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 2, Problem 4P
1.
To determine
Analyze the effects of each of the following transactions on each of the funds and non-fund accounts.
2.
To determine
Specify the manner in which each transaction will be recorded in the operating statement for each fund affected.
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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…
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…
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…
Chapter 2 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 2 - Governmental accounting systems are different from...Ch. 2 - Funds used in state and local government...Ch. 2 - Prob. 3QCh. 2 - Why are a municipalitys general capital assets and...Ch. 2 - Prob. 5QCh. 2 - Under what circumstances should a government use a...Ch. 2 - Identify the fund types that are classified as...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Define interfund loans and interfund transfers,...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - What is the accounting equation for a governmental...Ch. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 1.1ECh. 2 - Financial assets include a. capital assets that...Ch. 2 - All of the following are considered governmental...Ch. 2 - Each of the following is a fiduciary fund except...Ch. 2 - Prob. 1.5ECh. 2 - Which of the following transactions would not be...Ch. 2 - The transactions associated with a Community...Ch. 2 - The city of Hannah has established a trust to...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - Prob. 1.10ECh. 2 - The operations of a municipal governments public...Ch. 2 - The proceeds of a federal grant made to assist in...Ch. 2 - The receipts from a special tax levy to retire and...Ch. 2 - The operations of a municipal swimming pool with...Ch. 2 - Prob. 2.5ECh. 2 - A municipalitys issuance of general obligation...Ch. 2 - Expenditures of 200,000 were made during the year...Ch. 2 - The activities of a central motor pool that...Ch. 2 - A city collects property taxes on behalf of the...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - (Fund and Nonfund Accounts Identification)...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - a. Analyze the effects of each of the following...Ch. 2 - a. Analyze the effects of the following...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - (State of CaliforniaFund Identification) The...Ch. 2 - a. Analyze the effects of the following...
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License