Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Textbook Question
Chapter 16, Problem 38P
Prepare
- 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.
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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. 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 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.
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,…
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What measurement focus is used in fund financial...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - In applying the current financial resources...Ch. 16 - Prob. 9QCh. 16 - What are the five fund types within the...
Ch. 16 - Prob. 11QCh. 16 - What are the four fund types within the fiduciary...Ch. 16 - Prob. 13QCh. 16 - Fund financial statements have separate columns...Ch. 16 - The general fund of a city reports assets of...Ch. 16 - Why are budgetary entries recorded in the...Ch. 16 - How are budget results shown in the financial...Ch. 16 - Prob. 18QCh. 16 - Prob. 19QCh. 16 - Prob. 20QCh. 16 - How do governmental funds report capital outlay in...Ch. 16 - Prob. 22QCh. 16 - Prob. 23QCh. 16 - Prob. 24QCh. 16 - How is the issuance of a long-term bond reported...Ch. 16 - Prob. 26QCh. 16 - Prob. 27QCh. 16 - Prob. 28QCh. 16 - What is an internal exchange transaction, and how...Ch. 16 - Prob. 1PCh. 16 - Prob. 2PCh. 16 - Prob. 3PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 6PCh. 16 - Which of the following statements is correct about...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - The City of Bagranoff holds 90,000 in cash that...Ch. 16 - Prob. 11PCh. 16 - The general fund pays rent for two months. Which...Ch. 16 - A purchase order for 3,000 is recorded in the...Ch. 16 - At the end of the current year, a government...Ch. 16 - A government buys equipment for its police...Ch. 16 - A city acquires supplies for its fire department...Ch. 16 - Prob. 17PCh. 16 - The state government passes a law requiring...Ch. 16 - The state awards a grant of 50,000 to the Town of...Ch. 16 - A city issues a 60-day tax anticipation note to...Ch. 16 - A city issues five-year bonds payable to finance...Ch. 16 - The City of Dylan issues a 10-year bond payable of...Ch. 16 - Prob. 23PCh. 16 - A 110,000 payment is made on a long-term...Ch. 16 - A city constructs a special assessment project (a...Ch. 16 - A city constructs curbing in a new neighborhood...Ch. 16 - Which of the following is an example of an...Ch. 16 - The governmental funds of the City of Westchester...Ch. 16 - Government officials of Hampstead County ordered a...Ch. 16 - A local government has the following transactions...Ch. 16 - Prepare journal entries for the City of Puddings...Ch. 16 - Prepare journal entries for a local government to...Ch. 16 - The following unadjusted trial balances are for...
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- 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 $94,000. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). An $11 million bond was issued to build a new road. 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. The truck ordered in (a) is received at an actual cost of $96,000. Payment is not made at this time. Cash of $32,000 is transferred from the general fund to the capital projects fund. A state grant of $30,000 is received that must be spent to promote recycling. The first $5,000 of the state grant received in (g) is appropriately expended.arrow_forwardPrepare journal entries for the City of Pudding's governmental funds to record the following transactions for government-wide financial statements. The city transfers cash of $193,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. The city receives a state grant of $40,000 that must be spent to promote recycling by the citizens. The first $6,000 of the state grant received in (g) is expended as intended.arrow_forwardRecord 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…arrow_forward
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