The City of Southern Pines maintains its books so as to prepare fund accounting statements and...

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The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's Internal service fund, a motor pool fund, Is Included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash, $102,000; Investments, $150,400; Due from the General Fund, $18,300; Inventories. $396,000; and Capital Assets (net). $1,169,700. Liability accounts include: Accounts Payable, $61,500; Long-Term Advance from Enterprise Fund, $738,000. 2. The only transaction in the Internal service fund that is external to the government is interest revenue in the amount of $4,400. 3. Exclusive of the Interest revenue, the Internal service fund reported net Income in the amount of $84,000. An examination of the records indicates that services were provided as follows: one-third to general government, one-third to public safety, and one-third to public works. Prepare necessary adjustments in order to Incorporate the Internal service fund in the government-wide statements as a part of governmental activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction let Journal entry worksheet < 23 Balance sheet asset accounts include: Cash, $102,000; Investments, $150,400; Due from the General Fund, $18,300; Inventories, $396,000; and Capital Assets (net), $1,169,700. Liability accounts include: Accounts Payable, $61,500; Long-Term Advance from Enterprise Fund, $738,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general Journal The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's Internal service fund, a motor pool fund, Is Included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash, $102,000; Investments, $150,400; Due from the General Fund, $18,300; Inventories. $396,000; and Capital Assets (net). $1,169,700. Liability accounts include: Accounts Payable, $61,500; Long-Term Advance from Enterprise Fund, $738,000. 2. The only transaction in the Internal service fund that is external to the government is interest revenue in the amount of $4,400. 3. Exclusive of the Interest revenue, the Internal service fund reported net Income in the amount of $84,000. An examination of the records indicates that services were provided as follows: one-third to general government, one-third to public safety, and one-third to public works. Prepare necessary adjustments in order to Incorporate the Internal service fund in the government-wide statements as a part of governmental activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction let Journal entry worksheet < 23 Balance sheet asset accounts include: Cash, $102,000; Investments, $150,400; Due from the General Fund, $18,300; Inventories, $396,000; and Capital Assets (net), $1,169,700. Liability accounts include: Accounts Payable, $61,500; Long-Term Advance from Enterprise Fund, $738,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general Journal

Answer rating: 100% (QA)

The necessary adjustments are as follows 1 Assets Cash 102000 ... View the full answer