Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

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 $115,000. b. The city print shop did $2,700 worth of work for the school system (but has not yet been paid). C. An $10 million bond was issued to build a new road. d. Cash of $190,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund. e. The truck ordered in (a) is received at an actual cost of $117,400. Payment is not made at this time. f. Cash of $39,800 is transferred from the general fund to the capital projects fund. g. A state grant of $50,000 is received that must be spent to promote recycling. h. The first $7,600 of the state grant received in (g) is appropriately expended. Complete this question by entering your answers in the tabs below. FUND FIN STMT GOVT WIDE FIN STMT 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. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit Transaction Fund/Activity General Journal a. A new truck for the sanitation department was ordered at a cost of $115,000. a. Record encumbrances outstanding. b. The city print shop did $2,700 worth of work for the school system (but has not yet been paid). b. Record amount due to internal service fund. c. An $10 million bond was issued to build a new road. Record sale of bonds. c. d. Cash of $190,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund. d. Record authorization of transfer for construction. e. The truck ordered in (a) is received at an actual cost of $117,400. Payment is not made at this time. General Fund Record entry to remove encumbrance. e. Record receipt of truck f. Cash of $39,800 is transferred from the general fund to the capital projects fund. Record cash received from general fund to capital project fund. f. Record transfer in to capital project fund. g. A state grant of $50,000 is received that must be spent to promote recycling. Record state grant received for promoting recycling. g. h. The first $7,600 of the state grant received in (g) is appropriately expended. Record cash received from the state grant. h. Record the expenditure of the grant for recycling

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

The Development Of The American Public Accounting Profession

Authors: T.A. Lee

1st Edition

0415403944, 9780415403948

More Books

Students also viewed these Accounting questions