1. The city of Ark approved the following budget for the 2020 calendar year for one of its Enterprise Funds:

Estimated Revenues $400,000

Appropriations 390,000

Estimated Interfund Revenues 40,000

Estimated Operating TransfersOut 20,000

Required: Make the necessary entry for this Enterprise Fund to record its budget.

2. On Feb. 14, 2020, an Internal Service Fund of the city of Boat levied property taxes in the amount of $70,000, of which, 98% were expected to be collected. Required: Make the necessary Feb. 14, 2020 entry for this Internal Service Fund.

3. On May 26, 2020, an Enterprise Fund of the city of Cruise ordered machinery at an expected cost of $22,000. On June 18, 2020, this machinery arrived at a cost of $20,500. On June 22, 2020, this Enterprise Fund paid for this purchase. Required: Make the necessary entries for this Enterprise Fund on May 26, 2020, June 18, 2020, and June 22, 2020.

4. On June 18, 2020, an Enterprise Fund of the city of Barge received a $450 bill from the Water Department Enterprise Fund. This bill was immediately paid in cash. On June 22, 2020, this Enterprise Fund received a $175 bill from a local printing company. This bill was also immediately paid in cash. Required: Make the necessary entries for this Enterprise Fund both on June 18, 2020 and June 22, 2020.

5. On Aug. 12, 2020, a proprietary fund of the city of Raft billed one of its primary customers $18,000 for services rendered. On Aug. 19, 2020, this proprietary fund billed one of its secondary customers $4,000 for services rendered. Required: Make both the Aug. 12, 2020 and the Aug. 19, 2020 entries for this proprietary fund, assuming (a) it is an Internal Service Fund, and (b) it is an Enterprise Fund.

6. An Enterprise Fund of the city of Flattop, of course, maintains an inventory of supplies account. The Jan. 1, 2020 balance of inventory on hand is $16,000. During 2020, this Enterprise Fund ordered $45,000 of inventory, acquired $48,000 of inventory, and paid for $44,000 of inventory. A physical count of inventory on hand on Dec. 31, 2020, revealed $11,000 of inventory. Required: Given the information above, make all of the necessary entries for this Enterprise Fund.

7. Required: Make the necessary entry for the transaction described below in the appropriate governmental fund.

(a) A citys private-purpose trust fund paid a brokerage firm $33,000 for services rendered.

(b) A citys private purpose trust fund paid $61,000 in college scholarship monies to students graduating from the citys public high school.

(c) A citys pension trust fund collected $140,000 from city employees and a matching $140,000 from the city offices that employed these workers.

(d) A citys pension trust fund paid $390,000 of retirement benefits to retired city employees.

8. The city of Stoddard manages investment funds for itself and three other cities. These investments are accounted for partially in a Stoddard Investment Trust Fund. Pre-adjusting entry information as of Dec. 31, 2020 concerning all of the investment funds is shown below:

City Investment Funds

Stoddard $100,000

Doniphon 240,000

Peabody 40,000

Valance 120,000

The Dec. 31, 2020 fair value of these investment funds are $560,000. Required: Make the necessary Dec. 31, 2020 adjusting entry in this Stoddard Investment Trust Fund to adjust these investments to their fair values.

9. On Dec. 19, 2020, an Enterprise Fund of the city of Tanker ordered machinery at an expected cost of $12,000. This machinery arrived on Jan. 14, 2021, at an actual cost of $11,100. This Enterprise Funds fiscal year ends on Dec. 31. Required: Make the necessary entries for this Enterprise Fund on Dec. 19, 2020, Dec. 31, 2020, Jan. 1, 2021, and Jan. 14, 2021 related to this year-end outstanding purchase order.

10. The following Dec. 31, 2020 information is for an Enterprise Fund of the city of Willoughby:

Current Assets $ 490,000

Capital Assets 450,000

Total Assets 1,020,000

Current Liabilities 140,000*

Long-term Liabilities 380,000*

Net Position--Unrestricted 500,000

*$160,000 of the current and long-term liabilities relate to debt associated with the acquisition of capital assets.

Willoughby has determined that $44,000 of its equity position is restricted. Required: Make the necessary Dec. 31, 2020 post-closing adjusting entry to get Willoughbys equity accounts to their proper balances.