a) Enterprise fund | ||
General Journal | Debit | Credit |
Cash (1500 x $100) | $ 150,000.00 | |
Operating revenue – Charge for services | $ 150,000.00 | |
Cash | $ 24,000.00 | |
Long-term note payable | $ 24,000.00 | |
Operating expense – Payroll tax | $ 7,800.00 | |
Operating expense – Wages | $ 26,000.00 | |
Operating expense – Insurance | $ 10,000.00 | |
Non-operating expense – Interest | $ 840.00 | |
Operating expense – Refreshments | $ 20,400.00 | |
Operating expense – Parking for Volunteers | $ 2,300.00 | |
Operating expense – Rent | $ 12,800.00 | |
Operating expense – Repair | $ 6,700.00 | |
Operating expense – Adverisement | $ 40,000.00 | |
Cash | $ 86,840.00 | |
Operating expense – Payroll tax | $ 1,500.00 | |
Operating expense – Wages | $ 5,000.00 | |
Accounts payable | $ 6,500.00 | |
b) Special revenue Fund | ||
General Journal | Debit | Credit |
Cash (1500 x $100) | $ 150,000.00 | |
Revenue – Charge for services | $ 150,000.00 | |
Cash | $ 24,000.00 | |
Other financing sources: Proceeds fromIssuance of long-term note payable | $ 24,000.00 | |
Current expenditure – Payroll tax | $ 7,800.00 | |
Current expenditure – Wages | $ 26,000.00 | |
Current expenditure – Insurance | $ 10,000.00 | |
Debt service expenditure – Interest | $ 840.00 | |
Current expenditure – Refreshments | $ 20,400.00 | |
Current expenditure – Parking for Volunteers | $ 2,300.00 | |
Current expenditure – Rent | $ 12,800.00 | |
Current expenditure – Repair | $ 6,700.00 | |
Current expenditure– Adverisement | $ 40,000.00 | |
Cash | $ 86,840.00 | |
Current Expenditure – Payroll tax | $ 1,500.00 | |
Current Expenditure – Wages | $ 5,000.00 | |
Accounts payable | $ 6,500.00 | |
Using the fact scenario below, please respond in Excel to the following exercises: 2. Prepare the...
Enterprise Fund Journal Entries and Special Revenue Fund
Journal Entries
Using the fact scenario below, please respond in Excel to the following exercises: 2. Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund. 3. Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund Facts: The City of Duluth teamed with a professional football franchise to offer one day "Learn...
Option #1: Proprietary Funds Please respond in Word to the following exercise: In your own words, articulate the differences in cash flow statements required under GASB standards when compared with cash flow statements required by FASB standards. Provide specific examples of the differences. Using the fact scenario below, please respond in Excel to the following exercises: Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund. Prepare the journal entries to...
Facts: The City of Duluth teamed with a professional football franchise to offer one day “Learn to Play Football” clinics for kids during the summer. The City provided the Town Green as a location, and the franchise covered all costs. 1,500 kids registered for the Duluth clinics during 2018. The franchise contributed upfront $100 per registered child to the city to cover expenses. Each child attending received a replica jersey of the team. The city also had a four-year loan...
Required information [The following information applies to the questions displayed below.] The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: $1,943,000 372,000 397,000 62,000 Тахes Licenses and permits Intergovernmental revenue Miscellaneous revenues...