Question
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 $2,100,000 and appropriations were $2,000,000.
2. Property taxes in the amount of $2,040,000 were levied. It is estimated that $14,000 of the taxes levied will be uncollectible.
3. A General Fund transfer of $30,000 in cash and $310,000 in equipment (with accumulated depreciation of $75,000) was made to establish a central duplicating internal service fund.
4. A citizen of Lynnwood donated marketable securities with a fair value of $900,000. 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 $50,000.
5. The citys utility fund billed the citys General Fund $135,000 for water and sewage services. As of December 31, the General Fund had paid $134,000 of the amount billed.
6. The central duplicating fund purchased $9,500 in supplies.
7. Cash collections recorded by the general government function during the year were as follows:
Property taxes | $1,935,000 |
Licenses and permits | $45,000 |
User charges | $33,000 |
8. During the year the internal service fund billed the citys general government function $20,700 for duplicating services and it billed the citys utility fund $13,100 for services.
9. The city council decided to build a city hall at an estimated cost of $5,100,000. To finance the construction, 5 percent bonds were sold at the face value of $5,100,000. A contract for $4,600,000 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 $37,000 for computer equipment. When the equipment was received, a voucher for $32,900 was approved for payment and payment was made.
Required: For each transaction, identify all the fund and/or government-wide activity journals in which journal entries must be made.
General fund | GF |
Capital projects fund | CPF |
Internal service fund | ISF |
Permanent fund | PF |
After School Fund (a special revenue fund) | SRF |
Enterprise fund | EF |
Governmental Activities | GA |
NOTE: All transactions for the same question, there are multiple parts
Transaction GF CPF Fund/Activity ISF OPF OSRF DEF OGA 2. OGF OCPF ISF OPF SRF EF GA 3. OGF CPF ISF OPF SRF EF GA 4. OGF CPF ISF OPF OSRF DEF OGA GF OCPF OISE OPF OSRF DEF OGA GF CPF ISF OPF SRF EF GA 7. DGF DCPF ISF DPF OSRF DEF DGA 8. OGF DCPF DISF OPF SRF DEF OGA 9. 10. GF CPF ISF OPF OSRF DEF DGA OGF DCPF OISE OPF SRF EF GAStep by Step Solution
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