a: For the fund records: Identify which of the following governmental funds should be used and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a: For the fund records: Identify which of the following governmental funds should be used and write the journal entries needed for the listed transactions. You do not need to write any General fund entries for this problem. Capital projects fund Debt service fund Special revenue fund Permanent fund Problem b: For the Governmental Activities section of the government-wide records: Write any necessary journal entries for the following listed transactions. Write no entry if no entry is needed. 1. Distant Township issues a $5,000,000 bond at face value. The cash is to be used for the construction of a fire station. 2. Previously undesignated cash of $100,000 is set aside to begin paying the bonds issued in item (1). 3. A state cash grant of $400,000 is received that must be spent in the future for updates to parks facilities. 4. Cash of $200,000 is transferred from the General Fund for construction of the fire station. 5. Investments valued at $300,000 are received as a donation from a grateful citizen. Income from the investments is to be used for children s programs. 6. Salaries of $25,000 are paid to workers updating the facilities in Main Street Park according to the requirements of the grant received in item 3. 7. The fire station is completed and a check is sent to the primary contractor for $5,200,000. No commitment had previously been recorded for the contract. 8. Nothing has yet been recorded this year regarding scheduled payments on the general obligation bonds. A cash payment of $50,000 is made that consists of $45,000 of interest and $5,000 of principal. The interest had not been previously accrued. a: For the fund records: Identify which of the following governmental funds should be used and write the journal entries needed for the listed transactions. You do not need to write any General fund entries for this problem. Capital projects fund Debt service fund Special revenue fund Permanent fund Problem b: For the Governmental Activities section of the government-wide records: Write any necessary journal entries for the following listed transactions. Write no entry if no entry is needed. 1. Distant Township issues a $5,000,000 bond at face value. The cash is to be used for the construction of a fire station. 2. Previously undesignated cash of $100,000 is set aside to begin paying the bonds issued in item (1). 3. A state cash grant of $400,000 is received that must be spent in the future for updates to parks facilities. 4. Cash of $200,000 is transferred from the General Fund for construction of the fire station. 5. Investments valued at $300,000 are received as a donation from a grateful citizen. Income from the investments is to be used for children s programs. 6. Salaries of $25,000 are paid to workers updating the facilities in Main Street Park according to the requirements of the grant received in item 3. 7. The fire station is completed and a check is sent to the primary contractor for $5,200,000. No commitment had previously been recorded for the contract. 8. Nothing has yet been recorded this year regarding scheduled payments on the general obligation bonds. A cash payment of $50,000 is made that consists of $45,000 of interest and $5,000 of principal. The interest had not been previously accrued.
Expert Answer:
Answer rating: 100% (QA)
Answer a You do not need to write any General fund entries for this so i left ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
Using the same information in Cornerstone Exercise 7-23, assume that Advanced Technological Devices amortizes the patent on a straight-line basis over its remaining economic life of 12 years....
-
Using the same information from P12- 2, assume that Cupcakes- R- Us deter-mines that the likelihood of the expected future cash flows under Estimate 1 is 70% and 30% under Estimate 2. Required a....
-
Using the same information from E13- 8, assume that Fireens reports under IFRS. Required a. Explain how the lawsuit should be reported under IFRS. b. Prepare any journal entries required.
-
The inequality describes the range of monthly average temperatures T in degrees Fahrenheit at a certain location. (a) Solve the inequality. (b) If the high and low monthly average temperatures...
-
Use the SOR method to solve the linear system Ax = b to within 105 in the l norm, where the entries of A are And those of b are bi = Ï, for each i = 1, 2, . . . , 80. 2i when j-i and i 1,2,,80,...
-
It is relatively easy to find up-to-date information on banks because of their extensive reporting requirements. Go to http://www2.fdic.gov/qbp/. This site is sponsored by the Federal Deposit...
-
Design a heat exchanger network for MER with at most 15 heat exchangers (including utility heaters) and \(\Delta T_{\text {min }}=10^{\circ} \mathrm{C}\) for the following streams: When MER targets...
-
The following amounts were reported for Cotton, Newton, and Miller Companies: Required: Compute the missing amounts Cotton Newton Miller Accounts Receivable, 1/1/20502,300 282,100 128,500 Accounts...
-
Consider the following (I/O)E. Write some commands in Matlab to find the matrix A of the ss presentation. Which of the following is a correct one? Please submit your m file and a screenshot of your...
-
Of the following items of property, plant, and equipment, which one must be tested for impairment under IFRS? A A commercial building was purchased last year and there have been no comparable...
-
On January 01 (this year), Bakery A had 40 per cent of its local market share while the other two bakeries B and C had 40 per cent and 20 per cent, respectively, of the market share. Based upon a...
-
Run a multiple regression with the dependent variable of quantity demanded of heating oil and the independent variables of price and income. According to your regression results, which of the...
-
2 Labor Demand in a Competitive Market (10 points.) Consider a firm that maximizes profits using two inputs, capital K and labor L, subject to a rental price r = $30 and wage rate w = $20. It sells...
-
On January 2, 2020, Meintosh Ltd. sold five year. 4% bands with a face value of $ 500,000 interest will be paid semi-annually on June 30 and December 31. The pond were sold for $ 478,121 to yield 5%....
-
The following are selected current month's balances for Morgan, Inc. Accounts Payable $10,000 Revenue 9,000 Cash 8,450 Expenses 1,300 Furniture 10,000 Accounts Receivable 13,000 Common Stock 9,250...
-
Please use three or more of the following concepts as applied to the following case that involves you or someone else whose story you know in an organization dealing in some way with a challenge of...
-
If a $2000, one year 7% bond is sold for $2841, what is included in the journal entry to record the bond issuance? Show your calculations.
-
In the synthesis of the keto acid just given, the dicarboxylic acid decarboxylates in a specific way; it gives Explain. HO rather than HO
-
On January 1, 2014, Gato Company issued 1,000 shares of $ 80 par callable pre-ferred shares for $ 200,000. Callablepreferredshares for $200,000. Gato can call these preferred shares on January 1,...
-
Donegal Industries reported net income of $ 67,000 for the current year. The balances and activity in its accounts receivable accounts are shown below. In addition, it recorded $ 3,300 of bad debt...
-
What factors should accountants consider to determine if there is a significant financing component in a contract?
-
If the sample standard deviations instead of the sample ranges are used to estimate \(\sigma\), the control limits for the resulting \(\bar{x}\) chart are given by \(\overline{\bar{x}} \pm A_{1}...
-
In order to establish control charts for an extraction job, 30 samples of five measurements of the extracted ores are taken, and the results are \(\overline{\bar{x}}=25.96\) tons and \(\bar{s}=1.5\)...
-
Suppose that with the samples of Exercise 15.6, it is desired to establish control also over the variability of the process. Using the method of Exercise 15.5 and the values of \(\overline{\bar{x}}\)...
Study smarter with the SolutionInn App