ZuoTi.Pro
Question

Accountancy

The San Diego Zoo Fund is awarded a capital grant of $2,000,000 from the state in 2015 for building a habitat for the silver back gorillas. Half is available for use in the current year to construct the habitat. The other half is to purchase the gorillas from the government of South Africa and is not available until the habitat is completed. An immediate cash remittance is received from the state in the amount of $600,000. A contract is awarded to "We R Animals" for $475,000 to build the habitat. Construction is 60% complete and invoices for land improvements and building construction on the habitat contract received to date total $285,000. Based on the transactions described above, prepare the entries using the following assumptions
Prepare the 5 journal entries for a governmental fund.

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

Homework Answers

Request Professional Answer

Request Answer!

We need at least 9 more requests to produce the answer.

1 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Accountancy
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

Similar Homework Help Questions

  • REQUIRED: Prepare journal entries for the following related transactions only in the capital projects fund for...

    REQUIRED: Prepare journal entries for the following related transactions only in the capital projects fund for the City of Sage REQUIRED: Prepare journal entries for the following related transactions only in the capital projects fund for the City of Sage 1. The capital projects fund issued $10,000,000, 6 percent bonds to finance improvements of a park. 2. The Parks and Recreation Special Revenue Fund transferred $500,000 to the capital projects fund for use in construction. 3. A construction contract was...

  • Prepare journal entries for the following related transactions in the fund and activity journals affected. (If...

    Prepare journal entries for the following related transactions in the fund and activity journals affected. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue. 2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction. 3. A construction contract...

  • The voters of Salt Lake City authorized the construction of a new north-south expressway for the...

    The voters of Salt Lake City authorized the construction of a new north-south expressway for the total cost of no more than $75 million. the voters also approved the issuance of $50 million of 5% general obligation bonds. The balance of the necessary funds will come from the following resources: $15 million from a federal grant and $10 million from a state grant. (The federal grant is a REIMBURSEMENT grant and the state grant is a RESTRICTED grant). The City...

  • In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s...

    In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for...

  • In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s...

    In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for...

  • Prepare journal entries for a local government to record the following transactions, first for fu...

    Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $1,098,000 in bonds at face value to finance construction of a warehouse. b. A $1.18 million contract is signed for construction of the warehouse. The commitment is required if allowed. c. A $210,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a) d. Equipment for the fire...

  • Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first...

    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 new truck for the sanitation department was ordered at a cost of $113,000. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). An $10 million bond was issued to build a new road. Cash of $193,000 is transferred from the general fund to...

  • Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first...

    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...

  • please help me correct my mistakes Prepare journal entries for the City of Pudding's governmental funds...

    please help me correct my mistakes 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....

  • 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed...

    5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000 of 4 percent bonds, with interest payable semiannually on January...

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