The Town of Mirbat operates an enterprise fund. Following is the information related to the fund’s 2020 operating activities.a. Rental income of OMR47,222 was accrued. Subsequently, cash in the amount of OMR45,105 was received on accounts. b. Cash expenses for the period included: administrative services, OMR12,603; maintenance and repairs, OMR36,441; supplies and materials, OMR3,896; and utilities, OMR15,062. c. The Central Station Fund received a OMR30,000 transfer of funds from the General Fund. d. Adjustments were made for depreciation OMR1,760 and for uncollectible accounts 334. Required: Prepare general journal entries to record the Fund’s operating activities for the year.
The Town of Mirbat operates an enterprise fund. Following is the information related to the fund’s 2020 operating activities.a. Rental income of OMR47,222 was accrued. Subsequently, cash in the amount of OMR45,105 was received on accounts. b. Cash expenses for the period included: administrative services, OMR12,603; maintenance and repairs, OMR36,441; supplies and materials, OMR3,896; and utilities, OMR15,062. c. The Central Station Fund received a OMR30,000 transfer of funds from the General Fund. d. Adjustments were made for depreciation OMR1,760 and for uncollectible accounts 334. Required: Prepare general journal entries to record the Fund’s operating activities for the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. The Town of Mirbat operates an enterprise fund. Following is the information related to the fund’s 2020 operating activities.
a. Rental income of OMR47,222 was accrued. Subsequently, cash in the amount of OMR45,105 was received on accounts.
b. Cash expenses for the period included: administrative services, OMR12,603; maintenance and repairs, OMR36,441; supplies and materials, OMR3,896; and utilities, OMR15,062.
c. The Central Station Fund received a OMR30,000 transfer of funds from the General Fund.
d. Adjustments were made for depreciation OMR1,760 and for uncollectible accounts 334.
Required: Prepare general journal entries to record the Fund’s operating activities for the year.
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