Answer -
Transaction | Fund | General journal | Debit ($) | Credit ($) |
1. | General Fund | There would be no entry since there is no flow of financial resources. | - | - |
Governmental Activities |
Land Program Revenues--Culture and Recreation Capital Grants and Contributions |
5200000 - |
- 5200000 |
|
2. | General Fund |
Cash Other Financing Sources--Proceeds of Capital Asset Sale |
6000 - |
- 6000 |
Governmental Activities |
Accumulated Depreciation Cash Loss on Sale of Machinery Machinery and Equipment |
28700 6000 400 - |
- - - 35100 |
|
3. | General Fund |
Expenditures -- General Government Other Financing Sources--Capital Lease Agreements Cash |
30000 - - |
- 29000 1000 |
Governmental Activities |
Machinery and Equipment Capital Lease Obligations Payable Cash |
30000 - - |
- 29000 1000 |
|
4. | Capital Project Fund |
Cash Revenues |
720000 - |
- 720000 |
Construction Expenditures Cash |
1176000 - |
- 1176000 |
||
Governmental Activities |
Cash Program Revenues--Public Safety--Capital Grants and Contributions |
720000 - |
- 720000 |
|
Construction Work in Progress Cash |
1176000 - |
- 1176000 |
||
Buildings Construction Work in Progress |
9720000 - |
- 9720000 |
||
5. | General Fund | No Journal Entry Required | ||
Governmental Activities |
Depreciation expenses--Building [($9720000/30 years)/2] Accumulated Depreciation--Building |
162000 - |
- 162000 |
|
6. | General Fund | No Journal Entry Required | ||
Governmental Activities |
Expenses--General Government Machinery and Equipment |
1156000 - |
- 1156000 |
|
5 18. General Capital Assets 5 Make all recessary entries in the appropriate govermen al fund...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Transaction Activlies General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5.200,000 and was...
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...
I need help with this Just journal entry for government funds accounts used: No Journal Entry Required Accumulated Depreciation Appropriations Budgetary Fund Balance Buildings Capital Lease Obligations Payable Cash Construction Expenditures Construction Work in Progress Encumbrances Encumbrances Outstanding Estimated Revenues Expenditures—General Government Expenses—General Government Expenses—Public Safety Fund Balance—Assigned Fund Balance—Unassigned Gain on Sale of Machinery Interfund Transfers Out Land Loss on Sale of Machinery Machinery and Equipment Other Financing Sources—Capital Lease Agreements Other Financing Sources—Proceeds of Capital Asset Sale Other...
Can you please help me where I got wrong answers? Thank you!! E5-18 General Capital Assets [LO 5-2,5.4] Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. A car was leased for the mayor's use. The first payment was $1,000 and the present value of the remaining lease payments was $29,000. (Note: The initial...
the entries are the same for the general fund vs the govt wide financial statements?. The City of Baconsville engaged in the following transactions. Assume that the city maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements. Prepare the appropriate journal entries. If appropriate, write "No entry required." The city purchased for cash three dump trucks for $80,000 each. a) b) The city sold for $4,000, a police car that had been...
The following General Fund information is available for the preparation of the financial statements for the City year ended September 30, 2020: $27,300,000 13,433,000 1,442,000 1,840,000 2,485,000 771,000 Revenues: Property taxes Sales taxes Fees and fines Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2019 11,753,000 24,473,000 6,241,000 1,193,000 2,185,000 1,149,000 853,000 1,841,000...
The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 121,100 Due from Other Funds 10,200 Inventory of Supplies 99,000 Land 54,500 Building 275,500 Allowance for Depreciation—Building $ 22,100 Machinery and Equipment 71,900 Allowance for Depreciation—Machinery and Equipment 13,200 Vouchers Payable 34,000 Net Position—Net Investment in Capital Assets 366,600 Net Position—Unrestricted 196,300...
The following General Fund information is available for the preparation of the financial statements for the City of Eastern Shores for the year ended September 30, 2017: Revenues: Property taxes $ 27,022,000 Sales taxes 13,319,000 Fees and fines 1,327,000 Licenses and permits 1,724,000 Intergovernmental 2,370,000 Investment earnings 658,000 Expenditures: Current: General government 11,727,000 Public safety 24,446,000 Public works 6,213,000 Health and sanitation 1,166,000 Culture and recreation 2,157,000 Transfer to capital project fund 1,123,000 Special item—proceeds from sale of land 825,000...
2-9. The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2017: Revenues: Property taxes Sales taxes Fees and fines $27,020,000 13,316,000 1,324,000 1.721,000 2,368,000 654,000 Licenses and permits Intergovernmental Investment earnings Expenditures: Current: General government Public safety Public Works Health and sanitation Culture and recreation Transfer to capital project fund Special item-proceeds from sale of land Fund balance, October 1, 2016 11,725,000 24,444,000...