Question

Only need the journal entries to compare with my answers.

In Class Special Revenue Fund Example Record the following transactions for City of Buffalo Hills Library Fund. 1. In 2019, a citizen donated $50,000 to the local public library to purchase new furnishings for a kid friendly reading center. 2. The city library was also awarded a state grant of $15,000 to fund the purchase of new children's books for the library. 3. The librarian ordered $20,000 in books from the Scholastic Book Company. 4. The librarian ordered $10,000 in furniture for the reading center. 5. A bill of $20,000 was received from the Internal Service Fund for data processing expenditures 6. A transfer of cash in the amount of $5,000 was transferred from the Permanent Fund. 7. The books were received with an invoice price of $20.250. 8. An invoice was sent to state government for $15,000. 9. The furniture for the children's center was delivered along with an invoice price amounting to $9,750. 10. $10,000 of the invoice from the Internal Service Fund was paid. 11. Both invoices were paid. 12. The state government remitted $12.500 of the amount due. 13. The books were closed for 2019. a. Prepare journal entries to record the above transactions recorded in the Special Revenue Fund and Government-wide financial statements. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Special Revenue Fund. c. Prepare a Balance Sheet for the Special Revenue Fund assuming the resources contributed to the library are restricted.

Answer 1

Sl.No.	Particulars	Debit ($)	Credit ($)
1	Kids Library Fund Bank A/c	50000
	Kids Library Fund		50000
2	Kids Library Fund Bank A/c	15000
	Kids Library Fund		15000
3	No entry required
4	No entry required
5	Kids Library Fund	20000
	Internal Service Fund		20000
6	Kids Library Fund Bank A/c	5000
	Kids Library Fund
	Permanent Fund	5000
	Permanent Fund Bank A/c		5000
7	Kids Library Fund	20250
	Scholastic Book Company a/c		20250
8	State Government a/c	15000
	Kids Library Fund		15000
9	Kids Library Fund	9750
	Furniture Shop A/c		9750
10	Internal Service Fund Bank A/c	10000
	Kids Library Fund Bank A/c		10000
11	Scholastic Book Company a/c		30000
	Furniture Shop A/c	9750
	Kids Library Fund Bank A/c	20250
12	Scholastic Book Company a/c	12500
	State Government a/c		12500