Special Revenue Fund Journal Entries

A special revenue fund is a fund used within a government entity to record the proceeds from certain revenue sources for which fund usage is restricted.

Special revenue fund journal entries. Prepare journal entries to record these transactions in the library special revenue fund and where appropriate in the general fund. How to record the journal entries. Once you ve identified exactly how the standard will affect your industry and your business it s time to identify how to make a more accurate journal entry for revenue recognition. Journal entries fund based vs.

Exist as long as the government has resources dedicated to specific purposes. Examples of special revenue funds are those used for the funding of parks libraries schools and wastewater management. Special revenue funds used to account for general government financial resources that are restricted by law or contractual agreement to specific purposes other than debt service or major capital projects. Journal entries for special revenue fund transactions the library special revenue fund commenced calendar year 2019 with a cash balance of 5 no liabilities and a restricted fund balance of 5.