GOVERNMENTAL ACCOUNTING
DR Estimated revenue control
DR Appropriation control
CR Budgetary fund balance
To establish the budget at the beginning of the year
DR Estimated revenue control
DR Estimated other finances sources (bonds & transfers in)
CR Estimated other finances uses (transfers out) Appropriations
DR/CR Budgetary fund balance
To set-up the budget
DR Property tax receivable – current
CR Allowance for uncollectable taxes – current
CR Revenue control
To record property taxes levy
DR Cash
CR Revenue control
To record revenues from fines, licenses and permits
DR State sales tax receivable
CR Revenue control
Received a letter from the state indicating the city's share of sales taxes
DR Encumbrances control
CR Budgetary Fund Balance – Reserve for Encumbrances
To Record the Encumbrances (place an order)
DR Budgetary Fund Balance – Reserve for Encumbrances
CR Encumbrances Control
Order is received. – the encumbrances entry is reversed
DR Expenditures Control
CR Vouchers Payable
The actual expenditure is recorded
DR Cash
CR Other financing sources โ bond issue proceeds
CR Other financing sources โ premium on bonds
To record the bond proceeds in the capital project fund
DR Interfund transfer debt service
CR Cash
To record the transfer of the bond issue premium to debt service fund
.