Here are the entries request:

Because the Province has a limited number of revenue sources, revenue control accounts are not used. Rather, General Fund revenues are directly recorded into the following accounts (property taxes, sales taxes, fees licenses and permits, program fees, and intergovernmental grants) Similarly, expenditures are recorded directly into the following accounts: (general government operations, public safety, education, capital outlay, and debt service: principal and interest).

The Province established the Bureau of Electricity and Water to operate as an enterprise fund. The enterprise fund reports expenses by object category using the following account titles: (salaries, supplies, depreciation, and interest).

There are no fiduciary, special revenue, permanent, or internal service funds. The government uses account groups to record general fixed assets and general long-term debt.

Please help with the requests below:

8. During 2091, the Province government placed orders amounting to $940,000 for supplies. All the supplies ordered were received during the year with an invoice price of $935,000 (there are no outstanding encumbrances for supplies). $900,000 was paid during the year. The supplies were distributed by major functions of government as follows:

General Public

Operation Safety Education Total

Order placed $ 390,000 $ 400,000 $ 150,000 $ 940,000

Invoice prices 395,000 400,000 140,000 935,000

The government uses the consumption method of recording supplies (i.e. expenditure is determined by the amount of supplies used not purchased during a period).

9. During 2091 the Bureau of Electricity and Water placed orders amounting to $1,200,000 for supplies. The supplies were received with an invoice price of $1,140,000. Of this $1,087,000 was paid before year end.

10. The Province Council approved the construction of a new school building at an estimated cost of 3,000,000. The issuance of $2,500,000 in general obligation long-term bonds was authorized to finance the cost of construction. In addition, the Province government agreed to provide $500,000 for the construction project.

11. On March 31, 2091, the Province government transferred $500,000 to the school building capital project.

12. On April 1, 2091, $2,500,000 in 10 percent general obligation long-term bonds were issued for $2,580,000. The premium of $80,000 was reserved for redemption of the bonds while the principal was set aside for construction of the school. The bonds call for annual interest payments on March 31, and mature on April 1, 2111.

13. On June 1, 2091, the school building contract was awarded to the lowest bidder for $2,680,000, including planning and architect's fees.

14. On November 30, 2091, the progress billings of $2,280,000 for the school building were received from the contractor and $ 1,250,000 was paid on December 31, 2091. The remaining balance is expected to be paid in January, 2092. Liabilities resulting from capital additions are recorded in Contracts Payable, (rather than Accounts Payable).

15. The Board of the Bureau of Electricity and Water approved the construction of an office building at an estimated cost of $880,000.

16. On July 1, 2091, the office building contract was signed in the amount of $865,000, including planning and architect's fees.

17. On October 30, 2091, construction was completed and $782,500 was paid on the contract. The remaining portion ($ 82,500) will be paid following final inspection on January 15, 2092. Liabilities resulting from capital additions are recorded in Contracts Payable, (rather than Accounts Payable)

18. At the end of November, fire equipment was ordered for the public safety department at an estimated cost of $49,523. The units have not been delivered as of December 31, 2091.

19. During 2091, the Province government received the following cash collections:

Sales taxes $ 756,000

Permits, fees & licenses 312,000

Program Fees: Education 80,000

$1,148,000

20. Salaries and wages of $4,150,000 were incurred and paid by the Province government and the Bureau of Electricity and Water during 2091. Salaries and wages are classified by governmental functions as follows:

Incurred

& Paid

General operation $ 837,000

Public safety 775,000

Education 725,000

Bureau of Electricity Water 1,813,000

Total $ 4,150,000

21. During 2091, the Bureau of Electricity and Water billed the Province government and the residents for electricity and water services in the amounts of $920,000 and $2,675,000 respectively. The Bureau estimated that 2% of the gross revenue from the residents will be uncollectible. During 2091, $805,000 and $2,115,000 of the bills sent to the Province government and the residents, respectively, are collected. $18,500 of the bills sent to the residents are identified as uncollectible and written off.

The electricity and water services provided to the Province government were charged by government functions as follows:

General operation $ 350,000

Public safety 250,000

Education 320,000

22. $281,250 was removed from general government funds and set aside for payments on outstanding general obligation serial bonds.

23. On December 31, 2091, the Province government made principal payment of $93,750 and annual interest of $187,500 on the general obligation serial bonds.

24. As of December 31, 2091, physical inventories of supplies on hand report the following:

General operation $ 116,000

Public safety 0

Education 0

Bureau of Electricity Water 14,000

25. On December 31, 2091, the Bureau of Electricity and Water accrued annual interest on the 10% bonds ($1,250,000 face value) described in item # 2.

26. The Province government and the Bureau of Electricity and Water recorded depreciation for 2091 using the straight-line method. The new office building is estimated to have zero salvage value and 10-year useful life and is depreciated on a monthly basis, beginning with the month (November) it was placed in service.

27. On December 31, 2091 the Bureau of Electricity and Water borrowed $650,000 on a 90 day note payable to cover a temporary cash shortfall.

28. On December 31, 2091, $300,000 was borrowed on a 60 day note payable to cover a temporary cash shortfall in general government operations.

29. The bond premium is amortized using the straight-line basis over 20 years. (9 months of amortization is recognized in 2091).

30. For purposes of classifying fund balances in the governmental funds, assume:

• Supplies are the only nonspendable resource,
• The outstanding encumbrances in the General Fund are classified as Assigned for capital asset acquisitions
• The residual balances of the debt service funds are classified as assigned.
• The residual balances of capital projects funds are classified as restricted.

31. Prepare closing entries, where appropriate. Do NOT post the closing entries to the t-accounts.