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The following information applies to the questions displayed below. ] The City of Lynnwood was recently incorporated and had the following transactions for the fiscal
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
The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $ and appropriations were $
Property taxes in the amount of $ were levied. It is estimated that $ of the taxes levied will be uncollectible.
A General Fund transfer of $ in cash and $ in equipment with accumulated depreciation of $ was made to establish a central duplicating internal service fund.
A citizen of Lynnwood donated marketable securities with a fair value of $ The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an afterschool program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December was $
The citys utility fund billed the citys General Fund $ for water and sewage services. As of December the General Fund had paid $ of the amount billed.
The central duplicating fund purchased $ in supplies.
Cash collections recorded by the general government function during the year were as follows:
Property taxes $
Licenses and permits
User charges
During the year, the internal service fund billed the citys general government function $ for duplicating services and it billed the citys utility fund $ for services.
The city council decided to build a city hall at an estimated cost of $ To finance the construction, percent bonds were sold at the face value of $ A contract for $ has been signed for the project; however, no expenditures have been incurred as of December
The general government function issued a purchase order for $ for computer equipment. When the equipment was received, a voucher for $ was approved for payment and payment was made.
Required
b Using the funds you identified in part a prepare journal entries to properly record each transaction for the fiscal year ended
The city's utility fund billed the city's General Fund $ for water and sewage services. As of December the General Fund had paid $ of the
amount billed.
The central duplicating fund purchased $ in supplies.
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