JOURNAL ENTRIES FOR FUND ACCOUNTING
A. Land A/C DR $60,000,000
Buildings A/C DR $542,000,000
Improvements other than buildings A/C DR $245,000,000
Equipment A/C DR $85,000,000
General ledger A/C DR $248,400,000
TO General ledger A/C $11,80,400,000
B.Building A/C DR $10,710,000
TO Building fund A/C $10,710,000
Land a/c DR 17,46,000
TO general ledger 17,46,000
C.Depreciation A/C DR 1,00,36,870
TO Aacumulated depreciation A/C 1,00,36,870
D. Bank A/C DR 25000
PROFIT AND LOSS A/C DR 25000
TO EQUIPMENT A/C 50000
CHAPTER 8- PROBLEMS: 1. The City of San Juan maintains its books so as to prepare fund accounting statements and pr...
12/31 and the bona premum is a 5. The City of Thomasville maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government wide financial statements. Required: You are to prepare, in journal form, worksheet adjustments for each of the following situations. A. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: Land Buildings Improvements other than buildings Equipment Accumulated depreciation, capital assets...
The City of Williamsport maintains its books in order to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements. General fixed assets, as of the beginning of the year, which had not been recorded, were as follows: Land $45,500,000 Buildings 540,000,000 Improvements other than buildings 107,500,000 Equipment 175,000,000 Accumulated depreciation: capital assets 175,300,000 During the year, expenditures for capital outlays amounted to $12,350,000. Of that amount, $8,100,000 was for buildings; $1,500,000 was for improvements...
The City of Milltown maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 7,820,000 Buildings 32,355,000 Improvements Other Than Buildings 14,690,000 Equipment 11,554,000 Accumulated Depreciation, Capital Assets 24,300,000 During...
Required: Part A. What is the worksheet entry required to adjust beginning (or Position in the 12/31/2017 government-wide financial statements for long term debt? Part B. What are the worksheet entries to adjust for current year activity in long- debt for the year ended 12/31/2017? Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis. 5. The City of Thomasville maintains its books so as to prepare fund accounting statements...
Check my workCheck My Work button is now enabled10 Item 2 Item 2 10 points Item Skipped The City of Grinders Switch maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 7,700,000 Buildings 33,398,400 Improvements Other Than Buildings 14,839,400 Equipment 11,569,000 Accumulated Depreciation, Capital Assets 25,333,000 During...
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. Deferred inflows of resources-property taxes of $57,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year’s Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $12,105,400. When making the entries, it was...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s internal service fund, a motor pool fund, is included in the proprietary funds statements. Balance sheet asset accounts include: Cash, $92,000; Investments, $135,400; Due from the General Fund, $16,300; Inventories, $353,000; and Capital Assets (net), $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund, $654,000. The only transaction...
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 170,000 $ — Buildings 1,250,000 323,900 Equipment 875,000 312,500 Automobiles and trucks 167,000 95,325 Leasehold improvements 206,000 103,000 Land improvements — — Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements—Straight line....
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 185,000 $ — Buildings 2,000,000 338,900 Equipment 1,625,000 327,500 Automobiles and trucks 182,000 110,325 Leasehold improvements 236,000 118,000 Land improvements — — Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2017. Leasehold improvements—Straight line. Land improvements—Straight line....