Silver City, a local government organization, was organized January 1, 2015. The City Council for Silver City
Question:
Silver City, a local government organization, was organized January 1, 2015. The City Council for Silver City adopted (among others) the following accounting procedures: • The City's fiscal year will be the same as the calendar year.
• All transactions of more than $100 with outside (non-City) entities are to be processed through the voucher system.
• All transactions of $1,000 or more with non-City entities, which will not be settled within 45 days, are to be encumbered.
• City will take maximum advantage of discounts offered; otherwise, the City will pay its bills on the dates due (unless otherwise specified).
• Budgets will be entered only into the General Fund's records.
• Premiums received from the sale of general obligation bonds will be moved to the Debt Service Fund.
• The General Fixed Assets Account Group will not calculate depreciation. • Overages and/or underages of closed governmental funds (e.g. Capital Projects, Special Revenue) will be transferred to the General Fund.
The City Council approved the following funds (among others) and account groups, to be used in the City's accounting system:
Capital Projects Fund #2- Police Department (CP#2)
Debt Service Fund (DS)
Enterprise Fund #4 - Municipal Marina (EN#6)
General Fixed Asset Account Group (GFAAG)
General Fund (GF)
General Long-term Debt Account Group (GLTDAG)
Internal Service Fund #1 - Transportation Service Bureau (IS#1)
Special Revenue Fund #3 - State Parks Beautification Grant (SR#3)
Required:
Prepare ALL of Silver City's general ledger control account journal entries in professional form, using the format below, for the independent events shown on each of the following dates (only). Some events require more than one journal entry in a fund and/or an account group, or entries in two or more funds or account groups, on the date given; accordingly, each journal entry proposed should be linked to the fund and/or account group it would be recorded for the related independent.
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik