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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- For the following situations determine the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than once SITUATIONS: GOB grant proceeds received for construction of a new elementary school building – Capital Projects Fund Municipal electric utility bonds to be repaid from customer charges – Debt Service Fund General obligation bonds issued to finance construction of a new elementary school building – Investment Trust Funds Activities of a central print shop that provides custom printing services to all campus departments – Enterprise Funds Financial resources set aside to service the principal and interest on general obligation debt A special hotel occupancy sales tax that can only be used for city economic development promotional activities Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry – Special Revenue Fund…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
- The governmental funds of the City of Westchester report the following information: Prepaid items Cash from a bond issuance that must be spent within the school system according to the bond indenture Supplies Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park Cash that the assistant director of finance designated for use in upgrading the local roads Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers Cash that the city council voted to use in renovating a school gymnasium Total assets (includes balances other than those listed above) Liabilities $8,700 106,000 7,000 38,250 52,250 69,750 61,000 568,500 213,000 The city council has the highest level of decision-making authority for the City of Westchester Required: Note: Use the cells A2 to 812 from the above information to complete this question. On a balance sheet for the government funds, what fund balance amounts should the city of…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.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. Credit
- 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 $918,000A 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.)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 $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?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.