The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Purchase orders for merchandise and equipment are issued. -Accounts payable

When purchase orders for merchandise and equipment are issued, the account affected is Encumbrances, not Accounts Payable. Accounts Payable is affected when the invoice is received or the payment is due, not at the time of issuing purchase orders.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Expenditures

When the general fund moves money to the debt service fund for payment of principal and interest on general obligation debt, the transaction affects the "other financing uses" account, not the "expenditures" account.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Revenues

Moving money to the debt service fund for payment of principal and interest on general obligation debt is a transfer out, which affects the budgeted other financing uses account, not the revenues account.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Transfers out

Transfers out are debited because they reduce the fund balance.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Transfers in

The general fund moving money to the debt service fund is recorded as a transfer out in the general fund, not affecting the "Transfers in" account.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Cash

When the general fund moves money to the debt service fund for payment of principal and interest on general obligation debt, the Cash account in the general fund is credited to record the outflow of cash.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Due from debt service fund

The account "Due from debt service fund" is not affected because the transaction involves moving money to the debt service fund, which would affect accounts like "Transfers Out" or "Cash" instead.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -Inventory

Under the purchases method for inventories, where inventories are not reported on the balance sheet and Plumas County does not adjust for inventory levels, the inventory account would not be affected by the fact that more inventories were used than purchased during the year.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -Accounts payable

Accounts payable is not affected because the use of inventories does not directly impact the accounts payable unless there is a purchase transaction involved.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -Fund balance-nonspendable

Under the purchases method for inventories, where inventories are not reported on the balance sheet and Plumas County does not recognize inventories as an asset, the fund balance-nonspendable would not be affected by the use of more inventories than purchased during the year. This account is typically used to indicate amounts that cannot be spent because they are not in spendable form or are legally or contractually required to be maintained intact. The use of inventories more than what was purchased would be reflected in the expenditures, not in the fund balance-nonspendable.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -Fund balance-unassigned

The answer of The following general fund budget was approved...

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Encumbrances

Encumbrances are credited at year-end to close out the account and reflect the actual expenditures.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Fund balance-assigned

Fund balance-assigned is not affected by the closing entries.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Due to other funds

The answer of The following general fund budget was approved...

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Taxes receivable

The question does not provide specific information about transactions affecting the Taxes Receivable account. Without details on tax collections or adjustments, we cannot determine if Taxes Receivable should be debited (for increases or to record receivables) or credited (for decreases or to record payments). Therefore, based on the information given, Taxes Receivable is not affected by the described events.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Allowance for uncollectible taxes

The Allowance for Uncollectible Taxes account is related to accounts receivable and does not directly interact with budgetary accounts or closing entries in the context provided.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Cash

Closing entries involve summarizing the year's transactions and preparing the accounts for the next fiscal period. They typically include revenues, expenditures, and budgetary accounts, but do not directly affect the cash account. Cash is affected by actual transactions during the year, not by the closing entries.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Capital outlay

The answer of The following general fund budget was approved...

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Estimated revenues

At year-end, closing entries are made to close budgetary accounts. Estimated revenues are credited to close the account.

The following general fund budget was approved by Plumas County for the current year: \[\begin{array} { l r } \text { Budgeted revenues } & \$ 4,200,000 \\ \text { Budgeted expenditures } & 3,900,000 \\ \text { Budgeted other finanding sources } & 200,000 \\ \text { Budgeted other finanding uses } & 600,000 \end{array}\] Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -General expenditures

General expenditures are credited during closing entries to close out the expenditures for the year.

Quiz 10: State and Local Governments: Introduction and General Fund Transactions

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