A State Government Has the Following Transactions During Its Fiscal

question 66

Essay

A state government has the following transactions during its fiscal year ending June 30, 2018. The state defines "available" as within 60 days after year-end.
REQUIRED: Prepare journal entries to record each of these transactions in the state's general fund. Comment on how each of these transactions would be different when reported in the state's government-wide financial statements.
a. The state issues $50 million of 30-year debt to finance renovations to its capitol building. Due to changes in interest rates, the state receives only $49.2 million in cash.
b. The state workers earn $40 million in wages during the year. However, in an effort to balance its budget, the state defers payment of $2 million in wages until July 5, 2018.
c. Required contributions for pension benefits for 2015 are $7 million, which the state transfers to its pension trust fund.
d. The state makes grants of $4.5 million based on a formula to school districts within its boundaries. The schools must use these grants to finance operating expenditures incurred during the current fiscal year.
e. The state agrees to share $6.0 million of its 2018 sales (derived tax) revenues with all towns within its boundaries based on a formula established by the legislature. The resources must be used by the towns during the state's next fiscal year (2019).
f. During the fiscal year, the state makes interest and principal payments of $18 million on its bonded debt.

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