0 of supplies on account toward the end of the year. A year-end audit reveals that $3,500 of the inventories remain unu

Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1...Compensated absences earned during the year was $225. 2....At the beginning of the year, long term liabilities was $2,200. 3....During the year, new long-term liabilities were incurred for $275.

Bay City uses the purchases method to account for supplies. At the beginning of the year the City had no supplies on hand. During the year the City purchased $600,000 of supplies for use by activities accounted for in the General Fund. The City used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be                                 Expenditures $600,000; Supplies Inventory $200,000.                                 Expenditures $600,000; Supplies Inventory $0.                                 Expenditures $400,000; Supplies Inventory $200,000.                                 Expenditures $400,000; Supplies Inventory $0.

Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation.     Debit Credit Dec 31 ? 40,000            ?   40,000

The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows:   Debits Accounts Receivable                                      $40,000 Cash                                                                75,000 Due from Agency Fund                                  25,000 Encumbrances                                                60,000 Estimated Revenues                                       975,000 Expenditures                                                   750,000 Taxes Receivable                                            250,000                                                                    $2,175,000 Credits Allowance for Doubtful Accounts                 $   5,000 Allowance for Uncollectible Taxes                 50,000 Appropriations                                                785,000 Due to a Utility Fund                                      40,000 Unassigned Fund Balance                             (160,000) Estimated…

The City of Upper Falls accounts for its inventory using the purchases method. During the year the City bought $400,000 of supplies, for which it owed $100,000 at year-end. The City will pay for the supplies from available expendable financial resources. The entry that should be recorded in the City s General Fund is a. Debit Expenditures $400,000; Credit Cash $300,000 and Accounts Payable $100,000. b. Debit Expenditures $300,000; Credit Cash $300,000. c. Debit Supplies Inventory $400,000; Credit Cash $300,000 and Accounts Payable $100,000. d. Debit Supplies Inventory $300,000; Credit Cash $300,000.

Campbell County uses the consumption method to record all inventories and prepayments. The County has a 3/31 fiscal year-end. On April 1, 2015, the county purchased a two-year insurance policy at a total cost of $400,000, paying for the policy out of the general fund. In the fund financial statements, the amount of insurance expenditures for the fiscal year ended 3/31/2016 would be A.) $400,000. B.) $300,000. C.) $200,000. D.) $100,000.

Prepare Journal entries in the General Fund of Brownsville School District. a. The district had outstanding encumbrances of $9,200 for band instramentsfrom the previous year. It is the district's policy to re-establish those encumbrances in the sunsequent year. b. The district ordered textbooks at an estimated cost of $57,000. c. The band instraments arrived at an invoice price of $8,800 olus $290 shipping. d. Textbooks originally estimated to cost $49,000 were received with an invoice price of $48,500. The remaining portion of the order is back-ordered. e. A contract was signed with a CPA to provide the annual audit in the amount of $5,200.

Bay City uses the purchases method to account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $600,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be A.) Expenditures $600,000; Supplies inventory $200,000. B.) Expenditures $600,000; Supplies inventory $0. C.) Expenditures $400,000; Supplies inventory $200,000. D.) Expenditures $400,000; Supplies inventory $0.

The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year:     Debits   Credits Cash $ 476,000           Taxes Receivable—Delinquent   601,000           Allowance for Uncollectible Delinquent Taxes         $ 189,120   Interest and Penalties Receivable   28,080           Allowance for Uncollectible Interest and Penalties           12,960   Inventory of Supplies   17,900           Vouchers Payable           166,500   Due to Federal Government           77,490   Deferred Inflows of Resources—Unavailable Revenues           427,000   Fund Balance—Nonspendable—Inventory of Supplies           17,900   Fund Balance—Unassigned           232,010     $ 1,122,980     $ 1,122,980     Prepare a General Fund balance sheet as of June 30, 2020.