Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Only need the journal entries to compare with my answers. In Class Special Revenue Fund Example Record the following transactions for City of Buffalo Hills

Only need the journal entries to compare with my answers. image text in transcribed
In Class Special Revenue Fund Example Record the following transactions for City of Buffalo Hills Library Fund. 1. In 2019, a citizen donated $50,000 to the local public library to purchase new furnishings for a kid friendly reading center. 2. The city library was also awarded a state grant of $15,000 to fund the purchase of new children's books for the library. 3. The librarian ordered $20,000 in books from the Scholastic Book Company. 4. The librarian ordered $10,000 in furniture for the reading center. 5. A bill of $20,000 was received from the Internal Service Fund for data processing expenditures 6. A transfer of cash in the amount of $5,000 was transferred from the Permanent Fund. 7. The books were received with an invoice price of $20.250. 8. An invoice was sent to state government for $15,000. 9. The furniture for the children's center was delivered along with an invoice price amounting to $9,750. 10. $10,000 of the invoice from the Internal Service Fund was paid. 11. Both invoices were paid. 12. The state government remitted $12.500 of the amount due. 13. The books were closed for 2019. a. Prepare journal entries to record the above transactions recorded in the Special Revenue Fund and Government-wide financial statements. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Special Revenue Fund. c. Prepare a Balance Sheet for the Special Revenue Fund assuming the resources contributed to the library are restricted

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

Auditing a business risk appraoch

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

6th Edition

9780324645095, 324645090, 978-0324375589

More Books

Students also viewed these Accounting questions