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Part 1 . Pension Trust Fund Transactions The City of Monroe offers a retirement savings ( defined contribution ) plan to police officers. Police employees
Part Pension Trust Fund Transactions The City of Monroe offers a retirement savings defined contribution plan to police officers. Police employees may contribute up to $ on a pretax basis to the plan. The City matches the amount of the employee contribution and manages the plan through a pension trust fund. Police Department pension plan, a singleemployer, definedcontribution plan, reported the following account balances as of January : Debits Credits Cash $ Accrued Interest Receivable Investments: Bonds Investments: Common Stock $ Net position Held in Trust for Employee Benefits Totals $ $ Required: b Post the entries to the Police Department Pension Trust ledger taccounts c Prepare an entry closing all nominal accounts to Net position and post into their Taccounts. Part Custodial Funds The City of Monroe maintains two custodial funds: a The Inmate Custodial Accounts fund holds money belonging to individuals incarcerated in the City jail. Inmates may receive cash from family members or as compensation for working in the jail kitchen or laundry. The City maintains separate balances for each inmate. Inmates request the City to disburse their cash to purchase snacks, hygiene items, or reading materials. Any unexpended balance is refunded to inmates upon release at the completion of their sentence. No funds are expended until requested by the inmate and inmates commonly serve up to months in the city jail. The Inmate Custodial Accounts fund had the following balances at January : Debits Credits Cash $ Accounts Payable $ Net position Held in Trust for Inmates Totals $ $ Record the following transaction Prepare an entry closing all nominal accounts to Net position and post into their Taccounts. b The Crime Victim Restitutions fund accounts for the receipt and disbursement of cash received from convicted individuals. As part of their sentencing individuals convicted of crimes involving theft or property damage frequently must make payments to compensate victims for loss. The court determines the amounts and establishes a payment schedule. Victims receiving restitution do not have to request payment. By statute the City is required to disburse restitution amounts to the designated victim by the th day of the month following receipt of restitution amounts. The Crime Victim Restitutions fund had the following balances at January : Debits Credits Cash $ Payable to Crime Victims $ Net position Totals $ $ Prepare an entry closing all nominal accounts to Net position and post to their Taccounts. Statement of Changes in Fiduciary Net position. Statement of Fiduciary Net position
Part Pension Trust Fund Transactions
The City of Monroe offers a retirement savings defined contribution plan to police officers. Police employees may contribute up to $ on a pretax basis to the plan. The City matches the amount of the employee contribution and manages the plan through a pension trust fund. Police Department pension plan, a singleemployer, definedcontribution plan, reported the following account balances as of January :
Debits Credits
Cash $
Accrued Interest Receivable
Investments: Bonds
Investments: Common Stock $
Net position Held in Trust for Employee Benefits
Totals $ $
Required:
b Post the entries to the Police Department Pension Trust ledger taccounts
c Prepare an entry closing all nominal accounts to Net position and post into their Taccounts.
Part Custodial Funds
The City of Monroe maintains two custodial funds:
a The Inmate Custodial Accounts fund holds money belonging to individuals incarcerated in the City jail. Inmates may receive cash from family members or as compensation for working in the jail kitchen or laundry. The City maintains separate balances for each inmate. Inmates request the City to disburse their cash to purchase snacks, hygiene items, or reading materials. Any unexpended balance is refunded to inmates upon release at the completion of their sentence. No funds are expended until requested by the inmate and inmates commonly serve up to months in the city jail.
The Inmate Custodial Accounts fund had the following balances at January :
Debits Credits
Cash $
Accounts Payable $
Net position Held in Trust for Inmates
Totals $ $
Record the following transaction
Prepare an entry closing all nominal accounts to Net position and post into their Taccounts.
b The Crime Victim Restitutions fund accounts for the receipt and disbursement of cash received from convicted individuals. As part of their sentencing individuals convicted of crimes involving theft or property damage frequently must make payments to compensate victims for loss. The court determines the amounts and establishes a payment schedule. Victims receiving restitution do not have to request payment. By statute the City is required to disburse restitution amounts to the designated victim by the th day of the month following receipt of restitution amounts.
The Crime Victim Restitutions fund had the following balances at January :
Debits Credits
Cash $
Payable to Crime Victims $
Net position
Totals $ $
Prepare an entry closing all nominal accounts to Net position and post to their Taccounts.
Statement of Changes in Fiduciary Net position.
Statement of Fiduciary Net position
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