Question

Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. A new truck for the sanitation department was ordered at a cost of $105,250. b. The city print shop did $1,800 worth of work for the school system (but has not yet been paid). c. An $15 million bond was issued to build a new road. d. Cash of $179,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund. e. The truck ordered in (a) is received at an actual cost of $110,050. Payment is not made at this time. 1 Cash of $34,300 is transferred from the general fund to the capital projects fund. g. A state grant of $40,000 is received that must be spent to promote recycling h. The first $6,050 of the state grant received in (g) is appropriately expended. Complete this question by entering your answers in the tabs below. FUND FIN GOVT WIDE Prey 102 ! Naut

Answer 1

Fund based financial statements.
Event	Account Titles And Explanation	Debit	Credit
a	Genral Fund
	Encumbrances - Truck	$105,250.00
	Encumbrances Outstanding		$105,250.00
b	General Fund
	Expenditures (Or Supplies)	$1,800.00
	Due To Internal Service Fund		$1,800.00
C	Capital Projects Fund
	Cash	$15,000,000.00
	Other Financing Sources—Bonds Proceeds		$15,000,000.00
d	General Fund
	Other Financing Uses—Transfers Out—
	Swimming Pool	$179,000.00
	Cash		$179,000.00
e	General Fund
	Encumbrances Outstanding	$105,250.00
	Encumbrances - Truck		$105,250.00
	Expenditures - Truck	$110,050.00
	Vouchers Payable		$110,050.00
f	General Fund
	Other Financing Uses—Transfers Out	$34,300.00
	Cash		$34,300.00
g	Capital Projects Fund
	Cash	$34,300.00
	Other Financing Sources—Transfers In		$34,300.00
	Special Revenue Fund
	Cash	$40,000.00
	Unearned Grant Revenue		$40,000.00
h	Special Revenue Fund
	Unearned Grant Revenue	$6,050.00
	Revenues		$6,050.00
	Expenditures	$6,050.00
	Cash		$6,050.00

ii. Government-wide financial statements.
Event	Account Titles And Explanation	Debit	Credit
a	No Journal Entry Required
b	No Journal Entry Required
c	Cash	$15,000,000.00
	Bonds Payable		$15,000,000.00
d	Transfers Out - Swimming Pool	$179,000.00
	Cash		$179,000.00
	Cash	$34,300.00
	Transfers In - General Fund		$34,300.00
e	Equipment - Trucks	$110,050.00
	Vouchers Or Accounts Payable		$110,050.00
f	No Journal Entry Required
g	Cash	$40,000.00
	Deferred Revenues		$40,000.00
h	Expense - Public Service	$6,050.00
	Cash		$6,050.00
	Deferred Revenues	$6,050.00
	Revenues		$6,050.00