Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Only complete the Fund Financial statement. Thanks. Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund
Only complete the Fund Financial statement. Thanks.
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements a. A new truck for the sanitation department was ordered at a cost of $95,250. b. The city print shop did $1.200 worth of work for the school system (but has not yet been paid) c Ain) $9 million bond was issued at face value to build a new road. d. The city transfers cash or $160.000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. e. The truck ordered in (a) is received but at an actual cost of $97,650 Payment is not made at this time The city transfers cash of $39,000 from its general fund to a capital projects fund. 9. The city receives a state grant of $60,000 that must be spent to promote recycling by the citizens. h. The first $9,600 of the state grant received in (a) is expended as intended tnces Prepare journal entries for the City of Pudding's governmental funds to record the fund financial statements. (Select the appropriate fund for each situation when required. Enter your answers in dollars, not in millions. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Debit Transaction Fund/Activity General Journal a. A new truck for the sanitation department was ordered at a cost of 595 250 Record encumbrances outstanding Credit a b. The city print shop did $1200 worth of work for the school system (but has not yet been paid) b Record amount due to internal service fund c A(n) 59 million bond was issued at face value to build a new road c Record sale of bonds d. The city transfers cash of $160,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund Record authorization of transfer for construction e. The truck ordered in (a) is received but at an actual cost of $97 650 Payment is not made at this time e. General Fund Record entry to remove encumbrance. Record receipt of truck E The city transfers cash of $39,000 from its general fund to a capital projects fund, Record cash received from general fund to capital project fund Record transfer in to capital project fund g The city receives a state grant of $60,000 that must be spent to promote recycling by the citizens. 9 Record state grant received for promoting recycling h. The first $9,600 of the state grant received in (9) is expended as intended h Record cash received from the state grant Record the expenditure of the grant for recycling Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started