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Your team has been hired as the accountants for the Village of AIU. Your team is being asked to do the following:

• Please see the adopted budget and trial Balance  given below to use.
• Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.
• The beginning fund balance was $75,000.
• Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund.
• Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual—for the Village of AIU General Fund for the 20X9 fiscal year.
• Work as a team to define an approach for producing the deliverables for this assignment.
• Assign individual work to each team member.

Objective:

• Demonstrate an understanding of governmental and not-for-profit accounting and financial statements;

• Analyze transactions unique to governmental and not-for-profit entities to determine potential outcomes;

Estimated Revenues:

Taxes                                        $ 125,000
Interest & penalities                       2 0,000
License, permits & fees                  35,000
Intergovernmental grants              15,000
Investment revenue                      75,000
Miscellaneous revenue                    5,000
Total estimated revenues                                     $ 275,000

Appropriations:
General government                    80,000
Public safety                                23,000
Street and sanitation                   50,000
Health and welfare                      3 5,000
Community development             12,000
Parks and recreation                    25,000
Total appropriations                                              225,000
Budgeted excess of revenues
over appropriations                                              $ 50,000

 

                                                      Debit                 Credit
Revenues Subsidiary Ledger:
Taxes                                             5,000
Interest & penalities                                                  1,500
License, permits & fees                    4,250
Intergovernmental grants                                       13,750
Investment revenue                        1,250
Miscellaneous revenue                                             2,450

Totals                                             10,500            17,700

Expenditures Subsidiary Ledger:
General government                        8,750
Public safety                                                            125
Street and sanitation                                               1 ,750
Health and welfare                          6,000
Community development                                       1,600
Parks and recreation                      2,500

Totals                                          17,250              3,475

Accounting Basics, Accounting

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