Question: Please help me answer this problem. Thanks Transaction Reporting in Fund and Government-Wide Statements Consider the following transactions of Daley County: 1. General property taxes



Please help me answer this problem. Thanks
Transaction Reporting in Fund and Government-Wide Statements Consider the following transactions of Daley County: 1. General property taxes of $4,500,000 are levied. 2. Grants of $850,000 are received from the state to finance public safety programs. 3. Investment income of $55,000 is earned and received in cash on investments of a debt service fund. 4. Investment income of $85,000 is earned and received in cash on investments made using money received from a generous citizen. The money is held in trust to finance acquisitions of the public art gallery, outlays are limited to earnings and the original contribution cannot be spent. 5. User fees of $45,000 are received from operations of the community pool. 6. Depreciation on public safety equipment is $35,000 for the year. 7. Investment income of $25,000 is earned and received in cash on general fund investments of excess cash. 8. The motor pool submits $32,000 in charges for vehicle use to other units in the government. 9. Current year accrued interest on general long-term debt is $30,000, and is not due for several years. Required For each transaction: Indicate the fund affected and prepare the journal entry required in the fund financial statements. Indicate whether the transaction is considered a governmental or business-type activity in the government-wide financial statements and prepare the journal entry required in the government-wide financial statements. Note: If an item is not reported in a fund statement and/or in the government-wide statements, select Not applicable and No entry. 1. General property taxes of $4,500,000 are levied. Fund financial statements: Which fund is the transaction recorded in? General fund Credit Description Property taxes receivable. Revenues Debit 4,500,000 0 4,500,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Property taxes receivable. 4,500,000 Revenues 0 4,500,000 2. Grants of $850,000 are received from the state to finance public safety programs. Fund financial statements: Which fund is the transaction recorded in? Special revenue fund - Description Debit Credit Cash 850,000 0 850,000 0 Government-wide statements: Item(s) is/are reported as governmental activities : Description Credit Cash Debit 850,000 o 0 850,000 3. Investment income of $55,000 is earned and received in cash on investments of a debt service fund. Fund financial statements: Which fund is the transaction recorded in? Debt service fund - Description Debit Credit Cash 55,000 0 55,000 Government-wide statements: Item(s) is/are reported as governmental activities - Description Debit Credit Cash 55,000 0 55,000 4. Investment income of $85,000 is earned and received in cash on investments made using money received from a generous citizen. The money is held in trust to finance acquisitions of the public art gallery, outlays limited to earnings and the original contribution cannot be spent. Fund financial statements: Which fund is the transaction recorded in? Description Debit Credit Cash 85,000 0 0 85,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Cash 85,000 085,000 5. User fees of $45,000 are received from operations of the community pool. Fund financial statements: Which fund is the transaction recorded in? General fund . Description Debit Credit Cash 45,000 Revenues 0 45,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Cash 45,000 Revenues 0 45,000 6. Depreciation on public safety equipment is $35,000 for the year. Fund financial statements: Which fund is the transaction recorded in? Description Debit Credit 0 0 0 Government-wide statements: Item(s) is/are reported as governmental activities Description Debit Credit 0 0 300 7. Investment income of $25,000 is earned and received in cash on general fund investments of excess cash. Fund financial statements: Which fund is the transaction recorded in? General fund . Description Cash Debit 25,000 0 Credit 0 25,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Cash 25,000 0 25,000 8. The motor pool submits $32,000 in charges for vehicle use to other units in the government. Fund financial statements: Which fund is the transaction recorded in? Internal service fund Description Debit Credit . 32,000 0 32,000 Government-wide statements: Item(s) is/are reported as governmental activities Description Debit Credit 32,000 0 32,000 9. Current year accrued interest on general long-term debt is $30,000, and is not due for several years. Fund financial statements: Which fund is the transaction recorded in? Debt service fund : Description Debit Credit Interest expense 30,000 Interest oavable 0 30,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Interest expense Interest oavable + Debit 30,000 0 Credit 0 30,000 Transaction Reporting in Fund and Government-Wide Statements Consider the following transactions of Daley County: 1. General property taxes of $4,500,000 are levied. 