Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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 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 $114,250. b. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). c. Ain) $11 million bond was issued at face value to build a new road. d. The city transfers cash of $159,000 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 received but at an actual cost of $116,650. Payment is not made at this time. f. The city transfers cash of $37,100 from its general fund to a capital projects fund. 9. The city receives a state grant of $30,000 that must be spent to promote recycling by the citizens. h. The first $5,700 of the state grant received in (9) is expended as intended. 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 government-wide financial statements. (Select the appropriate fund for each situation when required. Enter your answers in dollar, not in millons. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Show less

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Financial Accounting

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

10th edition

978-0078025624

Students also viewed these Accounting questions