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Problem la: Using the list of transactions below, provide all necessary journal entries for the General Fund only. Write no entry if no entry is needed. Problem 16: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide records. Write no entry if no entry is needed. Springtown started operations in January, 2021. This information is for the town's first year of legal existence. 1. The Town Council adopted a General fund budget for the year. It included estimated revenues of $4,200,000, estimated other financing sources of $800,000, and appropriations of $4,600,000 2. The town ordered one pickup truck for the fire department at an anticipated cost of $37,000 and recorded the commitment. 3. Supplies for the town Manager's office were purchased for $22,000 on account. You may use either the purchases or the consumption method. 4. Property tax bills were mailed to all property owners. The total assessment is $1,400,000, although officials anticipate that 5% will never be collected. There is a legal claim to this money and the government can use it immediately. 5. A local artist donated a painting for the town Hall valued at $15,000 to be displayed in the Town Hall lobby. The town decided not to capitalize or depreciate this asset. 6. The truck ordered in item (2) above was received at an actual cost of $36,000 to be paid at a later time. The vehicle has an expected life of 6 years and no salvage value. When the town records depreciation, it uses the straight-line method and recognizes a full year of depreciation in the year of purchase. 7. At year-end, $4,000 of the supplies purchased in item (3) were still in the town Manager's office. 8. On January 1, the town's Public Works Department created a landfill on land already owned and used 10% of the capacity in the first year. If closed now, closure costs would be $900,000. The town pays $45,000 of the closure costs each year. 9. Salaries of $52,000 for the Police Department are due one month after the end of the year. 10. At the end of the year, the budget was removed from the town's records. la Credit 1. Accounts Estimated Revenues Estimated other financing sources Appropriation (Budgetary)Fund Balance Debit 4,200,000 800,000 4,600,000 400,000 2. 37,000 Encumbrance Encumbrance Outstanding 37,000 3. 22,000 Supplies Cash 22,000 4. 1,400,000 70,000 Taxes Receivable Allowance for Uncollectible Taxes Revenues 1,330,000 5. . 15,000 Expenditures Donation Received 15,000 6. 35,000 35,000 Fund balance Reserved for Encumbrance Encumbrance 6. Expenditures Vouchers Payable 6. No entry for Deprecation 36,000 36,000 7. 4,000 Inventory of supplies Expenditures-PS 4,000 8. 45,000 Expenditures Cash 45,000 9. Expenditures Vouchers Payable 52,000 52,000 10. Appropriations control 4,600,000 400,000 (Budgetary)Fund Balance Estimated Revenues Estimated other financing 4,200,000 800,000 sources 16 1. No Entry 2. No Entry 3. 22,000 Supplies Cash 22,000 4. Taxes Receivable Allowance for Uncollectible Taxes Revenues 70,000 1,330,000 5. 15,000 Museum Piece-artwork Revenue-donation 15,000 6. 36,000 36,000 Trucks Vouchers Payable 6. Depreciation expense Accumulated depreciation 6,000 6,000 7. 4,000 Inventory of supplies Expenditures-PS 4,000 8. 45,000 45,000 45,000 Expense-Landfill closure Landfill closure liability Landfill closure liability Cash Salaries payable Cash No Entry 45,000 9. 52,000 52,000 10. Problem 2 This problem has two parts, part 2a and part 2b. Answer each part separately using the same information. Do not mix answers to 2a and 2b; they are answered separately. Problem 2a: For the fund based records, identify which of the following governmental funds should be used and write the journal entries needed for the listed transactions. You do not need to write any General fund entries for this problem. Capital projects fund Debt service fund Special revenue fund Permanent fund Problem 21: For the Governmental Activities section of the government-wide records write any necessary journal entries for the following listed transactions. Write no entry if no entry is needed. 1. Day City, covered in this problem, issues a $12,000,000 bond at face value. The cash is to be used to remodel City Hall. 2. Previously undesignated cash of $200,000 from the General Fund is set aside to begin paying the bonds issued in item (1). 3. A state cash grant of $300,000 is received that must be spent in the future homeless outreach. The grant proceeds are held until outreach workers are hired and paid. 4. Cash of $400,000 is transferred from the General Fund for the City Hall remodeling construction project. 5. Investments valued at $700,000 are received as a donation from a grateful citizen. Income from the investments is to be used for children's programs. 6. Salaries of $25,000 are paid to homeless outreach workers according to the requirements of the grant received in item 3. 7. The remodeling project is completed, and a check is sent to the primary contractor for $12,400,000. No commitment had previously been recorded for the contract. 8. Nothing has yet been recorded this year regarding scheduled payments on the general obligation bonds issued in item (1). A cash payment of $30,000 is made that consists of $5,000 of interest and $25,000 of principal. The interest had not previously been accrued. Credit Debit 12,000,000 12,000,000 200,000 200,000 200,000 200,000 400,000 400,000 5. 