Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 3, Problem 8E
(General Ledger Entries) Record the following transactions in the General Ledger accounts of the General Fund of the Keffer Independent School District.
- 1. Ordered textbooks with an estimated cost of $80,000.
- 2. Ordered laboratory supplies with an estimated cost of $25,000.
- 3. Signed a contract with Victory Transportation Services for athletic team transportation. The estimated total cost of the services was $7,000.
- 4. Hired a new clerk and approved a salary of $18,000 per year.
- 5. The textbooks were received at an actual cost of $80,400. The invoice was approved for payment.
- 6. Approximately half of the laboratory supplies were received and vouchered at an actual cost of $12,000. (Estimated cost was $12,400.)
- 7. Actual transportation costs billed to Keffer School District by Victory Transportation Services were $8,000.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
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.
Prepare the journal entries for the following activity in the General Fund of the City of Rivers.
On 1/15/20 the city issues purchases orders in the amount of $40,000 to buy two vehicles ($20,000 each)
On 2/25/20 the city receives 1 vehicle. The invoice amount is $21,000.
On 3/10/20 the city pays the invoice.
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
Chapter 3 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 3 - Governmental budgeting and budgetary control are...Ch. 3 - Distinguish between the following types of...Ch. 3 - Prob. 3QCh. 3 - What are budgetary control points? How do they...Ch. 3 - Prob. 5QCh. 3 - Why might a local government not prepare and adopt...Ch. 3 - Revenue estimates and appropriations enacted are...Ch. 3 - In business accounting, a single general ledger...Ch. 3 - Illustrations 3-2 and 3-3 show Revenues Subsidiary...Ch. 3 - An interim budgetary comparison statement for a...
Ch. 3 - Prob. 11QCh. 3 - An annual budgetary comparison schedule for a...Ch. 3 - General budgets are most common for which of the...Ch. 3 - Special budgets are best defined as budgets a....Ch. 3 - Prob. 1.3ECh. 3 - Which of the following statements is false? a....Ch. 3 - Which of the following statements is true? a....Ch. 3 - Appropriation requests for the General Fund are...Ch. 3 - Which of the following statements would be true...Ch. 3 - Prob. 2.3ECh. 3 - Which of the following GAAP requirements for...Ch. 3 - Prob. 2.5ECh. 3 - Prob. 3.1ECh. 3 - Which of the following items does a government...Ch. 3 - The budget data presented in a school district...Ch. 3 - Allotments are best defined as a. legislative...Ch. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - (Budgetary EntriesGeneral Ledger) The city of...Ch. 3 - (General LedgerSubsidiary Ledgers Relationship,...Ch. 3 - (General Ledger Entries) Record the following...Ch. 3 - (Encumbrances) Record the following transactions...Ch. 3 - (Operating Budget Preparation) The finance...Ch. 3 - (Budgetary and Other EntriesGeneral and Subsidiary...Ch. 3 - Prob. 3PCh. 3 - (Budgetary Comparison StatementBudgetary Basis...Ch. 3 - (a) Prepare general ledger and subsidiary ledger...Ch. 3 - Using the information from C3-2 and assuming that...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Calculating certain information using the direct method (Learning Objective 4) 20-25 min. Trudeaus Marine, Inc....
Financial Accounting, Student Value Edition (5th Edition)
What are assets limited as to use and how do they differ from restricted assets?
Accounting for Governmental & Nonprofit Entities
Fundamental and Enhancing Characteristics. Identify whether the following items are fundamental characteristics...
Intermediate Accounting
What are assets limited as to use and how do they differ from restricted assets?
Accounting For Governmental & Nonprofit Entities
18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Analysis of inventory errors A2 Hallam Company’s financial statements show the following. The company recently ...
FINANCIAL ACCT.FUND.(LOOSELEAF)
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.Similar questions
- 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 Journal entries to: 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.arrow_forwardPrepare 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.arrow_forwardCraven City has an electric utility fund that is managed by Tara Perkins. Show the journal entries that would be recorded in the general fund for the following transactions that occurred during the fiscal year ended June 30, 2021 and identify the income statement effect of each entry: 1. The electric utility fund provided electric services to city departments accounted for in the general fund. The electric utility fund bills $100,000 for these services. 2. The general fund pays the amount owed.arrow_forward
- 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_forwardHello my question is how the Township of Thomasville’s General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,010,500 What would be the total Unassigned fund balance?arrow_forwardFor each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…arrow_forward
- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…arrow_forwardPrepare journal entries in the general fund for the following 2018 transactions that represent inflows of financial resources to Tyler City: 1. To pay the wages of part-time city maintenance employees, the Cemetery Expendable Trust Fund transfers $45,000 to the general fund. 2. A resident donates land worth $75,000 for a park. 3. The city is notified by the state that it will receive $30,000 in road assistance grants this year. 4. A fire truck with an original cost of $36,000 is sold for $9,000. 5. Sales of license stickers for park use total $5,000. The fees cover this year and next year. Security staff are paid from these fees to check for cars in the park without stickers.arrow_forwardPrepare journal entries to record the following events in the city of Rosewood’sWater Commission enterprise fund: a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city. c. TheWater Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b). d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells. e. The contract with the well driller showed an estimated cost of $930,000. f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.arrow_forward
- 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.arrow_forwardPrepare 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.arrow_forwardThe City of Bayamon maintains its books and records in a way that facilitates the preparation of the financial statements of the funds. Prepare all the journal entries necessary to record the city's revenue from the following transactions for the year ended December 31, 20X7. On January 15, the city received notification that it had been awarded a $300,000 federal grant to assist in the operation of its Meals on Wheels program. The federal government expects to send the cash in about three months. This is not a rebate-type grant and all eligibility requirements have been met. In February, the city spent $31,000 on Meals on Wheels. $1,800 parking tickets were issued in March. Payment must be made within 30 days, when the city has an enforceable legal claim to the amounts. In April, the city received the $300,000 grant from the federal government. In April, the city received $1,200 in cash for parking tickets issued in March. Additionally, $100 in fines were contested and court dates…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License