The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30. Required:
Question:
The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30.
Required:
Prepare the necessary journal entries to record the transactions and identify ALL the fund or account group in which it would be recorded.
Notes:
Read carefully and follow strictly so that Bb can grade you correctly!
1). Use comma in numbers, one thousand is 1,000, not 1000. No $ sign.
2). If no entry is required, write N/A.
3). For Funds and Account Groups, only use the following: GenF, SRevF, CapPF, DebtSF, Perm/F, Enterp/F, IntnlSF, AgencyF, SAssessF, GFAAG, GLTDAG
For accounts, only use the following: Est/Rev, Appropriations, EstOFS, EstOFU, FB/Unassigned, Cash, PTax/Rec, Allowance for Uncoll, DueTo, DueFrom, Revenues, OFS, Expenses, Expenditures, OFU, Amt/TBProv, Bonds/P, Machinery and Equipment, Investment
4). Copy Funds, Account Groups, and account names accurately to receive credits. Names are not case sensitive.
- The City transferred $300,000 from the General Fund to the Debt Service Fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid.
- The City paid $130,000 from the General Fund to the City Electric Utility Enterprise Fund for the utilities used by the general and administrative offices during the year.
- The City acquired a piece of equipment for $140,000.
- The City made payments of $1 million principal and $500,000 interest on bonds that had been outstanding for several years.
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng