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Need in an hour, Please show calculations and where numbers are from. Thank you The following transactions affected various funds and activities of the Town
Need in an hour, Please show calculations and where numbers are from. Thank you
The following transactions affected various funds and activities of the Town of Big Springs. Required a. Prepare the journal entries for the funds and activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Transaction Debit General Journal Activties Credit 1. The Fire Department, a governmental activity accounted for within the General Fund, purchased $130,000 of water from the Water Utility Fund, an enterprise fund. 1 General Fund Governmental Activities Enterprise Fund 2. A special revenue fund was awarded a $250,000 reimbursement grant. The General Fund advances $65,000 to the special revenue fund for a short-term period to cover initial costs associated with the grant's purpose. 2 General Fund Governmental Activities 2. A special revenue fund was awarded a $250,000 reimbursement grant. The General Fund advances $65,000 to the special revenue fund for a short-term period to cover initial costs associated with the grant's purpose. 2 General Fund Governmental Activities Special Revenue Fund 3. The General Fund transferred its annual contribution of $130,000 to the debt service fund for interest and principal on general obligation bonds due during the year. 3 General Fund Governmental Activities Debt Service Fund 4. The $5,600 balance in the capital projects fund at the completion of construction of a new Town Hall was transferred to the General Fund. 4 General Fund 4. The $5,600 balance in the capital projects fund at the completion of construction of a new Town Hall was transferred to the General Fund. 4 General Fund Governmental Activities Capital Projects Fund 5. The General Fund made a long-term loan in the amount of $65,000 to the Central Stores Fund, an internal service fund that services town departments. 5 General Fund Governmental Activities Internal Service FundStep by Step Solution
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