Question

Kendal County engaged in the following transactions. For each, prepare an appropriate journal entry and indicate the type of fund in which it would most likely be recorded:
1. It levied and collected $1million in taxes and dedicated to the repayment of outstanding general obligation bonds.
2. It billed sponsors of a charity bicycle ride $5,000 for providing police patrols during the ride.
3. Itrecognized$60,000ofcashdividendsoninvestments dedicated to the support of a county arts center.
4. Itrecognized$70,000ofcashdividendsoninvestments dedicated to scholarships for needy county residents.
5. Itincurred$6millioninconstructioncoststocomplete a new county jail. The new jail was funded entirely with the proceeds of long-term bonds.
6. It transferred $400,000 of unrestricted funds to an appropriate fund to be invested and eventually used to repay the principal on the long-term jail bonds (entries in two funds required).
7. It recognized depreciation of $100,000 on equipment in a vehicle repair center that services all county departments that have motor vehicles.
8. It collected $30,000 in parking fees at the county owned garage.
9. Itissued$8millioninbondstoimprovethecity-owned electric utility.
10. It distributed $3 million in taxes collected on behalf of school districts located within the country.



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  • CreatedAugust 13, 2014
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