The following events take place: 1. 2. 3. Edward Lewis died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death, the land was appraised at $7,300 an acre. The city authorized the transfer of $100,000 of general revenues and the issuance of $970,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par. The improvements were completed at a cost of $1,070,000, and the operation of the park was turned over to the City Parks Department. Prepare entries in general journal form to record these transactions in the proper fund(s). Designate the fund in which each transaction is recorded. If the transaction did not result in a journal entry to a government fund, record the journal entry needed to reflect the information in the government-wide Statement of Net Position. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 2. No. Account Titles and Explanation 1. Government-Wide Statement of Net Position General Fund Capital Projects Fund Debit Credit
The following events take place: 1. 2. 3. Edward Lewis died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death, the land was appraised at $7,300 an acre. The city authorized the transfer of $100,000 of general revenues and the issuance of $970,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par. The improvements were completed at a cost of $1,070,000, and the operation of the park was turned over to the City Parks Department. Prepare entries in general journal form to record these transactions in the proper fund(s). Designate the fund in which each transaction is recorded. If the transaction did not result in a journal entry to a government fund, record the journal entry needed to reflect the information in the government-wide Statement of Net Position. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 2. No. Account Titles and Explanation 1. Government-Wide Statement of Net Position General Fund Capital Projects Fund Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The following events take place:
1.
2.
3.
Edward Lewis died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre,
but at the date of his death, the land was appraised at $7,300 an acre.
The city authorized the transfer of $100,000 of general revenues and the issuance of $970,000 in general obligation bonds to
construct improvements on the donated land. The bonds were sold at par.
The improvements were completed at a cost of $1,070,000, and the operation of the park was turned over to the City Parks
Department.
Prepare entries in general journal form to record these transactions in the proper fund(s). Designate the fund in which each
transaction is recorded. If the transaction did not result in a journal entry to a government fund, record the journal entry needed to
reflect the information in the government-wide Statement of Net Position. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit
entries before credit entries.)
No. Account Titles and Explanation
1. Government-Wide Statement of Net Position
2. General Fund
Capital Projects Fund
(To record issuance of bonds)
Debit
Credit
Transcribed Image Text:(To record transfer of general revenues)
Government-Wide Statement of Net Position
3. Capital Projects Fund
(To record payment)
(To close expenditures and related
accounts to fund balance)
Government-Wide Statement of Net Position
LL
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education