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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,12/2/2011,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,11-,#,Chapter 20,Accounting for State and Local Governmental Units Governmental Funds,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,1,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,2,Governmental Funds:Objectives,Prepare journal entries to record transactions in governmental funds,including the new fund balance classifications.,Learn about accounting methods unique to governmental accounting budgetary issues,encumbrance accounting,and interfund transactions.,Determine the appropriate governmental fund to be used.,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,3,Governmental Funds:Objectives(cont.),Prepare governmental fund financial statements.,Convert governmental fund financial statements to government-wide financial statements.,1:record transactions,Accounting for State and Local Governmental Units Governmental Funds,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,4,Fund Balance Classifications,There are five classifications of governmental fund balances:,Nonspendable amounts not in spendable form,such as inventories,or endowment principal,Restricted amounts may only be spent for purposes designated by outside authority,Committed amounts may only be spent for purposes designated by government authority,Assigned amounts to be used for a specific purpose as determined by operating units,Unassigned all other spendable fund balances,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,5,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,6,General Fund Transactions,The General Fund holds all funds which are not specifically designated to another fund.Every governmental entity has one.The first entry to prepare is the recording of the budget.,Estimated revenues,3,500,Appropriations,3,320,Estimated other financing uses-transfer out,115,Fund balance-unassigned,65,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,7,Revenue and Collections,Revenues are recorded,net,of the estimated allowance.Separate accounts are used for this years taxes and all prior years taxes.Write-offs occur when the taxes are deemed uncollectible.When they are late,they are simply moved from current to delinquent,(an adjustment).,Taxes receivable-current,2,000,Allowance for uncollectibles current,20,Revenues,1,980,Cash,1,900,Taxes receivable current,1,760,Taxes receivable delinquent,140,Allowance for uncollectibles delinquent,10,Taxes receivable-delinquent,10,Other Revenues and Collections,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,8,Accounts receivable,150,Revenue,100,Deferred revenue,50,Cash,1,440,Revenue,1,440,Taxes which are billed and are to be received within 60 days(and therefore available to pay current liabilities)are recorded as Revenue.Amounts to be received after that are recorded as Deferred Revenue.,Revenue from licenses,permits,and fines is recorded when received.,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,9,Expenditures and Payments,For Expenditures that are not encumbered first,(no purchase orders are placed for wages,utilities,and many other items),they are recorded as they become due.These expenditures can be for current services or capital outlays,(like fixed assets).,Expenditures,200,Vouchers payable,200,Vouchers payable,187,Cash,187,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,10,Supplies,(without encumbrance),For supplies,this is the,consumption method,like most businesses use.Adjustments will recognize supplies used as Expenditures.,Expenditures,345,Vouchers payable,345,Supplies inventory,55,Vouchers payable,55,For the,purchase method,Expenditures would be debited at the time of purchase.At year end,an adjusting entry would record Supplies inventory and Fund Balance-Nonspendable.,Capital Lease,A fixed asset acquired by capital lease will result in the recording of an Expenditure and an Other Financing Source.,Subsequent lease payments are recorded as Expenditures,also.This appears to be recording the same expenditure twice,but is correctly recording the source and use of working capital in each reporting period.,The asset,liability,and related depreciation will be recorded in the government-wide financial statements.,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,11,Expenditures,50,Other financing source capital lease,50,Copyright 2012 Pearson Education,Inc.Publishing as Prentice Hall,20-,12,Year-End Adjustments,(1 of 2),Supplies inventory,(consumption method),is adjusted to its proper balance.,Revenues that havent been collected yet and are not expected to be collected in the next 60 days are reclassified.They will be revenue next period when collected.,Expenditures,30,Supplies inventory,30,Rev
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