Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi, please post answers in chart format - thank you! please no spam responses/answers The following information relates to Vane City during the year ended

hi, please post answers in chart format - thank you! image text in transcribed
image text in transcribed
image text in transcribed
please no spam responses/answers
The following information relates to Vane City during the year ended December 31,208 : 1. On October 31, 20x8, to finance the construction of a city hafl annex, Vane issund 8 percent, 10-year general obligation bonds at their face value of $800,000. A contractor's bid of $750,000 was accepted for the construction. By year-end, one-third of the contract had been completed at a cost of $246,000, all of which was paid on Janucry 5,209. 2. Vane collected $109,000 from hotel room taxes restricted for tourist promotion in a special revenue fund. The fund incurred and paid $81,000 for general promotions and $22,000 for a motor vehicle. Estimated revenues for 208 were $112,000; appropriations were expected to be $108,000. 3. General fund revenues of $313,500 for 208 were transferred to a debt service fund and used to repay $300,000 of 9 percent, 15 . year term bonds, which matured in 208, and to repay $13,500 of matured interest. The bond proceeds were used to construct a citizens' center. 4. At December 31,208, Vane was responsible for $83,000 of outstanding encumbrances in its general fund. The city uses the nonlapsing method to account for its outstanding encumbrances. 5. Vane uses the purchases method to account for supplies in the general fund. At December 31, 20X8, an inventory indicated that the supplies inventory was $42,000. At December 31,207, the supplies inventory was $45,000. Required: For each numbered item above, make all the journal entries in all funds affected for the year ended December 31, 20x8. Do not make any adjusting/closing entries for items (1). (2), and (3). (Select the appropriate fund for each situation. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund General Journal Debit Credit 1. On October 31,20X8, to finance the construction of a city hall annex, Vane issued 8 percent, 10-year general obligation bonds at their face value of $800,000. A contractor's bid of $750,000 was accepted for the construction. By year-end, one-third of the contract had been completed at a cost of $246,000, all of which was paid on January 5,209. 2. Vane collected $109,000 from hotel room taxes restricted for tourist promotion in a special revenue fund. The fund incurred and paid \$81,000 for general promotions and \$22,000 for a motor vehicle. Estimated revenues for 20X8 were $112,000; appropriations were expected to be $108,000. year term bonds, which matured in 208, and to repay $13,500 of matured interest. The bond proceeds were used to construct a citizens' center: 3GeneralFund Record the transfer of resources to the Debt Service Fund. 4. At December 31,208, Vane was responsible for $83,000 of outs norlapsing method to account for its outstanding encumbrances. norlapsing method to account for its outstanding encumbrances

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

Continuous Auditing Theory And Application

Authors: David Y. Chan, Victoria Chiu

1st Edition

1787434141, 978-1787434141

More Books

Students also viewed these Accounting questions