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The Library Special Revenue Fund started calendar year 3019 with a cash balance of $5,000, no liabilities, and a restricted fund balance of $5,000. Post
The Library Special Revenue Fund started calendar year 3019 with a cash balance of $5,000, no liabilities, and a restricted fund balance of $5,000. Post the opening balances to the T-accts. Prepare the journal entries to record the following transctions in the Library Special Revenue Fund, and, where appropriate in the General Fund. Post the entries to the appropriate T-accts.
- The General Fund transferred $100,000 cash to the Library Special Fund to help the library finance its activities for the year.
- The library received a grant of $300,000 from the county. The grant must be used only for library purposes, but there is no requirement as to when it must be spend.
- The library received $20,000 from fines, donations, and various fundraising events.
- The library paid $350,000 for salaries and $40,000 to acquire books and periodicals. Charge the Expenditures-culture salaries and Expenditures-culture supplies accounts respectively.
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