Following are descriptions of transactions and other financial events for the City of Tetris for the...

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Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2024. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2023. Paid salary for police officers Received government grant to pay ambulance drivers Estimated revenues Received invoices for rent on equipment used by fire department during last four months of the year: Paid for newly constructed city hall Made commitment to acquire ambulance Received cash from bonds sold for construction purposes Placed order for new sanitation truck $ 21,000 40,000 232,000 3,000 1,044,000 111,000 300,000 154,000) 24,000 16,000 33,000 120,000 Paid salary to ambulance drivers-money derived from state government grant given for that purpose Paid for supplies for school system: Made transfer from General Fund to eventually pay off a long- tere debt Received but did not pay for new ambulance Levied property tax receivables for 2024. City officials anticipate that 95% ($190,000) will be collected during the i year and 5% will prove to be uncollectible Acquired and paid for new school bus Received cash from business licenses and parking meters (not previously accrued) Approved appropriations Required: 200,000 40,000 14,000 225,000 The following questions are independent although each is based on the preceding information. Assume that the government is Required: The following questions are independent although each is based on the preceding information. Assume that the government is preparing information for its fund financial statements. a. What is the balance in the Budgetary Fund Balance account for the budget for the year? Is it a debit or credit? d. Assume that a new ambulance was received on December 31, 2024. Provide all necessary journal entries on that date. e. Prepare all journal entries that should have been made when the $33,000 transfer was made for the eventual payment of a long- term debt. f. What amount of revenue should the city recognize for the period? g. What are the total expenditures? Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. The City of Tetris uses the consumption method. h. What journal entry or entries did the city prepare for the issuance of the bonds? Answer is not complete.. Complete this question by entering your answers in the tabs below. Req A Req D Req E Req F and G Req H What journal entry or entries did the city prepare for the issuance of the bonds? Note: 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. 5 Req A Req D Req E Req F and G Req H ts Assume that a new ambulance was received on December 31, 2024. Provide all necessary journal entries on that date. Note: 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. Transaction Fund or Activity General Journal 1. Received in the encumbrances outstanding and receipt of equipment. Debit Credit Record encumbrances outstanding 2 Record receipt of equipment < Req A Req E > Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req D Req E Req F and G Rea H What journal entry or entries did the city prepare for the issuance of the bonds? Note: 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. Transaction Fund or Activity General Journal Debit Credit 1. Received in the amount of financing sources. 1 Record the amount received of financing sources. Cash 300,000 Bonds payable 300,000 g. What are the total expenditures? Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. The City of Tetris uses the consumption method. h. What journal entry or entries did the city prepare for the issuance of the bonds? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req D Req E Req F and G Req H f. What amount of revenue should the city recognize for the period? g. What are the total expenditures? Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. The City of Tetris uses the consumption method. f Total revenues $ 190,000 g Total expenditures $ 1,235,000 < Req E Req H > Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2024. Not all transactions have been included here. Only the general fund formally records a budget. No encumbrances were carried over from 2023. Paid salary for police officers Received government grant to pay ambulance drivers Estimated revenues Received invoices for rent on equipment used by fire department during last four months of the year: Paid for newly constructed city hall Made commitment to acquire ambulance Received cash from bonds sold for construction purposes Placed order for new sanitation truck $ 21,000 40,000 232,000 3,000 1,044,000 111,000 300,000 154,000) 24,000 16,000 33,000 120,000 Paid salary to ambulance drivers-money derived from state government grant given for that purpose Paid for supplies for school system: Made transfer from General Fund to eventually pay off a long- tere debt Received but did not pay for new ambulance Levied property tax receivables for 2024. City officials anticipate that 95% ($190,000) will be collected during the i year and 5% will prove to be uncollectible Acquired and paid for new school bus Received cash from business licenses and parking meters (not previously accrued) Approved appropriations Required: 200,000 40,000 14,000 225,000 The following questions are independent although each is based on the preceding information. Assume that the government is Required: The following questions are independent although each is based on the preceding information. Assume that the government is preparing information for its fund financial statements. a. What is the balance in the Budgetary Fund Balance account for the budget for the year? Is it a debit or credit? d. Assume that a new ambulance was received on December 31, 2024. Provide all necessary journal entries on that date. e. Prepare all journal entries that should have been made when the $33,000 transfer was made for the eventual payment of a long- term debt. f. What amount of revenue should the city recognize for the period? g. What are the total expenditures? Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. The City of Tetris uses the consumption method. h. What journal entry or entries did the city prepare for the issuance of the bonds? Answer is not complete.. Complete this question by entering your answers in the tabs below. Req A Req D Req E Req F and G Req H What journal entry or entries did the city prepare for the issuance of the bonds? Note: 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. 5 Req A Req D Req E Req F and G Req H ts Assume that a new ambulance was received on December 31, 2024. Provide all necessary journal entries on that date. Note: 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. Transaction Fund or Activity General Journal 1. Received in the encumbrances outstanding and receipt of equipment. Debit Credit Record encumbrances outstanding 2 Record receipt of equipment < Req A Req E > Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req D Req E Req F and G Rea H What journal entry or entries did the city prepare for the issuance of the bonds? Note: 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. Transaction Fund or Activity General Journal Debit Credit 1. Received in the amount of financing sources. 1 Record the amount received of financing sources. Cash 300,000 Bonds payable 300,000 g. What are the total expenditures? Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. The City of Tetris uses the consumption method. h. What journal entry or entries did the city prepare for the issuance of the bonds? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req D Req E Req F and G Req H f. What amount of revenue should the city recognize for the period? g. What are the total expenditures? Assume that 60 percent of the school supplies are used during the year so that 40 percent remain. The City of Tetris uses the consumption method. f Total revenues $ 190,000 g Total expenditures $ 1,235,000 < Req E Req H >