lic Independence School needs modern cafeteria services. The School District Board approved $600,000 for building and establishment of the cafeteria. Required: a. Prepare the General Journal entries to: Record the procee
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- Public Independence School needs modern cafeteria services. The School District Board approved $600,000 for building and establishment of the cafeteria.
Required:
a. Prepare the General
- Record the proceeds from the bonds in General Fund.
- Prepare General Journal entries to Transfer Cash to the Public Independent School Capital Project Fund.
- prepare general journal entries to record the receipt of the Transfer of Cash from General Fund.
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- The General Fund of the Town of Mashpee transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include: a. A debit to Interest Expenditures in the General Fund. b. A debit to Interest Expenditures in the governmental activities accounts. c. A credit to Other Financing Sources - Interfund Transfers In in the debt service fund only. d. A credit to Other Financing Sources - Interfund Transfers In in both the debt service fund and governmental activities accounts.Record the appropriate journal entries for Sturgis City for the following transactions. The city uses encumbrance accounting and maintains a provision for uncollectible accounts. Note: Each transaction may involve more than one fund. The appropriate fund must be identified to receive credit. The central motor pool billed the General Fund for $33,000 in services. The General Fund previously recorded an encumbrance for the same amount. The city owned landfill purchased two tractors for a total of $40,000. The related invoice was paid. The City entered into a contract with Maker’s Construction to build a civic center for $3 million. The General Fund paid the central motor pool invoice (item 1). The landfill issued $4 million in revenue bonds for renovations. The landfill recorded daily fee receipts of $14,000. Maker’s Construction issued a progress billing for $350,000. The contract provides for a 10% retained percentage. The landfill sold an old tractor for $5,000…2. Arsenal City applied for and received a grant of $50,000 from the Federal government to purchase computersfor the public library. Record this transaction in the city's journals from the perspective of government - wide governmental activities and the perspective of the General Fund. For governmental activities: Date Account Name Debit Credit For the General Fund: Date Account Name Debit Credit
- A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $92,700. Its actual cost when received is $94,250. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Debit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made. CreditPrepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements.a. A new truck for the sanitation department was ordered at a cost of $94,000.b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid).c. An $11 million bond was issued to build a new road.d. Cash of $140,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund.e. The truck ordered in (a) is received at an actual cost of $96,000. Payment is not made at this time.f. Cash of $32,000 is transferred from the general fund to the capital projects fund.g. A state grant of $30,000 is received that must be spent to promote recycling.h. The first $5,000 of the state grant received in (g) is appropriately expended.Prepare the fund balance portion of the Balance Sheet for the General Fund using appropriate fund balance classifications. The General Fund at the Town of Rainbows has the following net resources at year end: • $69,000 of prepaid insurance • $2,000 of unspent donations to purchase new library books • $110,000 rainy day fund approved by the Town Council with specific conditions for its use • $5,200 of supplies inventory • $60,000 of unspent state grant proceeds to reduce homelessness • $150,000 contractual obligations for the purchase of park playground equipment • Total Fund Balance is $918,000
- A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. A new truck for the sanitation department was ordered at a cost of $95,250. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). A(n) $9 million bond was issued at face value to build a new road. The city transfers cash of $160,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. The truck ordered in (a) is received but at an actual cost of $97,650. Payment is not made at this time. The city transfers cash of $39,000 from its general fund to a capital projects fund. The city receives a state grant of $60,000 that must be spent to promote recycling by the citizens. The first $9,600 of the state grant received in (g) is expended as intended.The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items-$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture-$80,000. Supplies-$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads-$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers-$53,000. • Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium- $62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?
- The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items—$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$80,000. Supplies—$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads—$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$53,000. Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government - wide financial statements. A new truck for the sanitation department was ordered at a cost of $98,750. The city print shop did $2,400 worth of work for the school system (but has not yet been paid). A(n) $10 million bond was issued at face value to build a new road. The city transfers cash of $189,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. The truck ordered in (a) is received but at an actual cost of $ 101, 150. Payment is not made at this time. The city transfers cash of $40, 900 from its general fund to a capital projects fund. The city receives a state grant of $50,000 that must be spent to promote recycling by the citizens. The first $8,300 of the state grant received in (g) is expended as intended.Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. The government sells $900,000 in bonds at face value to finance construction of a warehouse. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded. Supplies to be used in the schools are bought for $2,000 cash. The consumption method is used. A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. Property tax assessments are mailed to citizens of the government. The total assessment is $600,000,…