Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare joumal 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

image text in transcribed
image text in transcribed
image text in transcribed
Prepare joumal 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. A(n) $9 milion bond was issued at face value to bulld a new road. 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 e. The truck ordered in (a) is recelved but at an actual cost of $97,650. Payment is not made at this time. E. 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 recelved in (9) is expended as intended. Complete this question by entering your answers in the tabs below. Prepare joumel entries for the Oty of Pudding's governmental funds to record the fund financial statements. (Select the approprate fund for each stuation when required. Enter your answers in collars, not in millions. If no entry is required for a transaction/event, select "No journal entry requlved" in the fint account field.) an enterpise lind e. The tuok ordered in (a) is recelved but at an achal cost of 597,650 . Payment is not made at thin time 4. The chy receives a state grart of $60,000 that must be spent to promote recycing by the cikient. f. The cily transfers cash of $39,000 from is general fund to a capital projects fund g. The cily recelves a state grant of $60,000 that must be spent to promole recycling by the citizens h. The first $9.600 of the stale grant received in (g) is expended as intended

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_2

Step: 3

blur-text-image_3

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

Apple Marketing Audit And New Service Product Plan

Authors: Sherry King

1st Edition

3656610797, 978-3656610793

More Books

Students also viewed these Accounting questions

Question

Find and s for the data set in Table 4.

Answered: 1 week ago