2. Grants of $850,000 are received from the state to finance public safety programs. 3. Investment income of $55,000 is earned and received in cash on investments of a debt service fund. 4. Investment income of $85,000 is earned and received in cash on investments made using money received from a generous citizen. The money is held in trust to finance acquisitions of the public art gallery, outlays are limited to earnings and the original contribution cannot be spent. 5. User fees of $45,000 are received from operations of the community pool. 6. Depreciation on public safety equipment is $35,000 for the year. 7. Investment income of $25,000 is earned and received in cash on general fund investments of excess cash. 8. The motor pool submits $32,000 in charges for vehicle use to other units in the government. 9. Current year accrued interest on general long-term debt is $30,000, and is not due for several years. Required For each transaction: Indicate the fund affected and prepare the journal entry required in the fund financial statements. Indicate whether the transaction is considered a governmental or business-type activity in the government-wide financial statements and prepare the journal entry required in the government-wide financial statements. Note: If an item is not reported in a fund statement and/or in the government-wide statements, select Not applicable and No entry. 1. General property taxes of $4,500,000 are levied. Fund financial statements: Which fund is the transaction recorded in? General fund Credit Description Property taxes receivable. Revenues Debit 4,500,000 0 4,500,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Property taxes receivable. 4,500,000 Revenues 0 4,500,000 2. Grants of $850,000 are received from the state to finance public safety programs. Fund financial statements: Which fund is the transaction recorded in? Special revenue fund - Description Debit Credit Cash 850,000 0 850,000 0 Government-wide statements: Item(s) is/are reported as governmental activities : Description Credit Cash Debit 850,000 o 0 850,000 3. Investment income of $55,000 is earned and received in cash on investments of a debt service fund. Fund financial statements: Which fund is the transaction recorded in? Debt service fund - Description Debit Credit Cash 55,000 0 55,000 Government-wide statements: Item(s) is/are reported as governmental activities - Description Debit Credit Cash 55,000 0 55,000 4. Investment income of $85,000 is earned and received in cash on investments made using money received from a generous citizen. The money is held in trust to finance acquisitions of the public art gallery, outlays limited to earnings and the original contribution cannot be spent. Fund financial statements: Which fund is the transaction recorded in? Description Debit Credit Cash 85,000 0 0 85,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Cash 85,000 085,000 5. User fees of $45,000 are received from operations of the community pool. Fund financial statements: Which fund is the transaction recorded in? General fund . Description Debit Credit Cash 45,000 Revenues 0 45,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Cash 45,000 Revenues 0 45,000 6. Depreciation on public safety equipment is $35,000 for the year. Fund financial statements: Which fund is the transaction recorded in? Description Debit Credit 0 0 0 Government-wide statements: Item(s) is/are reported as governmental activities Description Debit Credit 0 0 300 7. Investment income of $25,000 is earned and received in cash on general fund investments of excess cash. Fund financial statements: Which fund is the transaction recorded in? General fund . Description Cash Debit 25,000 0 Credit 0 25,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Debit Credit Cash 25,000 0 25,000 8. The motor pool submits $32,000 in charges for vehicle use to other units in the government. Fund financial statements: Which fund is the transaction recorded in? Internal service fund Description Debit Credit . 32,000 0 32,000 Government-wide statements: Item(s) is/are reported as governmental activities Description Debit Credit 32,000 0 32,000 9. Current year accrued interest on general long-term debt is $30,000, and is not due for several years. Fund financial statements: Which fund is the transaction recorded in? Debt service fund : Description Debit Credit Interest expense 30,000 Interest oavable 0 30,000 Government-wide statements: Item(s) is/are reported as governmental activities : Description Interest expense Interest oavable + Debit 30,000 0 Credit 0 30,000
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