Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 The City of Jonesboro engaged in the folowing transactions during the fiscal year ended September 30 30 points 1. The Cly transferred $300,000 from

1 The City of Jonesboro engaged in the folowing transactions during the fiscal year ended September 30 30 points 1. The Cly transferred $300,000 from the General Fund to the Detit Service Fund to make the interest payments due during the fiscal year. The payments due during the faca 2. The City transferred $75,000 from the Air Operations Special Revenue Fund to the General Fund to close out the operations of that t 3. The Cly paid $130,000 from the General Fund to the City Electric Usity Enterprise Fund for the unites used by the general and administrative offices during the year 4. The City transfered the actuarially determined pension contibution of $2 million from the General Fund to the City's Pension Trust Fund The City acquired a piece of equipment for $140,000. The equipment will be used by the Street Department. The City financed the purchases by borrowing $140.000 from the 6. The City transferred $1,500,000 from the General Fund to the Debt Service Fund to make principal and interest payments during the current year 7. The Chy made payments of $1 million principal and $500,000 interest on bonds that had been outstanding for several years On September 1, the Oty acquired several computers through an operating lease. The City mate the lease payments of 500,000 on September 30 Required: Prepare the necessary journal antes to record the transactions identify the fund or account group in which the above events would be recorded Transaction Fund Account Group Account T For the subat, pre ALT+F10 PC) or ALT-EN-10 Amount Deb MacBook Pro

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Working Papers

Authors: John G. Helmkamp

2nd Edition

0471514292, 978-0471514299

More Books

Students also viewed these Accounting questions

Question

Why? What will be my payoff?

Answered: 1 week ago

Question

9. Describe the characteristics of power.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago