ZuoTi.Pro
Question

[Para. 4-a-7] During FY 2020, the City of Smithville received notification that the state government would...

[Para. 4-a-7] During FY 2020, the City of Smithville received notification that the state government would send $150,000 to it at the beginning of the next fiscal year. Based on the city’s definition of “available for use,” the city considers the funds available to use for Public Safety’s operating activities in the current reporting period. The budget for the current year included this amount as “Intergovernmental Revenue.”

Required:  Record this transaction as a receivable and revenue in the General Fund and governmental activities journals.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer Genetal Fund tISD,o000 Due trom stale govennment inler govenhmatal revenue To Reveates ISD,0O0 Govomeut actvities 150,

0 0
Add a comment
Know the answer?
Add Answer to:
[Para. 4-a-7] During FY 2020, the City of Smithville received notification that the state government would...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and...

    Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and related interest and penalties were collected during the year for the taxing authorities shown below: Governments/Funds: Delinquent Taxes Interest and Penalties Total City of Smithville General Fund $ 387,201 $ 34,270 $ 421,471 Smithville CSD 722,650 57,810 780,460 Smith County 459,980 41,400 501,380 Smith County FPD 162,560 13,050 175,610 Total collected $1,732,391 $146,530 $1,878,921 Required: Record the collections of delinquent taxes and interest and...

  • [Para. 4-a-10]Invoices for some of goods and services ordered in transaction 4-a-3 were received and vouchered...

    [Para. 4-a-10]Invoices for some of goods and services ordered in transaction 4-a-3 were received and vouchered for later payment. (Select “Elimination” in the drop down [Transaction Description] menu in the Detail Journal):                                                                         Actual           Estimated                   General Government               $   395,940      $   394,060                   Public Safety                             1,086,650        1,088,600                   Public Works                               922,300           927,620                   Health and Welfare                      661,200           663,600                   Culture and Recreation                593,750           597,000                   Miscellaneous                              138,000           138,000                       ...

  • the question just about 5a-15 to 5a-18, I know the answer about 5a-1 to 5a-14 Para....

    the question just about 5a-15 to 5a-18, I know the answer about 5a-1 to 5a-14 Para. 5a-1] On the first day of the 2020 fiscal year (January 1, 2020), the bond issue was sold at 101. Cash in the face amount of the bonds, $7,500,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the debt service fund, as required by state law.    Required: Record these transactions in the City Hall Annex Construction Fund...

  • 10. [Para. 4-a-10] Interest and penalties receivable on delinquent taxes was increased by $40,500; $3,248 of...

    10. [Para. 4-a-10] Interest and penalties receivable on delinquent taxes was increased by $40,500; $3,248 of this was estimated as uncollectible and $8,910 was considered unavailable for use in the current fiscal year. Required: Record this transaction in the General Fund and governmental activities journals as a revenue transaction. The $8,910 classified as unavailable for use is recorded as deferred inflows of resources in the General Fund journal and as revenue in the governmental activities journal. Post all journal entries...

  • Surrock City applied for a grant from the Federal Highway Administration (FHA). The City received notification...

    Surrock City applied for a grant from the Federal Highway Administration (FHA). The City received notification that the grant had been awarded on March 31, 2014 of its fiscal year ended December 31, 2014. The grant provisions specified that the $20,000,000 grant would be received in two equal installments on October 15, 2014 and March15, 2015. The grant provisions also stipulated that qualifying maintenance expenditures on city roads were necessary prior to revenue recognition. For the following events, record the...

  • The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary...

    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. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: Taxes $ 1,943,000 Licenses and permits 372,000 Intergovernmental revenue 397,000 Miscellaneous revenues 62,000 Total estimated revenues 2,774,000 Appropriations: General government 471,000 Public safety 886,000...

  • Prepare journal entries for each of the following transactions entered into by the City of Loveland....

    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....

    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....

    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...

  • Required information [The following information applies to the questions displayed below.] The following transactions occurred during...

    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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT