. 8. The Elwood family pledge of $500,000 was received in donated corporate bonds with a fair...
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8. The Elwood family pledge of $500,000 was received in donated corporate bonds with a fair value of $400,000 and the balance in cash. 9. $90,000 was invested in U.S. government securities. 10. Interest in the amount of $16,500 was received in cash during the year. 11. During the year, books totaling $13,000 were ordered for the library. 12. During the year, the library reported receiving books with an invoice amount totaling $11,500; $10,700 of the amounts due for book purchases had been paid by year-end. 13. An additional $850 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $400,950 as of December 31. Required: Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording events 1 to 14 for the capital projects, debt service, and permanent funds. b. Post the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). e. Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted, and unexpended spendable resources in the debt service fund are classified as assigned. 8. The Elwood family pledge of $500,000 was received in donated corporate bonds with a fair value of $400,000 and the balance in cash. 9. $90,000 was invested in U.S. government securities. 10. Interest in the amount of $16,500 was received in cash during the year. 11. During the year, books totaling $13,000 were ordered for the library. 12. During the year, the library reported receiving books with an invoice amount totaling $11,500; $10,700 of the amounts due for book purchases had been paid by year-end. 13. An additional $850 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $400,950 as of December 31. Required: Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording events 1 to 14 for the capital projects, debt service, and permanent funds. b. Post the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). e. Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted, and unexpended spendable resources in the debt service fund are classified as assigned.
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Related Book For
A First Course In Mathematical Modeling
ISBN: 9781285050904
5th Edition
Authors: Frank R. Giordano, William P. Fox, Steven B. Horton
Posted Date:
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