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Journal entries for year-end adjustments The chief accountant for Eliana City needed to make adjusting entries...
P5-46. adjusting entries before preparing the city's fi- rer paragraph to guide her assistant in making...
P5-46. adjusting entries before preparing the city's fi- rer paragraph to guide her assistant in making "gave her assistant data regarding the accounts that e a short paragraph regarding the basic principles for adjust- (Journal entries for year-end adjustments) The chief accountant for Eliana City needed to make adjusting entries before ! nancial statements for calendar year 2019. She wrote a brief paragraph to guide the adjusting entries for the General Fund and then gave her assistant data regarom might...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred...
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...
Employer journal entry for Defined Benefit Pension The city of Stewart has a single-employer defi...
Employer journal entry for Defined Benefit Pension The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city of Stewart's Electric Utility Enterprise Fund measures its net pension liability on December 31, 2019, which is its fiscal year-end. The actuary provides the following additional information in its reporting package...
Journal entries for a Capital Projects Fund The City of West Hutchison is constructing a new...
Journal entries for a Capital Projects Fund The City of West Hutchison is constructing a new road, which it estimates will cost $7.2 million. The city will finance the road with an expenditure-driven state construction grant of $1.2 million and a bond issuance of $6 million. Prepare journal entries to record the following transactions and events for the city’s Capital Projects Fund during calendar year 2019. No budgetary entries other than encumbrances should be recorded. 1. The city receives $6.2...
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...
A local government has the following transactions during the current fiscal period. Prepare journal entries without...
A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund financial statements and then for government-wide financial statements. a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected. b. A bond is issued at face value to fund the construction of...
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...
Employer Journal entry for Defined Benefit Pension The city of Stewart has a single-employer defi...
Employer Journal entry for Defined Benefit Pension The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city of Stewart's Electric Utility Enterprise Fund measures its net pension liability on December 21, 2017, which is its fiscal year-end. The actuary provides the following additional information in its reporting package...
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...
P5-46. adjusting entries before preparing the city's fi- rer paragraph to guide her assistant in making "gave her assistant data regarding the accounts that e a short paragraph regarding the basic principles for adjust- (Journal entries for year-end adjustments) The chief accountant for Eliana City needed to make adjusting entries before ! nancial statements for calendar year 2019. She wrote a brief paragraph to guide the adjusting entries for the General Fund and then gave her assistant data regarom might...
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...
Employer journal entry for Defined Benefit Pension The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city of Stewart's Electric Utility Enterprise Fund measures its net pension liability on December 31, 2019, which is its fiscal year-end. The actuary provides the following additional information in its reporting package...
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...
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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