Question
Please assist. The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended Dec 31. 1. The city council
Please assist. The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended Dec 31. 1. The city council adopted a general fund budget for the fiscal year. Revenues were estimated at 2130,000 & appropriations were 2,003,000. 2. Property taxes in the amount of 2,070,000 were levied. its estimated that 15,500 of the taxes levied will be uncollectible. 3. a general fund transfer of 31,500 in cash & 313,000 in equipment (with accumulated depreciation 78000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of 930,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after school program for children, which is sponsored by the culture & recreation function. Revenue earned & received as of Dec 31 was $53,000. 5. The city's utility fund billed the city's general fund $138,000 for water & sewage services. As of Dec 31, the general fund had paid $137,000 of the amount billed. 6. The central duplicating fund purchased $11,000 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes 1938000, licenses & permits 48,000, user charges 34,500. 8. During the year, the internal service fund billed the city's general government function 22,200 for duplicating services & it billed the city's utility fund 14,600 for services. 9. The city council decided to build a city hall at an estimated cost of 5130,000. To finance the construction, 5% bonds were sold at the face value of 5130,000. A contract for 4630,000 has been signed for the project; however, no expenditures have been incurred as of Dec 31. 10. The general government function issued a purchase order for 38,500 for computer equipment. When the equipment was received a voucher for 33,200 was approved for payment and payment was made. For each transaction number, identify all of the fund and/or government-wide activity journals in which journal entries must be made.
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