the question just about 5a-15 to 5a-18, I know the answer about 5a-1 to 5a-14
Required: Record these transactions in the City Hall Annex Construction Fund and governmental activities journals. (Hint: In addition to recording the liability for 3% serial bonds payable in the governmental activities journal, you should record the premium on the bonds payable [credit Premium on Serial Bonds Payable] in the governmental activities general journal.) Wait until instructed in Chapter 6 to make the corresponding entry in the debt service fund.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. In the governmental activities general journal at the government-wide level, this purchase should be debited to Land. (Note: This transaction was not encumbered.)
Required: Record the encumbrance in the City Hall Annex Construction. This transaction has no effect at the government-wide level.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. (Note: This transaction was not encumbered.)
Required: Eliminate the encumbrance and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.
Required: Record the signing of the contract in the City Hall Annex Construction Fund general journal. This transaction has no effect at the government-wide level.
Required: Eliminate the remaining encumbrance for the architectural services and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. The interest should be recorded as general revenue in the governmental activities journal.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.
Required: Record this transaction in the City Hall Annex Construction Fund. It has no effect on the governmental activities general journal.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. The encumbrance account should be reduced by the remaining $3,000,000 construction contract balance.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. This amount exceeds the city’s capitalization threshold, so Equipment should be debited.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. Total construction costs for the City Hall Annex Construction Project should be capitalized in the Buildings account in governmental activities.
Required: Record this transaction in the City Hall Annex Construction Fund. Do not record the transfer in the debt service fund until you are instructed to do so in Chapter 6. This transaction involves two governmental funds, thus it has no effect on the governmental activities general journal.
Below are the answers from 5a-15 to 5a-18 as you know answers from 5a-1 to 5a-14
5a-15 City Hall Annex – General Journal
Contracts Payable Account Debit 3,100,000
Contract Payable-Retained Percentage Debit 150,000
To Cash Account 3,250,000
Govt Act Govt.Wide – General Journal
Contracts Payable Account Debit 3,100,000
Contract Payable-Retained Percentage Debit 150,000
To Cash Account 3,250,000
5a-16 City Hall Annex – General Journal
Encumbrances Outstanding Account Debit 465,000
To Encumbrances 465,000
Construction Expenditures Account Debit 465,000
To Vouchers Payable 465,000
Govt Act Govt.Wide – General Journal
Equipment Account Debit 465,000 To Vouchers Payable Account 465,000
5a-17 City Hall Annex – General Journal
Vouchers Payable Account Debit 465,000
To Cash Account 465,000
Govt Act Govt.Wide – General Journal
Vouchers Payable Account Debit 465,000
To Cash Account 465,000
Buildings Account Debit 6,565,000
To Construction in Progress Account 6,565,000
5a-18 City Hall Annex – General Journal
Other Fin Uses- Interfund Transfers Out Account Debit 7,000
To Cash Account 7,000
the question just about 5a-15 to 5a-18, I know the answer about 5a-1 to 5a-14 Para....
[Para. 4-a-10]Invoices for some of goods and services ordered in transaction 4-a-3 were received and vouchered for later payment. (Select “Elimination” in the drop down [Transaction Description] menu in the Detail Journal): Actual Estimated General Government $ 395,940 $ 394,060 Public Safety 1,086,650 1,088,600 Public Works 922,300 927,620 Health and Welfare 661,200 663,600 Culture and Recreation 593,750 597,000 Miscellaneous 138,000 138,000 ...
Need help with the journal entry for both general fund and governmental activities not sure what to do with the vehicle 5. Invoices for some of the goods recorded as encumbrances in transaction 4-a-2 were received and vouchered for payment, as listed below. Related encumbrances were canceled in the amounts listed below Expenditures Encumbrances General Government $ 94,776 $ 94,752 Public Safety 175,406 175,620 Public Works 194,408 194,512 Culture and Recreation 108,187 108,150 ...
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 276,120 Taxes Receivable—Delinquent 183,000 Allowance for Uncollectible Delinquent Taxes $ 21,960 Interest and Penalties Receivable 6,280 Allowance for Uncollectible Interest and Penalties 1,160 Inventory of Supplies 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources—Unavailable Revenues 166,160 Fund Balance—Nonspendable—Inventory of Supplies 6,100 Fund Balance—Unassigned 198,130 $ 471,500 $ 471,500 Record...
[Para. 4-a-7] During FY 2020, the City of Smithville received notification that the state government would send $150,000 to it at the beginning of the next fiscal year. Based on the city’s definition of “available for use,” the city considers the funds available to use for Public Safety’s operating activities in the current reporting period. The budget for the current year included this amount as “Intergovernmental Revenue.” Required: Record this transaction as a receivable and revenue in the General Fund and...
10. [Para. 4-a-10] Interest and penalties receivable on delinquent taxes was increased by $40,500; $3,248 of this was estimated as uncollectible and $8,910 was considered unavailable for use in the current fiscal year. Required: Record this transaction in the General Fund and governmental activities journals as a revenue transaction. The $8,910 classified as unavailable for use is recorded as deferred inflows of resources in the General Fund journal and as revenue in the governmental activities journal. Post all journal entries...
Problem 16-33 (LO 16-2, 16-6, 16-7) A city orders a new computer for its General Fund at an anticipated cost of $91,700. Its actual cost when received is $93,810. Payment is subsequently made a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) X Answer is not complete. Debit Credit...
[Para. 4-a-13] Delinquent taxes receivable in the amount of $17,150 were written off as uncollectible. Interest and penalties already recorded as receivable on these taxes, amounting to $3,087, were also written off. Additional interest on these taxes that had legally accrued was not recorded since it was deemed uncollectible in its entirety. Required: Record this transaction in the General Fund and governmental activities journals.
The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon collection of property taxes. On April 1, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of...
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...
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...