|
|
APPENDIX C
PRINT -
LANDSCAPE FORMAT / COLOR |
|
CORPORATE
YEAR END CLOSING ENTRIES
DECEMBER 31, 2001
|
GOVERNMENT ACCOUNTING
PROTOTYPE
YEAR END CLOSING ENTRIES
DECEMBER 31, 2001 |
| (1) CLOSE INCOME AND EXPENSES |
(1) CLOSE INCOME AND EXPENSES |
|
|
|
|
|
|
| GAIN ON SALE |
200 |
|
GAIN ON SALE |
200 |
|
| EARNED ADVANCES |
20,000 |
|
EARNED ADVANCES |
20,000 |
|
| EARNED REIMBURSEMENT |
14,000 |
|
EARNED REIMBURSEMENT |
14,000 |
|
| PROFIT & LOSS |
106,750 |
|
PROFIT & LOSS |
106,750 |
|
| SALARY EXPENSE |
|
88,000 |
SALARY EXPENSE |
|
88,000 |
| BUILDING RENT EXP. |
|
25,000 |
BUILDING RENT
EXPENSE |
|
25,000 |
| UTILITY EXPENSE |
|
3,500 |
UTILITY EXPENSE |
|
3,500 |
| BOND INTEREST EXP. |
|
700 |
BOND INTEREST
EXPENSE |
|
700 |
| LICENSING FEE EXPENSE |
|
2,250 |
LICENSING FEE
EXPENSE |
|
2,250 |
| TRAVEL EXPENSE |
|
18,500 |
TRAVEL EXPENSE |
|
18,500 |
| ADMIN. SUPPLY EXP. |
|
1,000 |
ADMIN. SUPPLY
EXPENSE |
|
1,000 |
| DEPRECIATION EXPENSE |
|
1,000 |
DEPRECIATION
EXPENSE |
|
1,000 |
| BAD DEBT EXPENSE |
|
1,000 |
BAD DEBT
EXPENSE |
|
1,000 |
|
|
|
|
|
|
|
Close income & expense
general ledger accounts into profit and loss. |
Close income & expense
general ledger accounts into profit and loss. |
|
|
|
|
|
|
|
|
| (2) CLOSE PROFIT & LOSS |
(2) CLOSE PROFIT & LOSS |
|
|
| RETAINED EARNINGS |
106,750 |
|
RETAINED INCOME / EXPENSE |
106,750 |
|
| PROFIT & LOSS |
|
106,750 |
PROFIT & LOSS |
|
106,750 |
|
Close profit and loss into Retained Earnings. |
Close profit and loss into Retained Income / Expense. Note,
Retained
Income / Expense is used in lieu of Retained Earnings because of
the
varied nature of government appropriations. For example, General Fund
appropriation expenses will always exceed income. However, Trust
Fund appropriations, for example, may have income exceed expenses
or
expenses exceed income during the life of this appropriation type --
the
Social Security Trust fund is a good example. Thus, it is necessary
to account for the cumulative total of income or expenses
over the life
of the appropriation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3) CLOSE UNFUNDED
BUDGET-RELATED GLA'S |
(3) CLOSE UNFUNDED
BUDGET-RELATED GLA'S |
|
|
|
|
|
|
| N/A |
|
|
UNFUNDED BUDGET |
19,000 |
|
|
|
|
ANTICIPATED TW (SUPPLEMENTAL) |
|
10,000 |
|
|
|
ANTICIPATED BUDGET RCPT. REIMB. |
|
9,000 |
|
|
|
|
|
|
|
|
|
Close all accounts associated
with the unfunded portion
of the budget.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (4) CLOSE FUNDED BUDGET /
RELATED GLA'S |
(4) CLOSE FUNDED BUDGET /
RELATED GLA'S |
|
|
|
|
|
|
|
|
|
CURRENT QTR. BUDGET |
9,300 |
|
|
|
|
SUBSEQUENT QTR. BUDGET |
485,000 |
|
|
|
|
BUDGET RES. CONTINGENCY |
24,650 |
|
|
|
|
COMMITMENTS |
5,000 |
|
|
|
|
FUNDED BUDGET |
|
16,500 |
|
|
|
BUDGET
(UNOBLIGATED C/O) |
|
507,450 |
|
|
|
|
|
|
|
|
|
Close all budget-related accounts
with available moneys into
next (fiscal) years funded budget account for
apportionment
and redistribution.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (5) CLOSE CASH INTO CASH (END OF
FISCAL YR |
(5) CLOSE CASH INTO CASH (END OF
FISCAL YEAR) |
|
|
|
|
|
|
|
|
|
CASH (END OF FISCAL YEAR) |
524,750 |
|
| N/A |
|
|
CASH DISBURSEMENTS |
171,050 |
|
|
|
|
TREASURY WARRANT |
|
600,000 |
|
|
|
CASH TRANSFERS |
|
60,000 |
|
|
|
BUDGET RECEIPTS |
|
33,500 |
|
|
|
CASH COLLECTIONS |
|
2,300 |
|
|
|
|
|
|
|
|
|
Close all cash-related accounts
into cash (end of fiscal year). |
|
|
|
|
| © Copyright 1999 Larry Fisher |
|
|