(Journal entries and financial statements for an Investment Trust Fund) Pinnacle County operates an Investment Trust...
The City of St. John operates an investment trust fund for neighboring governments, including St. John County and the independent school district. Assume the investment trust fund began the year 2020 with investments in US government securities totaling $1,200,000, no liabilities, and Restricted Net Position of $1,200,000.The county and school district deposited $3,200,000 in the investment pool.The investment trust fund invested $1,000,000 in corporate bonds and $2,200,000 in US government securities.Interest received by the investment trust fund totaled $50,000 for...
The City of St. John operates an investment trust fund for neighboring governments, including St. John County and the independent school district. Assume the investment trust fund began the year 2020 with investments in US government securities totaling $1,300,000, no liabilities, and Restricted Net Position of $1,300,000. The county and school district deposited $3,300,000 in the investment pool. The investment trust fund invested $1,300,000 in corporate bonds and $2,000,000 in US government securities. Interest received by the investment trust fund...
Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the preclosing trial balance for the investment trust fund. Trial Balance—December 31, 2017 Debits Credits Accrued Interest Receivable $ 22,000 Cash 36,600 Deposits—School District $ 439,200 Deposits—Town of Bairdville 320,400 Decrease in Fair Value of Investments (bonds) 14,600 Interest Income 87,600 Investments—Corporate Bonds 1,504,000 Investments—U.S. Treasury Securities 1,460,000 Net Position held in trust—School District (Jan. 1) 1,460,000 Net Position...
Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position: Restricted for Scholarships Debits Credits $ 2,700 1,092 6,460 55,950 4,800 66, eee 77, eee 1,300,eee 1,345, eee $1,429,500 $1,429,500 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
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...
PREPARE FINANCIAL STATEMENTS ONLY - DO NOT SHOW THE JOURNAL ENTRIES... The city of Mothell has a Private Purpose Trust Fund that it is used to account for resources donated to provide the payment of tuition and fees necessary for the college education of the children of police or fire personnel who are disabled or killed. The fund is used to collect and invest deposits made by contributors for the purpose of financing tuition on behalf of particular children in...
7–C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017: Debits Credits Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,500 Accrued Interest Receivable . . . . . . . . . . . ....
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...
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...