The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,130,000 and appropriations were $2,003,000. 2. Property taxes in the amount of $2,070,000 were levied. It is estimated that $15,500 of the taxes levied will be uncollectible. 3. A General Fund transfer of $31,500 in cash and $313,000 in equipment (with accumulated depreciation of $78,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $930,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $53,000. 5. The city's utility fund billed the city's General Fund $138,000 for water and sewage services. As of December 31, the General Fund had paid $137,000 of the amount billed. 6. The central duplicating fund purchased $11,000 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,938,000 48,000 34,500 8. During the year, the internal service fund billed the city's general government function $22,200 for duplicating services and it billed the city's utility fund $14,600 for services. 9. The city council decided to build a city hall at an estimated cost of $5,130,000. To finance the construction, 5 percent bonds were sold at the face value of $5,130,000. A contract for $4,630,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 10. The general government function issued a purchase order for $38,500 for computer equipment. When the equipment was received, a voucher for $33,200 was approved for payment and payment was made. Required b. Using the funds you identified in part a, prepare journal entries to properly record each transaction for the fiscal year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 9 Required information 4d Part 2 of 2 After-School Fund Record the transfer of $53,000 finance to be used for conducting an after-school program for children. 4e Governmental Activity 41 Record the receipt of $930,000 marketable securities received as donation in the Governmental Activities general ledger. Record the receipt of $40,000 interest revenue earned in the Governmental Activities general ledger. 5. The city's utility fund billed the city's General Fund $138,000 for water and sewage services. As of December 31, the General Fund had paid $137,000 of the amount billed. Enterprise fund 5a Record the $138,000 services received for water and sewage in the enterprise fund. 5b Record the $137,000 received from the general fund in the enterprise fund. 5c General Fund Record the $138,000 services received for water and sewage in the general fund. 5d 5e Governmental Activity 51 Record the $137,000 payment made to the enterprise fund in the general fund. Record the $138,000 services received for water and sewage in the Governmental Activities general ledger. Record the $137,000 received from the general fund in the Governmental Activities general ledger. 6. The central duplicating fund purchased $11,000 in supplies. Internal service fund Record the $11,000 purchase of supplies in the internal service fund. Governmental 6b Record the $11,000 purchase of supplies in the Governmental Activities general ledger. Activity 7. Cash collections recorded by the general government function during the year were as follows: property taxes, $1,938,000; licenses and permits, $48,000; user charges, $34,500. 7a General Fund Record the cash collections of $1,938,000 for property taxes: $48,000 for licenses and permits; $34,500 for user charges in the general fund. 7b Governmental Activity Record the cash collections of $1,938,000 for property taxes: $48,000 for licenses and permits; $34,500 for user charges in the Governmental Activities general ledger. 8. During the year, the internal service fund billed the city's general government function $22,200 for duplicating services and it billed the city's utility fund $14,600 for services. 8a Internal service fund Record the $22,200 duplicating services and $14,600 services billed by the internal service fund. 8b Enterprise fund Record the 14,600 services billed by the internal service fund in the enterprise fund. General Fund Record the $22,200 duplicating services by the internal service fund in the general fund. 8d Governmental Activity Record the 14,600 services billed by the internal service fund in the Governmental Activities general ledger. 8. During the year, the internal service fund billed the city's general government function $22,200 for duplicating services and it billed the city's utility fund $14,600 for services. Internal service fund Record the $22,200 duplicating services and $14,600 services billed by the internal service fund. 8a 8b Enterprise fund Record the 14,600 services billed by the internal service fund in the enterprise fund. 8c General Fund Record the $22,200 duplicating services by the internal service fund in the general fund. 8d Governmental Activity Record the 14,600 services billed by the internal service fund in the Governmental Activities general ledger. 9. The city council decided to build a city hall at an estimated cost of $5,130,000. To finance the construction, 5 percent bonds were sold at the face value of $5,130,000. A contract for $4,630,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 9a Capital projects fund Record the issue of 5% bonds with a face value of $5,130,000 in capital projects fund. 9b Record the $4,630,000 contract signed for building a city call at an estimated cost of $5,130,000 in capital projects fund. 9c Governmental Activity Record the issue of 5% bonds with a face value of $5,130,000 in the Governmental Activities general ledger. 10. The general government function issued a purchase order for $38,500 for computer equipment. When the equipment was received, a voucher for $33,200 was approved for payment and payment was made. 10a General Fund Record the issue of purchase order for $38,500 for computer equipment in the general fund. 10b Record the $33,200 payment made for purchase of computer equipment in the general fund. Governmental 10c Activity Record the $33,200 payment made for purchase of computer equipment in the Governmental Activities general ledger. The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,130,000 and appropriations were $2,003,000. 