спу на tuty 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:
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- The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
- The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30, 2018. Record the following transactions related to interfund transfers. Be sure to indicate in which fund the entry is being made. a. The city transferred $400,000 from the general fund to a debt service fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. The city also transferred $200,000 from the general fund to a debt service fund to advance-fund the $200,000 interest payment due October 15, 2019. b. The city transferred $75,000 from the Air Operations Special Revenue Fund to the general fund to close out the operations of that fund. c. The city transferred $150,000 from the general fund to the city’s Electric Utility Enterprise Fund to pay for the utilities used by the general and administrative offices during the year. d. The city transferred the required pension contribution of $2 million from the general fund to the…Prepare entries in general journal form to record the following transactions in the Roadway Fund general ledger accounts for City of Kettering for the fiscal year 2018. Use modified accrual accounting. At the beginning of the fiscal year, the fund $1,360,000 was offset by the assigned fund balance in the same amount. The city was awarded $4,200,000 for road inspections and repairs during the year. The award requires reimbursement for expenditures, not an allotment upfront. Work contracted for the year amounted to $4,175,000. Invoices received for the work performed totaled $4,150,000. $3,980,000 of that amount was paid in cash as of year-end. The state reimbursed the city $4,000,000 for the completed work before year-end. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the Roadway Fund.1. Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The City pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the City s General Fund? a. Debit Expenditures; Credit Wages and Salaries Payable. b. Debit Expenses; Credit Wages and Salaries Payable. c. Debit Expenditures; Credit Encumbrances. d. No entry is required.
- The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year: During the year ended June 30, 2020, the following transactions and events occurred in the Town of Weston Water Utility Fund: Accrued expenses at July 1 were paid in cash. Billings to nongovernmental customers for water usage for the year amounted to $1,423,000; billings to the General Fund amounted to $118,000. Liabilities for the following were recorded during the year: Materials and supplies $ 202,000 Costs of sales and services 376,000 Administrative expenses 211,000 Construction work in progress 230,000 Materials and supplies were used in the amount of $294,000, all for costs of sales and services. After collection efforts were unsuccessful, $14,900 of old accounts receivable were written off. Accounts receivable collections totaled $1,518,000 from nongovernmental customers and $51,100 from the General Fund. $1,092,600 of accounts payable were paid…Prepare the journal entries necessary for the following transactions. For each transaction you must identify the fund in which the entries are recorded. Make the entries only for the Fund-Based Financial Statements for the fiscal year ended 6/30/2021. 1. The board of commissioners of the Cosmo City adopted a General Fund budget for the year ending June 30, 2021, which indicated revenues of $5,100,000, bond proceeds of $620,000, appropriations of $1,900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $800,000 for utilities, and also operating transfers out of $980,000. 2. Cosmo City collected $22,000 from parking meters. 3. On March 12, 2021, Cosmo City ordered a new computer at an anticipated cost of $414,000. The computer was received on April 16 with an actual cost of $416,200. Payment was subsequently made on May 15, 2021. 4. Property taxes of 1,800,000 are levied for Cosmo City. The city expects that 5% will be uncollectible. Of the levied amount,…The General Fund of the Town of Mashpee transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include: a. A debit to Interest Expenditures in the General Fund. b. A debit to Interest Expenditures in the governmental activities accounts. c. A credit to Other Financing Sources - Interfund Transfers In in the debt service fund only. d. A credit to Other Financing Sources - Interfund Transfers In in both the debt service fund and governmental activities accounts.
- 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.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…Activities of a county recreation center are reported in an enterprise fund. During 2019, $5,000,000 is spent on equipment and bonds are issued for $3,000,000. How are these two transactions reported on the enterprise fund’s operating statement? a. No effect b. Revenues, $3,000,000; expenditures, $5,000,000 c. Other financing sources, $3,000,000 d. Other financing sources, $3,000,000; expenditures, $5,000,000