CHAPTER VII SECTION VII-CPF CAPITAL PROJECTS FUND JOURNAL ENTRIES. General Ledger Account Number Account Title and Description Debits Credits

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1 CHAPTER VII SECTION VII-CPF CAPITAL PROJECTS FUND JOURNAL ENTRIES General Number Title and Description Debits Credits OPENING ENTRY 240 Cash on Deposit with County Treasurer Taxes Receivable s Receivable Investments 25, Warrants Outstanding s Payable Deferred Revenue Deferred Revenue - Taxes Receivable Unreserved, Undesignated Fund Balance 25,350 [1] To record the Capital Projects Fund opening entry as of September 1, 19XX. This represents the beginning trial balance. BUDGET ENTRY 510 Estimated Revenues 18, Estimated Other Financing Sources 19, Appropriated Fund Balance 2, Appropriations 35,000 [2] To record the annual budget of the Capital Projects Fund as adopted by the board of directors for fiscal year 19XX-XX NEW VII CPF 1

2 Number Title and Description Debits Credits REVENUES - PROPERTY TAX 310 Taxes Receivable 3, Deferred Revenue - Taxes Receivable 3,000 [3] To record the property taxes levied for the Capital Projects Fund for the tax year 19XX. 240 Cash on deposit with County Treasurer 1, Revenues 1,550 [4] To record the collection of property taxes as reported by the County Treasurer. 760 Deferred Revenue - Taxes Receivable 1, Taxes Receivable 1,550 [5] To record the reduction in Taxes Receivable as a result of property tax collections as reported by the County Treasurer. 960 Revenues Cash on deposit with County Treasurer 10 [6] To record the refund of collected property taxes NEW VII CPF 2

3 Number Title and Description Debits Credits INVESTMENTS 450 Investments 5, Cash on Deposit with County Treasurer 5,000 [7] To record the purchase of investments. 240 Cash on Deposit with County Treasurer 20, Investments 20, Revenue 200 [8] To record the sale of investments and the related revenue earned. REVENUES 230 Cash on Hand Revenues 100 [9] To record the receipt for revenues collected by the district to be remitted to the county treasurer. [10] 240 Cash on deposit with County Treasurer Cash on Hand 100 To record the deposit of cash with the county treasurer NEW VII CPF 3

4 Number Title and Description Debits Credits REVENUES - OTHER FINANCING SOURCES [11] 240 Cash on Deposit with County Treasurer 19, Other Financing Sources 19,000 To record the sale of bonds. This entry can be used as a format for the following entries: sale of real property, sale of equipment, and the compensated loss of fixed assets. ** Collateral entry is recorded in General Long-Term Debt Group (GLTDAG), see entry #10. [11b] 240 Cash on Deposit with County Treasurer 2,000, Other Financing Sources 2,000,000 To record the sale of zero-coupon bonds. Bonds have face value of $2,500,000 and are due in 15 years. See Collateral Entry #22 in GLTDAG. INTERFUND RECEIVABLES/PAYABLES AND TRANSFERS [12] 240 Cash on Deposit with County Treasurer Interfund Loan Payable 100 To record the issuance of an interfund loan payable VII CPF 4

5 Number Title and Description Debits Credits 530 Expenditures Interfund Loan Payable Cash on Deposit with County Treasurer 106 [13] To record the repayment of an interfund loan payable. Interfund interest of $6 was also paid. [14] 320 Due from Other Funds Cash on Deposit with County Treasurer 100 To record the existence of an interfund receivable from the General Fund. [15] 240 Cash on Deposit with County Treasurer Due from Other Funds Revenues 6 To record the repayment of interfund receivable from the General Fund including interest earned of $6. [16] 535 Other Financing Uses Cash on Deposit with County Treasurer 100 To record the transfer of resources to the Debt Service Fund so that it can make payment on nonvoted bonds that were used to purchase portables VII CPF 5

6 Number Title and Description Debits Credits EXPENDITURES [17] 520 Encumbrances 4, Reserved for Encumbrances 4,000 To record the commitment for purchases. [18] 530 Expenditures 4, s Payable 4,000 To record expenditures. 820 Reserved for Encumbrances 4, Encumbrances 4,000 [19] To record encumbrance liquidation. 601 s Payable 4, Warrants Outstanding 4,000 [20] To record warrants issued including a separate warrant for 5 percent retainage to an escrow bank account. 241 Warrants Outstanding 4, Cash on Deposit with County Treasurer 4,000 To record warrant redemption. [21] VII CPF 6

7 Number Title and Description Debits Credits CONTRACTS PAYABLE - LONG-TERM [22] 530 Expenditures 2, Contracts Payable - Current Other Financing Sources 2,000 To record expenditures; $500 to be paid in current year and $2000 to be paid in future years. ** Collateral entry is recorded in General Long Term Debt Group (GLTDAG), see entry #11. [23] 602 Contracts Payable - Current Warrants Outstanding 500 To record the warrant issued for the current year portion of the long-term contract. [24] 241 Warrants Outstanding Cash on deposit with County Treasurer 500 To record warrant redemption NEW VII CPF 7

8 Number Title and Description Debits Credits REVENUES - STATE MATCHING [25] 520 Encumbrances 5, Reserved for Encumbrances 5,000 To record the commitment for purchases. [26] 530 Expenditures 5, Revenues 5,000 To record the receipt of state matching moneys paid directly to the contractor. [27] 820 Reserved for Encumbrances 5, Encumbrances 5,000 To record encumbrance liquidation NEW VII CPF 8

9 Number Title and Description Debits Credits CLOSING ENTRIES [28] 540 Appropriated Fund Balance 2, Appropriations 35, Estimated Revenues 18, Estimated Other Financing Sources 19,000 To record the closing of budgetary accounts. [29] 960 Revenues 6, Other Financing Sources 21, Expenditures 11, Unreserved, Undesignated Fund Balance 16,340 To record the closing of revenues, expenditures, and other financing sources to unreserved fund balance NEW VII CPF 9

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