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Journal Entries Flashcards

State of NJ - CFO Journal Entries All Funds

1
Q

Current Fund

Current Year Tax Levy

Amount to be Raised 3,000,000
County Taxes Payable 4,000,000
School Taxes Payable 5,000,000
12,000,000

A

Dr Current Year Taxes Rec 12,000,000
Cr Reserve for CY Taxes 12,000,000
TO RECORD CY TAX LEVY

Dr Amount to be raised 9,000,000
Cr County Taxes Payable 4,000,000
Cr School Taxes Payable 5,000,000
REC CTY & SCHOOL TAXES PAYABLE

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2
Q

Current Fund

To Record Senior Citizen & Veteran Deductions per Tax Duplicate

A

Dr Due from St of NJ S/C & Vet XXX
Cr CY Taxes Rec XXX
Record S/C & Vet Deductions per tax duplicate

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3
Q

Current Fund

Capital Improvement Fund not paid over at year end

A

Dr Bud Approp: CIF XXX
Cr Due to Capital Fund XXX
To record interfund payable

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4
Q

Current Fund

To record Tax Overpayment at year end

A

Dr CY Taxes Receivable XXX
Cr Tax Overpayments XXX
To record tax overpayments at year end

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5
Q

Current Fund

Tax overpayments applied by resolution (example $8,000.00)

A

Dr Tax overpayments $8,000
Cr CY Taxes Rec $8,000
To Apply Tax Overpayments

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6
Q

Current Fund

2012 Annual Tax Sale

2011 taxes struck off to mun. 20,000
Interest & Costs 3,000

A

Dr TTL 23,000
Dr Res for CY Taxes Rec 20,000
Cr Res for TTL 23,000
Cr 2011 Taxes Rec 20,000
To record 2012 Tax Sale

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7
Q

Current Fund

County Tax Board Tax Appeals Judgements Cancelled - Current year taxes

A

Dr Reserve for CY Taxes XXX
Cr CY Taxes Rec XXX
To record County Tax Board Judgements

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8
Q

Current Fund

To Record Emergency Appropriation

A

Dr Deferred Charge: Emg Auth XXX
Cr Bud Approp - All Accts XXX
To record emergency Appropriation

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9
Q

Current Fund

Current Year Taxes Accrued to Tax Title Liens at year end

A

Dr Tax Title Liens XXX
Dr Res for CY Taxes XXX
Cr Res for TTL XXX
Cr CY Taxes Rec XXX
Current year taxes accrued to tax title liens

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10
Q

Current Fund

Apply Prepaid Taxes

A

Dr Prepaid Taxes XXX
Cr CY Taxes Rec XXX
To apply prepaid taxes

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11
Q

Current Fund

Reserve for Uncollected Taxes

A

Dr Bud Approp: RUT XXX
Cr Amt to be raised XXX
To charge budget for RUT

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12
Q

Current Fund

Charge Budget for Emergency Authorization Raised in Budget

A

Dr Bud Approp: Def Chg-EA XXX
Cr Def Chg: Emg Auth XXX
To Charge Budget for Emergency Authorization Raised in Budget

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13
Q

Current Fund

Lapse Appropriated Reserve

A

Dr Appropriated Reserve XXX
Cr Budget Operations XXX
To lapse appropriated reserve

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14
Q

Current Fund

To record Appropriated Reserve

A

Dr Budget Approp: All Accts XXX
Cr Appropriated Reserves XXX
To Record Appropriated Reserves

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15
Q

Current Fund

Settle Interfunds at year end

A

Dr Due From….. XXX
Cr Budget Operations XXX
To settle interfunds

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16
Q

Current Fund

Prepare J/E to record the total revenue realized from Current Year Tax collections:

Calculations:
\+ Prepaids
\+ SC & Vet Ded
- O/P refunded
- overpayments
\+ cash receipts
= total revenue
A

Dr Res for CY Taxes Rec XXX
Cr Amt to be raised XXX
To realize CY tax revenue

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17
Q

Current Fund

Prepare J/E to record the total revenue Realized from the Prior Year Tax collection

Calculation:
YE overpayments
Overpayments refunded
PY cash receipts
TTL cash receipts
=Total Revenue
A

Dr Reserve for PY Taxes XXX
Dr Reserve for TTL XXX
Cr Rec from Delq Taxes XXX
Realize Prior Year Taxes Receivable

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18
Q

Current Fund

Close Budget Operations (credit balance)

