Question
1) For the independent transactions or events described below were completed by different governmental entities or private nonprofit organization, please prepare the journal entries and
1) For the independent transactions or events described below were completed by different governmental entities or private nonprofit organization, please prepare the journal entries and specify the fund, or the voluntarily maintained groups effected by the foregoing transaction or events:
A) The city of NY General Fund adopted an annual budget estimating general revenues of $ 400 000, approved expenditures of 250 000 and other financing uses to other funds of $ 50 000.
B) The city of NY General Fund transferred $ 149 000 to the Debt Service Fund for maturing principle of $ 120 000 and interest $ 29 000 on serial bonds.
C) A citizen donated 30 acres of land to NY City for the future School site. The donors cost of the land was $ 180 000. The current fair value of the land was $ 200 000. ( This is not a Not for profit entity)
D) A citizen of NY City an endowment of $ 120 000 to establish a non- expandable trust fund whose revenue is to be used for college scholarship. A bond has been purchased and generated revenues that used for college scholarship in amount of $ 5000: (only required Endowment entry, and the scholarship entry)
2)
The typical balances of the following ledger accounts of governmental entitys general long term debt account group are:
Amount Available Amount to be provided
A) Dr. Cr.
B) Cr. Dr.
C) Dr. Dr.
D) Cr. Cr.
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