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
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Chapter 5, Problem 5E
- a. Prepare the general
journal entries to record the following transactions in the General Fund General Ledger of Juniper City: - 1. Purchased investments in bonds at January 1, 20X6, for $350,000.
- 2. Received interest of $23,000 at December 31, 20X6.
- 3. Fair
value of the bonds at December 31, 20X6, $360,000. - 4. Received interest of $23,000 at December 31, 20X7.
- 5. Fair value of the bonds at December 31, 20X7, $345,000.
- b. Show how Juniper City should report its investment income each year. The city reports the required detail in the financial statements, not in the notes.
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5.
2. The City of Paradise issued Bonds of $1,250,000 for the Construction of a City Hall. The City Hall’s bonds are sold at a premium of $150,000; therefore the estimated cost of the Hall is $1,100,000. Required:
a. Prepare general journal entries to record the issue of the bonds by General Fund.
b. Prepare general journal entries to transfer the premium amount to the debt service fund.
General tax revenues RO 250,000, were paid to the fund to be used to pay principal and interest on the developmental bonds. Which one of the following journal entries records the transfer of fund transaction in the debt service fund?
a.Bank Account Dr. 250,000, Transfer from general fund Account Cr. 250,000
b.
Loan Account Dr. 250,000, Bank Account Cr. 250,000
c.
Bank Account Dr. 250,000, Transfer from debt service fund Account Cr. 250,000
d.
None of the options
Clear my choice
1. The General Fund collected $625,000 in accrued
taxes, which was transferred to the debt service fund;
$400,000 of this amount was used to retire
outstanding serial bonds and the remainder was used
to make the interest payment on the outstanding
serial bonds.
Required:
Record the transection under General Fund and debt
service fund
Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
Ch. 5 - Prob. 11QCh. 5 - Prob. 1.1ECh. 5 - Prob. 1.2ECh. 5 - Prob. 1.3ECh. 5 - Prob. 1.4ECh. 5 - What would the answer be to number 4 if the city...Ch. 5 - A county received 3,000,000 from the state. Of...Ch. 5 - A Special Revenue Fund expenditure of 40,000 was...Ch. 5 - A state received an unrestricted gift of 80,000 of...Ch. 5 - Prob. 1.9ECh. 5 - Prob. 1.10ECh. 5 - Prob. 2.1ECh. 5 - Prob. 2.2ECh. 5 - Prob. 2.3ECh. 5 - Prob. 2.4ECh. 5 - Prob. 2.5ECh. 5 - Prob. 2.6ECh. 5 - Prob. 2.7ECh. 5 - Prob. 2.8ECh. 5 - Prob. 2.9ECh. 5 - Prob. 2.10ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - a. Prepare the general journal entries to record...Ch. 5 - Prob. 6ECh. 5 - Prepare general journal entries to record the...Ch. 5 - Prob. 8ECh. 5 - The City and County of PreVatte received a state...Ch. 5 - Make all required General Fund journal entries for...Ch. 5 - The city of Asher had the following transactions,...Ch. 5 - 1. The following are the estimated revenues for a...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 1CCh. 5 - Prob. 2C
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