Homework Answers
(a)
1. Estimated revenues 100,000
Estimated other financing sources 50,000
Appropriations 125,000
Budgetary fund balance 25,000
2. Cash 50,000
Transfer in from General Fund 50,000
3. Property taxes receivable 100,000
Allowance for uncollectible property taxes 5,000
Revenues—property taxes 95,000
4. Cash 60,000
Property taxes receivable 60,000
5. Cash 1,000
Revenues—investments 1,000
6. Cash 30,000
Property taxes receivable 30,000
7. Expenditures—interest 37,500
Matured interest payable 37,500
Matured interest payable 37,500
Cash 37,500
8. Expenditures—fiscal agent fees 500
Cash 500
9. Cash 1,000
Revenues--investments 1,000
10. Expenditures—interest 37,500
Expenditures—bond principal 50,000
Matured interest payable 37,500
Matured bonds payable 50,000
Matured interest payable 37,500
Matured bonds payable 50,000
Cash 87,500
11. Investment revenue receivable 500
Revenues—investments 500
(b)
Lewisville
Debt Service Fund
Concert Hall Bond Fund
Trial Balance
June 30, 2013
Debits Credits
Cash $ 76,500
Property taxes receivable 10,000
Allowance for uncollectible property taxes $5,000
Investments 40,000
Investment revenue receivable 500
Restricted fund balance 100,000
Revenues—property taxes 95,000
Revenues—investments 2,500
Transfer in from General Fund 50,000
Expenditures—interest 75,000
Expenditures—bond principal 50,000
Expenditures—fiscal agent fees 500
Estimated revenues 100,000
Estimated other financing sources 50,000
Appropriations 125,000
Budgetary fund balance ______ 25,000
$402,500 $402,500
(c)
Lewisville
Debt Service Fund
Concert Hall Bond Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended June 30, 2013
Revenues:
Property taxes $95,000
Investments 2,500
Total revenues 97,500
Expenditures:
Interest 75,000
Bond principal 50,000
Fiscal agent fees 500
Total expenditures 125,500
Excess of expenditures over revenues ( 28,000)
Other financing sources:
Transfer in from General Fund 50,000
Net change in fund balance 22,000
Fund balance at beginning of year 100,000
Fund balance at end of year $122,000
Lewisville
Debt Service Fund
Concert Hall Bond Fund
Balance Sheet
June 30, 2013
Assets:
Cash $76,500
Property taxes receivable $10,000
Less allowance for uncollectible taxes 5,000 5,000
Investments 40,000
Investment revenue receivable 500
Total assets $122,000
Liabilities and Fund Balance
Liabilities -0-
Fund balance:
Restricted for debt service 122,000
Total liabilities and fund balance $122,000
(d)
Appropriations 125,000
Budgetary fund balance 25,000
Estimated revenues 100,000
Estimated other financing sources 50,000
Revenues—property taxes 95,000
Revenues—investments 2,500
Transfer in from General Fund 50,000
Expenditures—interest 75,000
Expenditures—bond principal 50,000
Expenditures—fiscal agent fees 500
Restricted fund balance 22,000
Add Answer to:
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A. For fiscal year 2017, prepare general journal entries for the
Water Utility Fund using the following information.
1.The amount in the Accrued Utility Revenue account was
reversed.
2.Billings to customers for water usage during fiscal year 2017
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Only need the journal entries to compare with my answers. In Class Special Revenue Fund Example...
Only need the journal entries to compare with my
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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...
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Required: a. Open a general journal for the City of Monroe Stores and Service Fund and record the...
Required:
a. Open a general journal for the City of Monroe Stores and Service
Fund and record the following transactions.
(1) A budget was prepared for FY 2017. It was estimated that the
price charged other departments for supplies should be 1.25% of
cost to achieve the desired breakeven for the year.
(2) The amount due from other funds as of January 1, 2017, was
collected in full.
(3) During the year, supplies were ordered and received in the
amount...
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6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December 31, 2019, Sandy Beach had $9,500.000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from...
Enterprise Fund Journal Entries and Financial
Statements. Following is the June 30, 2017, statement of
net position for the City of Bay Lake Water Utility Fund.
Page 301
Required
A. For fiscal year 2017, prepare general journal entries for the
Water Utility Fund using the following information.
1.The amount in the Accrued Utility Revenue account was
reversed.
2.Billings to customers for water usage during fiscal year 2017
totaled $2,982,557; $193,866 of the total was billed to the General
Fund.
3.Cash...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
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...
1. (Journal entries for transactions and events involving opening balances) The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Credits Debits $ 65,000 45,000 Cash............. Property taxes receivable-delinquent.......... Allowance for uncollectible taxes-delinquent.... Vouchers payable.................. Deferred revenues-property taxes............ Assigned fund balance.. Unassigned fund balance................ $ 8,000 25,000 15,000 12,000 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing ac- count balances:...
Required:
a. Open a general journal for the City of Monroe Stores and Service
Fund and record the following transactions.
(1) A budget was prepared for FY 2017. It was estimated that the
price charged other departments for supplies should be 1.25% of
cost to achieve the desired breakeven for the year.
(2) The amount due from other funds as of January 1, 2017, was
collected in full.
(3) During the year, supplies were ordered and received in the
amount...
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