9. For each of the following transactions relating to the startup of a community pool, determine the fund(s) being affected and prepare the appropriate journal entry for each. Be sure to note the fund type with each journal entry prepared. General obligation bonds are issued at face value of $500,000 to construct a new community pool. Cash of $100,000 is received from a state grant. Grant is set up to support the construction of the community pool. . 1. . 2. . 3. A community fund-raiser by a citizens' group raises $50,000 which is donated to the pool fund, with the restriction placed on it that only earnings are to be used for lifeguard wages, and the principal may not be used until such time as the pool ceases to operate, at which time the principal will revert to the general fund. . 4. Construction is completed and the contractors invoices received, totaling $578,000. The invoices are paid within 60 days. . 5. The balance of funds from the general obligation bonds and state grant that was not used is transferred to the General Fund.
9. For each of the following transactions relating to the startup of a community pool, determine the fund(s) being affected and prepare the appropriate journal entry for each. Be sure to note the fund type with each journal entry prepared. General obligation bonds are issued at face value of $500,000 to construct a new community pool. Cash of $100,000 is received from a state grant. Grant is set up to support the construction of the community pool. . 1. . 2. . 3. A community fund-raiser by a citizens' group raises $50,000 which is donated to the pool fund, with the restriction placed on it that only earnings are to be used for lifeguard wages, and the principal may not be used until such time as the pool ceases to operate, at which time the principal will revert to the general fund. . 4. Construction is completed and the contractors invoices received, totaling $578,000. The invoices are paid within 60 days. . 5. The balance of funds from the general obligation bonds and state grant that was not used is transferred to the General Fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need detail and correct
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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