Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

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 Fund

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_2

Step: 3

blur-text-image_3

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

Cash, Corruption And Economic Development

Authors: Vikram Vashisht

1st Edition

1032096888, 9781032096889

More Books

Students also viewed these Accounting questions

Question

Formulate strategies and recommendations for action on HRM issues.

Answered: 1 week ago