Enterprise Fund Journal Entries and Special Revenue Fund Journal Entries
An ENTERPRISE FUND is a self-supporting government fund that sells goods and services to the public for a fee. For example, a government-owned power generating facility provides electricity to local homeowners in exchange for a fee. An enterprise fund uses the same accounting framework followed by entities in the private sector, such as GAAP or IFRS.
JOURNAL ENTRIES IF CITY TREATS IT AS A ENTERPRISE FUND & SPECIAL REVENUE FUND
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 r...
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 to Play Football" clinics for kids during the summer. The City...
Option #1: Proprietary Funds Please respond in Word to the following exercise: In your own words, articulate the differences in cash flow statements required under GASB standards when compared with cash flow statements required by FASB standards. Provide specific examples of the differences. Using the fact scenario below, please respond in Excel to the following exercises: Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund. Prepare the journal entries to...
Facts: The City of Duluth teamed with a professional football franchise to offer one day “Learn to Play Football” clinics for kids during the summer. The City provided the Town Green as a location, and the franchise covered all costs. 1,500 kids registered for the Duluth clinics during 2018. The franchise contributed upfront $100 per registered child to the city to cover expenses. Each child attending received a replica jersey of the team. The city also had a four-year loan...
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...