Listed below are selected transactions for the Rhea County Garbage Service, which is accounted for in an
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Question:
Listed below are selected transactions for the Rhea County Garbage Service, which is accounted for in an Enterprise Fund. All amounts are in thousands of dollars.
Transactions
- Services of $5,000 were provided and billed to outside customers.
- Services of $750 were provided and billed to the General Fund.
- $750 was collected from other funds, and $4,000 was collected on account.
- $20 of accounts receivable were written off as uncollectible.
- Estimated bad debts for the year were $100.
Requirements
- Prepare the journal entries required in the Enterprise Fund. If no entry is required, state "No entry required" and explain why.
- Compute the amount of sales revenues that should be reported for the Enterprise Fund.
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
Posted Date: