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Required information [The following information applies to the questions displayed below.] The City of Lynnwood was recently incorporated and had the following transactions for the
Required information [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. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,070,000 and appropriations were $1,997,000. 2. Property taxes in the amount of $2,010,000 were levied. It is estimated that $12,500 of the taxes levied will be uncollectible. 3. A General Fund transfer of $28,500 in cash and $307,000 in equipment (with accumulated depreciation of $72,000 ) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $870,000. 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 $47,000. 5. The city's utility fund billed the city's General Fund $132,000 for water and sewage services. As of December 31 , the General Fund had paid $131,000 of the amount billed. 6. The central duplicating fund purchased $8,000 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: 8. During the year, the internal service fund billed the city's general government function $19,200 for duplicating services and it billed the city's utility fund $11,600 for services. 9. The city council decided to build a city hall at an estimated cost of $5,070,000. To finance the construction, 5 percent bonds were sold at the face value of $5,070,000. A contract for $4,570,000 has been signed for the project; however, no expenditures have been incurred as of December 31 . 10. The general government function issued a purchase order for $35,500 for computer equipment. When the equipment was received, a voucher for $32,600 was approved for payment and payment was made. Required a. For each transaction number, identify all of the fund and/or government-wide activity journals in which journal entries must be made. (Select all that apply.)
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