A

Dr Budget Operations XXX
Cr Fund Balance XXX’
Close budget operations to fund balance

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19
Q

Current Fund

Close Budget Operations (debit balance)

A

Dr Def Chg: Deficit in Operations XXX
Cr Budget Operations XXX
Close deficit in operations to def chgs

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20
Q

Sheet 25

Reserve for Uncollected Taxes

A
  1. General Appropriations
  2. +School
    +County
    +Special Districts
    • anticipated revenues
  3. =General Approp & Other Taxes
  4. diveded by Tax collection %
  5. =Total Tax Levy

Total Tax Levy
Less - total general approp & other taxes =RUT

Mun Budget Approp
+RUT
Less Revenues
=Amt to be raised

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21
Q

Capital Fund

Current Fund Raised for Bond Principal

A

Dr General Serial Bonds XXX
Cr Def Chg to Future Taxation
Funded - (Project) XXX
To Record Retirement of Bond Principal

22
Q

Capital Fund

Current Fund Raised for BANS (retirement)

A

Dr BANS XXX
Cr Def Chg to Future Taxation
Unfunded - (Project) XXX
To record retirement of BANS

23
Q

Capital Fund

General Improvement Ordinance

Financing : Capital Improvement Fund

A

Dr Capital Improvement Fund XXX
Cr Imp Auth - Funded XXX
To record ordinance for………….

24
Q

Capital Fund

General Improvement Ordinance

Financing: Capital Improvement Fund
Fund Balance

A

Dr Capital Improvement Fund XXX
Dr Fund Balance XXX
Cr Imp Auth: Funded XXX
To record ordinance for ……………..

25
Q

Capital Fund

General Improvement Ordinance

Financing: Capital Improvement Fund
Bonds & Notes authorized NYI

A

Dr Capital Improvement Fund XXX
Dr Def Chg to future taxation:
Unfunded (project) XXX
Cr Imp Auth: Funded XXX
Cr Imp Auth: Unfunded XXX
————————————————————-
Dr Est Proceeds B&NANYI XXX
Cr Proceeds B&NANYI XXX
to record memo entry

26
Q

Capital Fund

CY Budget Includes a line item - Deferred Charge to Future Taxation - Unfunded - Improvement Costs - Project

A

Dr Proceeds B&NANYI XXX
Cr Est Proceeds B&NANYI XXX
To Reverse memo entry for _________

27
Q

Capital Fund

General Serial Bonds were issued for (project).
Proceeds were not received until 12/10/12. Accrued interest of $250 & premium $750 was paid to Town by lending institution.

A

Dr Def Chg to future taxation:
Funded (Project) XXX
Dr Imp Auth - Unfunded XXX
Cr Def Chg to future taxation:
Unfunded (Project) XXX
Cr Imp Auth: Funded XXX
To record perm Financing for ___________

28
Q

Capital Fund

Bond Anticipation Notes issued

A

Dr Proceeds B&NANYI XXX
Cr Est proceeds B&NANYI XXX
To reverse memo entry

29
Q

Capital Fund

Cancelled Unexpended Balances Funded By Capital Improvement Fund

A

Dr Imp Auth - Funded XXX
Cr Capital Imp Fund XXX’
To record Cancellation of Ord for ___________

30
Q

Capital Fund

Cancelled Unexpended Balances Funded by CIF & Fund Balance

A

Dr Imp Auth: Funded XXX
Cr Fund Balance XXX
to record Cancellation of Ord for ____________

31
Q

Utility

Capital Improvement Fund Was Not Remitted to Capital at Year End

A

Dr Bud Approp: CIF XXX
Cr Due to Capital Fund XXX’
To record Interfund

32
Q

Utility

Rent Levy

A

Dr Consumer A/R XXX
Cr Reserve Consumer A/R XXX’
To Record Rent Billings

33
Q

Utility

2012 Tax Sale

Rents $5,000.00
Int & Costs $ 500.00

A

Dr Liens 5500.00
Dr Res for Consumer A/R 5000.00
Cr Reserve for Liens 5500.00
Cr Consumer A/R 5000.00
Annual tax sale struck off to municipality

34
Q

Utility

To Adjust Inventory

A

Dr Inventory XXX
Cr Res for Inventory XXX
To adjust inventory

35
Q

Utility

Rents levied during the year accrued to liens at year end

A

Dr Liens XXX
Dr Reserve for Consumer A/R XXX
Cr Reserve for Liens XXX
Cr Consumer A/R XXX
Record billings accrued to liens

