Question

for the first and second part to this question to record fund financial statements and government wide ,

we use these accounts for journal entries

allowance for uncollectible current taxes

bonds payable

cash

deferred revenues

encumbrances

encumbrances-equipment

encumbrences- warehouse

encumbrences outstanding

expenditure control- machinery and equip

fund balance - reserved for encumbrances

grant recievable

inventory supplies

machinery and equip

other financing sources- bond proceeds

other financing sources - transfers in

other financing uses - transfers out

revenues- property taxes

taxes recieveable

unavailable grant revenue

vouchers payable

Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $992,000 in bonds at face value to finance construction of a warehouse. b. A $1.14 million contract is signed for construction of the warehouse. The commitment is required if allowed. C. A $164,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). d. Equipment for the fire department is received with a cost of $15,240. When it was ordered, an anticipated cost of $14,600 had been recorded e. Supplies to be used in the schools are bought for $4,200 cash. The consumption method is used. f. A state grant of $109,250 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. g. Property tax assessments are mailed to citizens of the government. The total assessment is $648,000, although officials anticipate that 4 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately Complete this question by entering your answers in the tabs below. FUND FIN GOVT WIDE

Answer 1

Fund-Based financial Statements Government Wide Financial Statements a. Capital Project Fund Cash Other Finance Services $ 9,92,000 a. Governmental Activities Cash Bonds Payable $ 9,92,000 $ 9,92,000 $ 9,92,000 b. No J/E Required b. Capital Project Fund Encumbrances-Warehouse Encumbrances Outstanding $ 11,40,000 $ 11,40,000 c. No J/E Required C. General Fund other Fin.uses Transfer Out Cash $ 1,64,000 $ 1,64,000 d. General Fund Encumbrances Outstanding Encumbrances- Equipment $ 14,600 d. Governmental Activities Equipment Voucher A/P $ 15,240 $ 14,600 $ 15,240 e. General Fund Inventories of supplies Cash $ 4,200 e. Governmental Activities Inventory Cash $ 4,200 $ 4,200 $ 4,200 f. Special Revenue Fund Grant Receivable Unavailable Grant Revenue $ 1,09,250 f. Governmental Activities Grant Receivable Unearned revenue $ 1,09,250 $ 1,09,250 $ 1,09,250 $ 6,48,000 $ 6,48,000 g. GeneraFund Taxes Receivable Revenues- Property Taxes Allowance for Uncollectible g. Governmental Activities Taxes Rec. Revenues- Propey Taxes Allowance for Uncollectible $ $ 6,22,080 25,920 $ $ 6,22,080 25,920