A local government has the following transactions during the current fiscal period a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected b. A bond is issued at face value to fund the construction of a new municipal building c. A computer is ordered for the tax department. d. The computer is received e. The invoice for the computer is paid f. The city council agrees to transfer money from the General Fund as partial payment for a special assessments project but has g. The city council creates a motor pool to service all government vehicles. Money is transferred from the general fund to h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has j. A portion of the grant money in (i) is properly spent. not yet done so. The city will be secondarily liable for any money borrowed for this work. permanently finance this facility small percentage is estimated to be uncollectible been recorded. Appropriate payment of the supplement is viewed as an eligibility requirement. a. For the transactions indicate in the table below what accounts will be debited and credited for fund financial statements. b. For the transactions indicate in the table below what accounts will be debited and credited for government-wide financial statements FUND FIN GOVT WIDE FIN STMT STMT For the transactions indicate in the table below what accounts will be debited and credited for fund financial statements. (Select the appropriate fund fo situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both the debit sic credit side.) General Journal Transaction Fund/Activity a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected Account(s) Debited Account(s) Credited a. General Fund b. A bond is issued at face value to fund the construction of a new municipal building b. Capital Projects Fund c. A computer is ordered for the tax department. c. General Fund d. The computer is received General Fund d-1 d-2. e. The invoice for the computer is paid. e. General Fund f. The city council agrees to transfer money from the General Fund as partial payment for a special assessments project but has not yet done so. The city will be secondarily liable for any money borrowed for this work f-1. General Fund f-2. Capital Projects Fund g. The city council creates a motor pool to service all government vehicles. Money is transferred from the General Fund to permanently finance this facility. Treat internal service fund as a governmental activity. 9-1 General Fund g-2. Internal Service Fund h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a small percentage is estimated to be uncollectible h. General Fund i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has been recorded. Appropriate payment of the supplement is viewed as an eligibility requirement Special Revenue Fund j. A portion of the grant money in (i) is properly spent. j Special Revenue Fund j-2. FUND FIN STMT GOVT WIDE FIN STMT For the transactions indicate in the table below what accounts will be debited and credited for fund financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both the debit side and credit side.) General Journal Transaction Fund/Activity Account(s) Debited Account(s) Credited a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected. a.Governmental Activities Fund b. A bond is issued at face value to fund the construction of a new municipal building. b. Governmental Activities Fund c. A computer is ordered for the tax department. . Governmental Activities Fund d. The computer is received d. Governmental Activities Fund e. The invoice for the computer is paid e. Governmental Activities Fund f. The city council agrees to transfer money from the General Fund as partial payment for a special assessments project but has not yet done so. The city will be secondarily liable for any money borrowed for this work. Governmental Activities Fund g. The city council creates a motor pool to service all government vehicles. Money is transferred from the General Fund to permanently finance this facility. Treat internal service fund as a governmental activity. 9 Governmental Activities Fund h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a small percentage is estimated to be uncollectible. h. Governmental Activities Fund i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has been recorded Appropriate payment of the supplement is viewed as an eligibility requirement. Governmental Activities Fund . A portion of the grant money in (i) is properly spent. 1 Governmental Activities Fund j-2. FUND FIN STMT GOVT WIDE FIN STMT A local government has the following transactions during the current fiscal period a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected b. A bond is issued at face value to fund the construction of a new municipal building c. A computer is ordered for the tax department. d. The computer is received e. The invoice for the computer is paid f. The city council agrees to transfer money from the General Fund as partial payment for a special assessments project but has g. The city council creates a motor pool to service all government vehicles. Money is transferred from the general fund to h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has j. A portion of the grant money in (i) is properly spent. not yet done so. The city will be secondarily liable for any money borrowed for this work. permanently finance this facility small percentage is estimated to be uncollectible been recorded. Appropriate payment of the supplement is viewed as an eligibility requirement. a. For the transactions indicate in the table below what accounts will be debited and credited for fund financial statements. b. For the transactions indicate in the table below what accounts will be debited and credited for government-wide financial statements FUND FIN GOVT WIDE FIN STMT STMT For the transactions indicate in the table below what accounts will be debited and credited for fund financial statements. (Select the appropriate fund fo situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both the debit sic credit side.) General Journal Transaction Fund/Activity a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected Account(s) Debited Account(s) Credited a. General Fund b. A bond is issued at face value to fund the construction of a new municipal building b. Capital Projects Fund c. A computer is ordered for the tax department. c. General Fund d. The computer is received General Fund d-1 d-2. e. The invoice for the computer is paid. e. General Fund f. The city council agrees to transfer money from the General Fund as partial payment for a special assessments project but has not yet done so. The city will be secondarily liable for any money borrowed for this work f-1. General Fund f-2. Capital Projects Fund g. The city council creates a motor pool to service all government vehicles. Money is transferred from the General Fund to permanently finance this facility. Treat internal service fund as a governmental activity. 9-1 General Fund g-2. Internal Service Fund h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a small percentage is estimated to be uncollectible h. General Fund i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has been recorded. Appropriate payment of the supplement is viewed as an eligibility requirement Special Revenue Fund j. A portion of the grant money in (i) is properly spent. j Special Revenue Fund j-2. FUND FIN STMT GOVT WIDE FIN STMT For the transactions indicate in the table below what accounts will be debited and credited for fund financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both the debit side and credit side.) General Journal Transaction Fund/Activity Account(s) Debited Account(s) Credited a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected. a.Governmental Activities Fund b. A bond is issued at face value to fund the construction of a new municipal building. b. Governmental Activities Fund c. A computer is ordered for the tax department. . Governmental Activities Fund d. The computer is received d. Governmental Activities Fund e. The invoice for the computer is paid e. Governmental Activities Fund f. The city council agrees to transfer money from the General Fund as partial payment for a special assessments project but has not yet done so. The city will be secondarily liable for any money borrowed for this work. Governmental Activities Fund g. The city council creates a motor pool to service all government vehicles. Money is transferred from the General Fund to permanently finance this facility. Treat internal service fund as a governmental activity. 9 Governmental Activities Fund h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a small percentage is estimated to be uncollectible. h. Governmental Activities Fund i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has been recorded Appropriate payment of the supplement is viewed as an eligibility requirement. Governmental Activities Fund . A portion of the grant money in (i) is properly spent. 1 Governmental Activities Fund j-2. FUND FIN STMT GOVT WIDE FIN STMT