2. Property taxes in the amount of $2,070,000 were levied. It is estimated that $15,500 of the taxes levied will be uncollectible. 3. A General Fund transfer of $31,500 in cash and $313,000 in equipment (with accumulated depreciation of $78,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $930,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $53,000. 5. The city's utility fund billed the city's General Fund $138,000 for water and sewage services. As of December 31, the General Fund had paid $137,000 of the amount billed. 6. The central duplicating fund purchased $11,000 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,938,000 48,000 34,500 8. During the year, the internal service fund billed the city's general government function $22,200 for duplicating services and it billed the city's utility fund $14,600 for services. 9. The city council decided to build a city hall at an estimated cost of $5,130,000. To finance the construction, 5 percent bonds were sold at the face value of $5,130,000. A contract for $4,630,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 10. The general government function issued a purchase order for $38,500 for computer equipment. When the equipment was received, a voucher for $33,200 was approved for payment and payment was made. Required b. Using the funds you identified in part a, prepare journal entries to properly record each transaction for the fiscal year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 9 Required information 4d Part 2 of 2 After-School Fund Record the transfer of $53,000 finance to be used for conducting an after-school program for children. 4e Governmental Activity 41 Record the receipt of $930,000 marketable securities received as donation in the Governmental Activities general ledger. Record the receipt of $40,000 interest revenue earned in the Governmental Activities general ledger. 5. The city's utility fund billed the city's General Fund $138,000 for water and sewage services. As of December 31, the General Fund had paid $137,000 of the amount billed. Enterprise fund 5a Record the $138,000 services received for water and sewage in the enterprise fund. 5b Record the $137,000 received from the general fund in the enterprise fund. 5c General Fund Record the $138,000 services received for water and sewage in the general fund. 5d 5e Governmental Activity 51 Record the $137,000 payment made to the enterprise fund in the general fund. Record the $138,000 services received for water and sewage in the Governmental Activities general ledger. Record the $137,000 received from the general fund in the Governmental Activities general ledger. 6. The central duplicating fund purchased $11,000 in supplies. Internal service fund Record the $11,000 purchase of supplies in the internal service fund. Governmental 6b Record the $11,000 purchase of supplies in the Governmental Activities general ledger. Activity 7. Cash collections recorded by the general government function during the year were as follows: property taxes, $1,938,000; licenses and permits, $48,000; user charges, $34,500. 7a General Fund Record the cash collections of $1,938,000 for property taxes: $48,000 for licenses and permits; $34,500 for user charges in the general fund. 7b Governmental Activity Record the cash collections of $1,938,000 for property taxes: $48,000 for licenses and permits; $34,500 for user charges in the Governmental Activities general ledger. 8. During the year, the internal service fund billed the city's general government function $22,200 for duplicating services and it billed the city's utility fund $14,600 for services. 8a Internal service fund Record the $22,200 duplicating services and $14,600 services billed by the internal service fund. 8b Enterprise fund Record the 14,600 services billed by the internal service fund in the enterprise fund. General Fund Record the $22,200 duplicating services by the internal service fund in the general fund. 8d Governmental Activity Record the 14,600 services billed by the internal service fund in the Governmental Activities general ledger. 8. During the year, the internal service fund billed the city's general government function $22,200 for duplicating services and it billed the city's utility fund $14,600 for services. Internal service fund Record the $22,200 duplicating services and $14,600 services billed by the internal service fund. 8a 8b Enterprise fund Record the 14,600 services billed by the internal service fund in the enterprise fund. 8c General Fund Record the $22,200 duplicating services by the internal service fund in the general fund. 8d Governmental Activity Record the 14,600 services billed by the internal service fund in the Governmental Activities general ledger. 9. The city council decided to build a city hall at an estimated cost of $5,130,000. To finance the construction, 5 percent bonds were sold at the face value of $5,130,000. A contract for $4,630,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 9a Capital projects fund Record the issue of 5% bonds with a face value of $5,130,000 in capital projects fund. 9b Record the $4,630,000 contract signed for building a city call at an estimated cost of $5,130,000 in capital projects fund. 9c Governmental Activity Record the issue of 5% bonds with a face value of $5,130,000 in the Governmental Activities general ledger. 10. The general government function issued a purchase order for $38,500 for computer equipment. When the equipment was received, a voucher for $33,200 was approved for payment and payment was made. 10a General Fund Record the issue of purchase order for $38,500 for computer equipment in the general fund. 10b Record the $33,200 payment made for purchase of computer equipment in the general fund. Governmental 10c Activity Record the $33,200 payment made for purchase of computer equipment in the Governmental Activities general ledger.
Expert Answer:
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
Posted Date:
Students also viewed these accounting questions
-
Comprehensive Set of Transactions. The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31, 2011. 1. The city council adopted a General...
-
Comprehensive Set of Transactions . The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31, 2017. The city council adopted a General...
-
Yang Company purchased 2,000 widgets and has 400 widgets in its ending inventory at a cost of $90 each and a current replacement cost of $80 each. The net realizable value of each unit in the ending...
-
The Centers for Disease Control and Prevention (CDC) has estimated that 19.8% of Americans over 15 years old are obese. The CDC conducts a survey on obesity and various behaviors. Here is a table on...
-
Refer to all of the facts in Problem 12-6. Required 1. Using the format in the chapter's appendix, prepare a statement of cash flows work sheet. 2. Prepare a statement of cash flows for 2012 using...
-
Using the central difference method, find the response of the system shown in Fig. 11.2 when \(F_{1}(t)=10 \sin 5 t\) and \(F_{2}(t)=0\). Figure 11.2:- X1(t) -x2(t) F(1) k=2 -F2(t) k = 4 k2=6 00000...
-
Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: (a) Develop a 3-year moving average to forecast registrations from year 4...
-
Discuss the challenges associated with dynamic memory allocation and heap management in multi-threaded applications. What synchronization mechanisms can be used to ensure thread-safe memory...
-
Joseph's area of research focuses on interpersonal behavior and the role of social forces in governing behavior. It is likely that Joseph works in what area? Social psychology Health psychology...
-
A CMO structure is created with one floater and one inverse floater class. The payment to the floater is 6-month LIBOR + 150 basis points. The inverse floater payment is based on the following...
-
If a person is a part owner of an S-corporation, how would their tax returns differ from just being an employee of an S-corporation?
-
Mr Slow considers choosing between two investments : One guaranteed investment A offers him a retum of 8% per year, while another inflation-protected investment B that stipulates 5% per year plus...
-
An investor with utility function of wealth U(w) = 0.5*ln(w) + 1 What is this investor's attitude towards risk? How does he behave when he has more wealth as opposed to when he is poor? (10 marks)
-
A restaurant chain planned to invest a customer loyalty program, which requires an initial investment of $250,000 and it is expected to generate a cash inflow (Gross Profit) of $50,000 first year...
-
Determine two (2) key ways in which Richard Branson is likely to motivate employees in order to achieve his goals for the Virginia group. Indicate whether or not his approach is likely to work in a...
-
Explain the term "Equivalent Units". Why are they calculated in process costing? [4 Marks] [minimum 350 words]
-
The pressure, temperature, and velocity at a certain point in the airflow are 101,325 Pa, 46.85 C, and 1000 m/s. Calculate the total temperature and total pressure at that point.
-
Assuming that a Boeing 747 is flying at a standard altitude of 10,972 m, the pressure at a certain point on the wing is 19152 Pa. Assuming that there is an isentropic flow on the wing, calculate the...
-
The temperature and pressure at the stagnation point of the high-speed missile are 245 C and 790,335 Pa, respectively. Calculate the density at this location.
Study smarter with the SolutionInn App