Question: Please record the entries below into the appropriate funds and account groups for Coop City, Remember to indent credits. Also, none of these entries are
Please record the entries below into the appropriate funds and account groups for Coop City, Remember to indent credits. Also, none of these entries are related to others, unless specified in the entries themselves. Also, if a transaction involves more than one fund or a fund and an account group, be sure the entries are aligned horizontally, as is shown in the homework solutions. The general fund recorded its budget at the beginning of the year. Anticipated revenues are $ anticipated transfers from other funds are $ anticipated expenditures and encumbrances are $ anticipated transfers to other funds are $ In the general fund, purchase orders were issued in the amount of $ for supplies. This was encumbered. Of the $ in # above, purchase orders were filled in the amount of $ the invoice amount was $not yet paid The balance in Deferred InflowsProperty taxes for the general fund was $ at the end of the previous year. This was recognized as revenue this year in a reversing journal entry. In the general fund, property taxes of $ were levied. It was estimated that would be uncollectible. $ of the property taxes levied in # were collected, and $ were written off as uncollectible. In the general fund, the city had outstanding encumbrances of $ for supplies from the previous year. The supplies arrived at an invoice price of $ and a liability was recorded. Assume it is now the end of the fiscal year. The remaining uncollected property taxes levied in # $ have yet to be collected. The treasurer expects that all these taxes will not be collected until the th or th month of the following fiscal year. Record the appropriate adjustment. A citizen donated $ cash to the city, stating that earnings, only, must be spent for the purpose of maintaining and improving the citys parks. A permanent fund is created to account for this. Earnings from the amount donated is transferred to the general fund, from which the parks maintenance activities take place. Immediately after receiving the cash, it was invested in various investment securities $ cash dividends from equity securities in # is received. This amount is then transferred to the general fund. A few months ago, the state notified Coop City that Coop was awarded a $ grant to purchase a new fire truck. This grant is a cost reimbursement grant. Coop decided to account all activity for this grant in a special revenue fund. Now, today, Coop City has just purchased a fire truck, paying $ cash. Coop submitted the proper paperwork to the state granting agency for reimbursement. A couple of weeks later, the state paid Coop for the for the amount spent in # Coop City established a Fire Station Construction Fund, a capital project fund, for a project expected t
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