Taxes - Current
CR: Allowance for Uncollectible Taxes - Delinquent

Question 7

GRaSPP Purchase of Capital Item

Answer 7

DR: Expenditure - Capital Outlay
CR: Vouchers Payable/Cash

Question 8

GRaSPP Principal Payment on Non-Current Debt

Answer 8

DR: Expenditure - Debt Service
CR: Cash

Question 9

GRaSPP Purchase Item: Purchase Method

Answer 9

DR: Expenditure
CR: Vouchers Payable

Question 10

GRaSPP Use of Item: Purchase Method

Answer 10

NO ENTRY

Question 11

GRaSPP On Hand at Year End: Purchase Method

Answer 11

DR: Supplies Inventory
CR: Nonspendable Fund Balance - Inventory

Question 12

GRaSPP Purchase Item: Consumption Method

Answer 12

DR: Supplies Inventory
CR: Vouchers Payable

Question 13

GRaSPP Use of Item: Consumption Method

Answer 13

DR: Expenditure
CR: Supplies Inventory

Question 14

GRaSPP On Hand at Year End: Consumption Method

Answer 14

NO ENTRY

Question 15

GRaSPP Routine Transfer Between Funds

Answer 15

DR: Other Financing Uses
CR: Cash

Question 16

GRaSPP Receipt of Proceeds from Bond Issue

Answer 16

DR: Cash
CR: Other Financing Uses - Bonds Issued

Question 17

GRaSPP Set Up Encumbrance

Answer 17

DR: Encumbrances
CR: Budgetary Control

Question 18

GRaSPP Reverse Encumbrance and Record Expenditures

Answer 18

DR: Budgetary Control
CR: Encumbrances
DR: Expenditures
CR: Vouchers Payable/Cash

Question 19

GRaSPP Close Encumbrance at Year End and Reserve the Fund Balance for Outstanding Purchase Orders

Answer 19

DR: Budgetary Control
CR: Encumbrance
DR: Unassigned Fund Balance
CR: Fund Balance, Committed

Question 20

GRaSPP Receipt of Item that Encumbrance was Created for Last Year

Answer 20

DR: Expenditure - prior year
CR: Vouchers Payable

Question 21

Fair Value Hedge - Interest Rate Swap

Answer 21

DR: Deferred - Interest Rate Swap
CR: Deferred Inflows of Resources

Question 22

Cash Flow Hedge - Forward Contract

Answer 22

DR: Deferred Outflows of Resources
CR: Forward Contract

Question 23

GRaSPP - Transfer from one GRaSPP Fund to Another

Answer 23

DR: Cash
CR: Interfund Transfers from the General Fund

Question 24

GRaSPP - Investment Income

Answer 24

DR: Cash
CR: Revenue - Investment Income

Question 25

GRaSPP Unrestricted Gov't Grant on Capital Projects Fund

Answer 25

DR: Cash CR: Revenue

Question 26

GRaSPP Restricted Gov't Grant on Capital Projects Fund

Answer 26

DR: Cash CR: Revenue Collected in Advance

Question 27

GRaSPP Recognize Revenue Restricted (when spent) by a Cost Reimbursement Contract on Capital Projects Fund

Answer 27

``` DR: Expenditure CR: Vouchers Payable/Cash DR: Revenue Collected in Advance CR: Revenue **Spend it to Earn it** ```

Question 28

Short Term Financing to be Repaid With Taxes or Revenue

Answer 28

DR: Cash CR: Tax or Revenue Anticipation Note Payable

Question 29

SE Operating Revenues | Internal Service Funds

Answer 29

DR: Cash CR: Billings to Other Departments

Question 30

SE Contributions | Enterprise Fund

Answer 30

DR: Capital Assets CR: Capital Contributions

Question 31

PAPI Additions | Pension Trust

Answer 31

DR: Cash CR: Additions - Employer Contributions

Question 32

SEPAPI Expenses

Answer 32

DR: Expense (Not Expenditure) CR: Cash

Question 33

PAPI Collections and Retaining of Fee | Agency Fund

Answer 33

DR: Cash CR: Due to Other Units CR: Due to County General Fund [fee]