-
The Library Special Revenue Fund commenced calendar year 2019
with a cash balance of $5, no liabilities, and a restricted fund
balance of $5. Prepare journal entries to record these transactions
in the Library Special Revenue Fund and, where appropriate, in the
General Fund. (We suggest you post opening balances and the journal
entries to general ledger T-accounts.)
The General Fund transferred $100 cash to the Library Special
Revenue Fund to help the library finance its activities for the
year....
-
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 following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount, $444,000 has been received in cash and the remainder will be received within 60 days of...
-
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
-
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
-
Credit General Fund - Entries and Financial Statements Below are the July 1, 2019, balances for the general fund of Montana County. The county's fiscal year ends June 30. Debit Cash $120,000 Taxes receivable 22,500 Allowance for uncollectible taxes $14,000 Due from special revenue fund 15,000 Inventories 7,500 Accounts payable 7,500 Fund balance - nonspendable 7,500 Fund balance - assigned 3,000 Fund balance - unassigned 133.000 Totals $165,000 $165,000 Montana County uses the purchases method for inventories, and the GAAP...
-
4-C. Part 2. Special Revenue Fund Transactions Required: a. Record journal entries for the following transactions for FY 2017 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). (1) The state government notified the City that $1,065,000 will be available for street and highway maintenance during 2017 (i.e. the City has met eligibility requirements). The funds are not...
-
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
-
Enterprise Fund Journal Entries and Special Revenue Fund
Journal Entries
Using the fact scenario below, please respond in Excel to the following exercises: 2. Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund. 3. Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund Facts: The City of Duluth teamed with a professional football franchise to offer one day "Learn...
-
Ch The following transactions relate to Newport City's special revenue fund, 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $502,500. Of this amount, $452,250 has been received in cash and the remainder will be received within 60 days...
The Library Special Revenue Fund commenced calendar year 2019
with a cash balance of $5, no liabilities, and a restricted fund
balance of $5. Prepare journal entries to record these transactions
in the Library Special Revenue Fund and, where appropriate, in the
General Fund. (We suggest you post opening balances and the journal
entries to general ledger T-accounts.)
The General Fund transferred $100 cash to the Library Special
Revenue Fund to help the library finance its activities for the
year....
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 following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount, $444,000 has been received in cash and the remainder will be received within 60 days of...
I mainly need this last part
"preparation of fund financial statements and schedules"
thanks!
Scenario and General Fund budgetary journal entries The scenario: Croton City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Croton City started its calendar year 2019 with the following General Fund balances (all numbers are in thousands of dollars) Debits Credits Cash Property taxes receivable Salaries payable Deferred property tax revenues Unassigned fund...
Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash....
Credit General Fund - Entries and Financial Statements Below are the July 1, 2019, balances for the general fund of Montana County. The county's fiscal year ends June 30. Debit Cash $120,000 Taxes receivable 22,500 Allowance for uncollectible taxes $14,000 Due from special revenue fund 15,000 Inventories 7,500 Accounts payable 7,500 Fund balance - nonspendable 7,500 Fund balance - assigned 3,000 Fund balance - unassigned 133.000 Totals $165,000 $165,000 Montana County uses the purchases method for inventories, and the GAAP...
4-C. Part 2. Special Revenue Fund Transactions Required: a. Record journal entries for the following transactions for FY 2017 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). (1) The state government notified the City that $1,065,000 will be available for street and highway maintenance during 2017 (i.e. the City has met eligibility requirements). The funds are not...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
Enterprise Fund Journal Entries and Special Revenue Fund
Journal Entries
Using the fact scenario below, please respond in Excel to the following exercises: 2. Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund. 3. Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund Facts: The City of Duluth teamed with a professional football franchise to offer one day "Learn...
Ch The following transactions relate to Newport City's special revenue fund, 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $502,500. Of this amount, $452,250 has been received in cash and the remainder will be received within 60 days...