36
Q

Utility

Emergency Authorization

A

Dr Def Chg: Emg Auth XXX
Cr Budget Approp XXX
To record emergency authorization

37
Q

Utility

Accrued Interest on Notes

A

Dr Bud Approp: Debt Service Int XXX
Cr Accrued Interest on Notes XXX
To Charge Budget & Rec Accrued Interest

38
Q

Utility Capital

Utility Operating Debt Service Payment for Serial Bond

A

Dr Serial Bonds XXX
Cr Res for Amortization XXX
To record retirement of bond principal

39
Q

Utility Capital

Capital Ordinance

Funding: Capital Improvement Fund

A

Dr Fixed Capital Auth & Uncomp:
Project XXX
Dr Capital Improvement Fund XXX
Cr Imp Auth: Funded XXX
Cr Res for Def Amortization XXX
To record Ordinance for ___________

40
Q

Utility Capital

Capital Ordinance

Funding: Capital Improvement Fund
Bonds & Notes Authorized

A

Dr Fixed Capital Authorized & Uncomplete (Project Name) (full amt of proj) XXX
Dr Capital Improvement Fund XXX
Cr Imp Auth: Funded XXX
Cr Imp Auth: Unfunded XXX
Cr Res for Def Amortization XXX
——————————————————-
Dr Est Proceeds B&NANYI XXX
Cr Proceeds B&NANYI XXX

41
Q

Utility Capital

Fixed Capital Was Purchased from Utility Operating Fund Budget Appropriation for Capital Outlay

A

Dr Fixed Capital XXX
Cr Reserve for Amortization XXX
To record capital outlay expense

42
Q

Utility Capital

To Record Completed Project

A

Dr Fixed Capital XXX
Dr Reserve for Def Amort XXX
Cr Fixed Capital Auth & Uncomplete XXX
Cr Reserve for Amortization XXX
To record completed project

43
Q

Current Fund

Record added / Omitted taxes and related liabilities

A

Dr CY Tax Rec xxx
Cr Res for Cy Tax Rec xxx
To record added / omitted taxes

Dr Amt to be raised by taxation xxx
Cr County taxes payable xxx
To record county taxes payable

44
Q

% of collections calculation

A

Total Rev realized from CY tax Coll (divided by) Total Levy (levy + added/omitted) = % of collections

45
Q

Results from taxes surplus or deficit?

A 
Calculation:
Amt to be raised
\+added / omitted
\+CY local purpose tax
=Total tax levy
less: total revenue (local tax purpose)
less: RUT
= (credit balance = surplus)
= (debit balance = deficit)
46
Q

Sheet 26 - Schedule of Delq taxes and TTL

A 
DR     	Cr
1. Balance  	xx	
A. Taxes	xx		
B. TTL 	xx		
2. Cancelled		
A. Taxes			xx
B. TTL 			xx
4. Added Taxes	xx	
6.Tax to Liens		xx
Liens from tax	xx	
7. Bal before cash		xx
Totals		xx	xx
9. balance down	xx	
10. collected		xx
A. Taxes	xx		
B. TTL 	xx		
11. I&C Tax sale	xx	
12. CY trans to TTL	xx	
13. CY Taxes	xx	
14. YE Balances		xx
A. Taxes	xx		
B. TTL 	xx		
Totals		xx	xx

Divide 10 by 9 = %
Multiply 14 * % = Max amt to be
anticipated in next year

47
Q

Total Tax Rate

A

Total Tax Levy (divided by) Net Valuation Table X 100

41,593,909/1,444,550,013*100=2.879

48
Q

Municipal Tax Rate

A

Amt to be raised by Taxation (divided by) net valuation table X 100

Mun Bud Apporp
+RUT
-Anticipated Rev
+Amt to be raised

8,723,909 / 1,444,550,013 * 100 = 0.604

49
Q

Average residential property value

A

From net valuation table

Residential value (divided by) # of residential properties

779,815,000 / 2689 = $290,002

50
Q

Total Tax Levy on Average Residential Tax Payer

A

Total tax rate X Avg residential property value / 100

2.879 X 290,002 / 100 = $8,349

51
Q

Average municipal tax levy for residential tax payer

A

Municipal tax rate X avg residential property value / 100

0.604 x 290,002 / 100 = $1,752

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