The following activities occur for ABC County. During 2020, businesses in a county collect $10,000,000 in sales taxes from customers. These taxes are remitted to the county with 50% deposited in the General Fund and 50% deposited in a Custodial Fund. Using the attached T-account template or a spreadsheet with proper classifications and account names, prepare the journal entries to record the above activities in each fund.
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- The following activities occur for ABC County.
- During 2020, businesses in a county collect $10,000,000 in sales taxes from customers. These taxes are remitted to the county with 50% deposited in the General Fund and 50% deposited in a Custodial Fund. Using the attached T-account template or a spreadsheet with proper classifications and account names, prepare the
journal entries to record the above activities in each fund.
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- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…Craven City has an electric utility fund that is managed by Tara Perkins. Show the journal entries that would be recorded in the general fund for the following transactions that occurred during the fiscal year ended June 30, 2021 and identify the income statement effect of each entry: 1. The electric utility fund provided electric services to city departments accounted for in the general fund. The electric utility fund bills $100,000 for these services. 2. The general fund pays the amount owed.
- The following information pertains to the City of Williamson for 2020, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation. Receipts: Property taxes $320,000 Franchise taxes 42,000 Charges for general government services 5,000 Charges for public safety services 3,000 Charges for health and sanitation services 42,000 Issued long-term note payable 200,000 Receivables at end of year: Property taxes (90% estimated to be collectible) 90,000 Payments: Salary: General government 66,000 Public safety 39,000 Health and sanitation 22,000 Rent: General government 11,000 Public safety 18,000 Health and sanitation 3,000 Maintenance: General government 21,000 Public safety 5,000 Health and sanitation 9,000 Insurance: General government 8,000 Public safety ($2,000 still prepaid…Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019, the motor pool Internal Service Fund had the following account balances: Debits: Due from General Fund $7,000; Cash $17,500; Capital assests $35,000; Supplies $4,000 Total $63,500. Credits: Accounts Payable $5,500; Accured Waged Payable $300; Accumulated Depreciation $6,500; Advance from Enterprise Fund $25,000; Net Position $26,200; Total $63,500. The following Journal Entries took place in 2020: Jefferson County Internal Service Fund Journal Entries December 31, 2020 Account Title Debits Credits 1 Inventory of Supplies 37,500 Accounts Payable 37,500 2 Due from Other Funds 96,000 Operating Revenue - Charges for Services 96,000 3 Operating Expenses - Cost of Services 36,700 Inventory of Supplies 36,700 4 Accounts Payable 38,800 Cash…Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019, the motor pool Internal Service Fund had the following account balances: Debits: Due from General Fund $7,000; Cash $17,500; Capital assests $35,000; Supplies $4,000 Total $63,500. Credits: Accounts Payable $5,500; Accured Waged Payable $300; Accumulated Depreciation $6,500; Advance from Enterprise Fund $25,000; Net Position $26,200; Total $63,500. The following events took place in 2020: 1. Additional supplies were purchased on account in the amount of $37,500. 2. Services provided to other departments on account totaled $96,000. A total of $66,000 was for departments in the General Fund and $30,000 for Enterprise Fund Department. 3. Supplies used amounted to $36,700 4. Payments made on accounts payable amounted to $38,800. 5. Cash collected from the General Fund totaled 462,000, and cash collected from the Enterprise Fundtotaled $30,000. 6. Salaries Paid in the amount of…
- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,000
- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…