On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.90 million plus an additional $890,000 for postclosure work. Of these totals, the city must pay $60,500 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 6 percent of capacity. At the end of 2021, the landfill reaches 18 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $2.10 million rather than $1.90 million.
- Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements?
- Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements?
- Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements?
- Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements?
Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record first payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet N Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record second payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet 1 2 3 4 > N Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record first payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet N Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record second payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2020 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet N Record first payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet N Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record second payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet N Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet Record first payment of costs necessitated by eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet N Record entry to recognize the portion of total costs for eventual closure of landfill. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) View transaction list Journal entry worksheet
