Required information

Exercise $9-20($Algo$)$ Comprehensive Set of Transactions $[$LO $9-4]$

Skip to question

$[$The following information applies to the questions displayed below.$]$

The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December $31.$

The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $$2,090,000$ and appropriations were $$1,999,000.$

Property taxes in the amount of $$2,030,000$ were levied. It is estimated that $$13,500$ of the taxes levied will be uncollectible.

A General Fund transfer of $$29,500$ in cash and $$309,000$ in equipment $($with accumulated depreciation of $$74,000)$ was made to establish a central duplicating internal service fund.

A citizen of Lynnwood donated marketable securities with a fair value of $$890,000.$ The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after$-$school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December $31$ was $$49,000.$

The city$$s utility fund billed the city$$s General Fund $$134,000$ for water and sewage services. As of December $31,$ the General Fund had paid $$133,000$ of the amount billed.

The central duplicating fund purchased $$9,000$ in supplies.

Cash collections recorded by the general government function during the year were as follows:

Property taxes $ $1,934,000$

Licenses and permits $44,000$

User charges $32,500$

During the year, the internal service fund billed the city$$s general government function $$20,200$ for duplicating services and it billed the city$$s utility fund $$12,600$ for services.

The city council decided to build a city hall at an estimated cost of $$5,090,000.$ To finance the construction, $6$ percent bonds were sold at the face value of $$5,090,000.$ A contract for $$4,590,000$ has been signed for the project; however, no expenditures have been incurred as of December $31.$

The general government function issued a purchase order for $$36,500$ for computer equipment. When the equipment was received, a voucher for $$32,800$ was approved for payment and payment was made.

Exercise $9-20($Algo$)$ Part b

Required

b$.$ Using the funds you identified in part a$,$ prepare journal entries to properly record each transaction for the fiscal year ended December $31.($If no entry is required for a transaction$/$event$,$ sel