Sugar City uses the purchases method to record all prepayments. The City has a 6/30 fiscal...
Sugar City uses the purchases method to record all prepayments. The City has a 6/30 fiscal year-end. On 12/31/06, the City purchased a three-year insurance policy covering all city owned vehicles accounted acquired by the General Fund to be used in general government activity. Cost of the policy was $360,000. After the 6/30/07 closing entries, the appropriate balance sheet accounts and balances associated with this transaction are in the City s General Fund:
|
Prepaid Insurance $300,000; Expenditure $60,000. |
|
|
Prepaid Insurance $300,000; Expenditures $360,000 |
|
|
Prepaid Insurance $0; Expenditure $360,000. |
|
|
Prepaid Insurance $0; Expenditures $60,000. |
Homework Answers
| The cost of insurance policy acquired by the General Fund will be shows as an Expenditure in City's General Fund. |
| The balances associated with this transaction in the City's General Fund are: |
| Prepaid Insurance $0; Expenditure $360,000. |
| Option C is correct |
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Sugar City uses the purchases method to record all prepayments.
The City has a 6/30 fiscal...
Sugar City uses the purchases method to record all prepayments. The City has a 6/30 fiscal year-end. On 12/31/06, the C...
Sugar City uses the purchases method to record all prepayments. The City has a 6/30 fiscal year-end. On 12/31/06, the City purchased a three-year insurance policy covering all city owned vehicles accounted acquired by the General Fund to be used in general government activity. Cost of the policy was $360,000. After the 6/30/07 closing entries, the appropriate balance sheet accounts and balances associated with this transaction are in the City s General Fund Prepaid Insurance $300,000; Expenditure $60,000. Prepaid Insurance...
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The City of Castleton’s General Fund had the following
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Taxes Receivable—Delinquent
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post-closing trial balance at June 30, 2019, the end of its fiscal
year:
Debits
Credits
Cash
$
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Taxes Receivable—Delinquent
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Allowance for Uncollectible Delinquent Taxes
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Interest and Penalties Receivable
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Allowance for Uncollectible Interest and Penalties
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