A county operates a landfill, reported in an enterprise fund. For fiscal 2020, operating expenses are $14.5
Question:
A county operates a landfill, reported in an enterprise fund. For fiscal 2020, operating expenses are $14.5 million, of which $1.8 million is depreciation on landfill facilities and $12.5 million is paid in cash. At the start of fiscal 2020, the enterprise fund reports a liability for future closure and postclosure care of $9.4 million. At the end of fiscal 2020, the estimated current cost of future closure and postclosure care is $50 million, and the landfill is 20% filled.
Required
Prepare the journal entries to record the above information in the landfill enterprise fund.
Enter answers using all zeros (do not abbreviate to millions or thousands).
Description | Debit | Credit | |
---|---|---|---|
AnswerCapital assets, netLiability for closure and postclosure costsOperating expenses-closure and postclosure costsOperating expenses-current operations | Answer | Answer | |
AnswerCapital assets, netLiability for closure and postclosure costsOperating expenses-closure and postclosure costsOperating expenses-current operations | Answer | Answer | |
Cash | Answer | Answer | |
Accounts payable | Answer | Answer | |
To record operating expenses. | |||
AnswerCapital assets, netLiability for closure and postclosure costsOperating expenses-closure and postclosure costsOperating expenses-current operations | Answer | Answer | |
AnswerCapital assets, netLiability for closure and postclosure costsOperating expenses-closure and postclosure costsOperating expenses-current operations | Answer | Answer | |
To adjust the liability for closure and postclosure costs |
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi