The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30.

Required: 

Prepare the necessary journal entries to record the transactions and identify ALL the fund or account group in which it would be recorded.

Notes: 

Read carefully and follow strictly so that Bb can grade you correctly!

1). Use comma in numbers, one thousand is 1,000, not 1000. No $ sign.

2). If no entry is required, write N/A.

3). For Funds and Account Groups, only use the following: GenF, SRevF, CapPF, DebtSF, Perm/F, Enterp/F, IntnlSF, AgencyF, SAssessF, GFAAG, GLTDAG

For accounts, only use the following: Est/Rev, Appropriations, EstOFS, EstOFU, FB/Unassigned, Cash, PTax/Rec, Allowance for Uncoll, DueTo, DueFrom, Revenues, OFS, Expenses, Expenditures, OFU, Amt/TBProv, Bonds/P, Machinery and Equipment, Investment

4). Copy Funds, Account Groups, and account names accurately to receive credits. Names are not case sensitive.

• The City transferred $300,000 from the General Fund to the Debt Service Fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid.
• The City paid $130,000 from the General Fund to the City Electric Utility Enterprise Fund for the utilities used by the general and administrative offices during the year.
• The City acquired a piece of equipment for $140,000.
• The City made payments of $1 million principal and $500,000 interest on bonds that had been outstanding for several years.

Answer rating: 100% (QA)

1 GenF Dr 300000 DebtSF Cr 300000 General Fund is for Stock holders retained earning so accou... View the full answer