The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The governmental activities journal entry to record the transaction will include:
A. A debit to Expenses.
B. A debit to Expenditures.
C. A debit to Internal Balances.
D. No entry would be recorded since the transaction is between two funds of the same government.
Homework Answers
| The governmental activities journal entry to record the transaction will include A debit to Expenses. |
| Electricity used provided by the city-owned electric utility will be recorded as an expense in the governmental activities journal entry. |
| Option A debit to Expenses is correct |
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The General Fund used electricity provided by the city-owned
electric utility (an enterprise fund of the...
The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The General Fund general journal entry to record the transaction will include: Question 37 options: A) A debit to Due to Other Funds. B) A debit to Expenses. C) A debit to Interfund Transfers Out. D) A debit to Expenditures.
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019,...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
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The City of Southern Pines maintains its books so as to prepare fund accounting statements and...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $92,000; Investments, $135,400; Due from the General Fund, $16,300; Inventories, $353,000; and Capital Assets (net), $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund, $654,000. The only transaction...
I need help with this Just journal entry for government funds accounts used: No Journal Entry Re...
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...
Need help with the journal entry for both general fund and governmental activities not sure what...
Need help with the journal entry for both general fund and governmental activities not sure what to do with the vehicle 5. Invoices for some of the goods recorded as encumbrances in transaction 4-a-2 were received and vouchered for payment, as listed below. Related encumbrances were canceled in the amounts listed below Expenditures Encumbrances General Government $ 94,776 $ 94,752 Public Safety 175,406 175,620 Public Works 194,408 194,512 Culture and Recreation 108,187 108,150 ...
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...
8. The City of Madison, a general purpose government, reported fund balances in the amount of...
8. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the governmental funds balance sheet dated December 31, 2017. In addition, the following information is relevant: A. General government capital assets amounted to $28,000,000. Accumulated depreciation of those capital assets amounted to $13,000,000. Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000. B. Internal service fund's net assets amounted to $2,500,000. These were reported in the proprietary...
The City of Castleton’s General Fund had the following
post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
276,120
Taxes Receivable—Delinquent
183,000
Allowance for Uncollectible Delinquent Taxes
$
21,960
Interest and Penalties Receivable
6,280
Allowance for Uncollectible Interest and Penalties
1,160
Inventory of Supplies
6,100
Vouchers Payable
48,500
Due to Federal Government
29,490
Deferred Inflows of Resources—Unavailable Revenues
166,160
Fund Balance—Nonspendable—Inventory of Supplies
6,100
Fund Balance—Unassigned
198,130
$
471,500
$
471,500
Record...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
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...
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...
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