Question
The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30. Required: Prepare the necessary journal entries to record the
The City of Jonesboro engaged in the following transactions during the fiscal year ended September 30. Required: Prepare the necessary journal entries to record the transactions and identify ALL the fund or account group in which it would be recorded. Notes: Read carefully and follow strictly so that Bb can grade you correctly! 1. Use comma in numbers, one thousand is 1,000, not 1000. No $ sign. 2. If no entry is required, write N/A. 3. For Funds and Account Groups, only use the following: GenF, SRevF, CapPF, DebtSF, Perm/F, Enterp/F, IntnlSF, AgencyF, SAssessF, GFAAG, GLTDAG For accounts, only use the following: Est/Rev, Appropriations, EstOFS, EstOFU, FB/Unassigned, Cash, PTax/Rec, Allowance for Uncoll, DueTo, DueFrom, Revenues, OFS, Expenses, Expenditures, OFU, Amt/TBProv, Bonds/P, Machinery and Equipment, Investment 4. Copy Funds, Account Groups, and account names accurately to receive credits. Names are not case sensitive. 1. The City transferred $300,000 from the General Fund to the Debt Service Fund to make the interest payments due during the fiscal year. The payments due during the fiscal year were paid. Fund/Account Group Journal Entries Account Dr. Account Dr. Fund/Account Group Journal Entries Account Dr. Account Cr. Fund/Account Group Journal Entries Account Dr. Account Cr. 2. The City paid $130,000 from the General Fund to the City Electric Utility Enterprise Fund for the utilities used by the general and administrative offices during the year. Fund/Account Group Journal Entries Account Dr. Account Cr. Fund/Account Group Journal Entries Account Dr. Account Cr. 3. The City acquired a piece of equipment for $140,000. Fund/Account Group Journal Entries Account Dr. Account Cr. Fund/Account Group Journal Entries Account Dr. Account Cr. 4. The City made payments of $1 million principal and $500,000 interest on bonds that had been outstanding for several years. Fund/Account Group Journal Entries Account Dr. Account Cr.
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