700,000 700,000 25,000 25,000 12,400,000 12,400,000 25,000 5,000 2a Accounts 1. Cash Other financing sources- bond proceeds 2. Other financing uses Cash 3. Special revenue fund Cash 4. Cash Other financing sources- transfers in Cash Other financing sources 6. Salaries payable Cash 7. Other financing uses- transfers out Cash 8. Expenditures-bonds Expenditures-interest Cash 2b 1. Cash Bonds payable 2. Expenditures-bond proceeds Cash 3. Cash Bonds payable 4. Other financing sources- transfer in Cash 5. Expense Contributions 6. Cash Unearned grant revenues 7. Buildings Cash 8. Bonds payable Interest expense Cash 30,000 12,000,000 12,000,000 200,000 200,000 200,000 200,000 400,000 400,000 700,000 700,000 25,000 25,000 12,400,000 12,400,000 25,000 5,000 30,000 Problem 3 The following adjusted trial balance is taken from the General Fund of Banner City for the year ended June 30. Prepare a (post-closing) Balance sheet in good form. Allowance for uncollectible taxes Cash Due from capital projects fund Due to debt service fund Encumbrances Encumbrances outstanding Expenditures Fund Balance, nonspendable Fund Balance, unassigned Inventory of supplies Other financing sources - bond proceeds Other financing uses transfers out Revenues Taxes receivable Unearned (unavailable) grant revenues Vouchers payable 5,000 128,000 22,000 19,000 26,000 26,000 63,000 9,000 14,000 9,000 18,000 12,000 122,000 27,000 45,000 29,000 128,000 27,000 22,000 12,000 9,000 198,000 Accounts Cash Taxes Receivable Due from capital projects fund Other financing uses-transfers out Inventory of supplies Total assets Allowance for uncollectible taxes Vouchers payable Unearned grant revenues Due to debt service fund Other financing sources bond proceeds Fund balance, unassigned Fund balance, non-spendable Total liabilities and fund balances 5,000 29,000 45,000 19,000 18,000 73,000 9,000 198,000 Debit Credit 26,000 26,000 Accounts Encumbrances Outstanding Encumbrances Revenues Expenditures Fund balance unassigned 122,000 63,000 59,000 Balance sheet 128,000 27,000 (5,000) 22,000 9,000 22,000 12,000 193,000 Assets: Cash Taxes receivable Allowance for uncollectible taxes Inventory of supplies Due from capital project fund Other financing uses- transfers out Total assets Liabilities and fund balance Liabilities: Vouchers payable Unearned grant revenues Due to debt service fund Other financing sources-bond proceeds Total liabilities Fund balance: Fund balance, unassigned Fund balance, non-spendable Total liabilities and fund balance 29,000 45,000 19,000 18,000 110,000 71,000 9,000 190,000 Problem 4 At the beginning of the year, Scenic Valley Health Services, a health and welfare not-forprofit entity, had the following Net Assets balances: Net Assets: Without donor restriction With donor restriction $2,200,000 $760,000 During the year a number of transactions occurred. Using a 2-column schedule, show how each of the following transactions would affect the organization's two categories of Net assets. Show any reclassification necessary. Number each entry on your schedule to match the numbering below and provide a final total. Put your answers in order from 1 to 10. Do not net amounts together. 1. Received cash gifts without donor restriction of $285,000. 2. Paid salaries of $30,000 with $5,000 of that amount coming from restricted funds. 3. Equipment is bought for $105,000 by signing a long-term note for $55,000 and using funds subject to donor restriction for the remainder. 4. Received a contribution without donor restriction of $92,000. It is expected that the entire amount will be collected in three years. Present value is $75,000. 5. Received a cash gift of $14,000 that must be conveyed to another charity. However, the board has the right to choose which other charity ultimately receives the donation. 6. Depreciation of $32,000 on the entity's equipment is recorded. 7. Interest of $50 and principal of $2,000 is paid on the note previously signed when the equipment was purchased. 8. A donor gives an investment worth $190,000 that must be kept invested forever, but any interest or dividends can be used for any legitimate purpose of the entity. 9. Collected membership dues of $25,000. The members receive a reasonable amount of value in exchange for these dues including a monthly newsletter describing research activities. 10. Investment income of $1,800 is generated from the investment received in item (8) above. Accounts Net Assets with donor restrictions 760,000 Net Assets without donor restrictions 2,200,000 285,000 (30,000) (105,000) 30,666 (5,000) (55,000) 1 2 3. 4 5 6 7. 8 9 10 Opening Balance Contribution revenue Less: salary payments Less: purchase of equipment Contribution revenue Contribution revenue Less: depreciation on equipment Less: principal and interest paid Investment received Collection of membership dues Investment income 32,000 (2,050) 180,000 1,800 911,750 2,380,666 Problem 1a Item #6 is still using the inappropriate account titles for encumbrances and does not successfully remove the encumbrance posted in item #2. You do not change account titles in the middle of a problem. You used "supplies" in item #3 and "inventory of supplies" in item #7. Item #7 does not successfully adjust item #2 because you end up with 22,000 of supplies and 4,000 more of "inventory of supplies." No entry is needed for item #5 because the governmental fund does not record this because no resources were used to acquire it. Problem 1b You do not change account titles in the middle of a problem. You used "supplies" in item #3 and "inventory of supplies" in item #7. Item #7 does not successfully adjust item #2 because you end up with 22,000 of supplies and 4,000 more of "inventory of supplies." Where is the supplies expense? Journal entry #4 is incomplete. In item #5, the artwork was not capitalized so it was not recorded as an asset; use an expense account. The landfill liability in item #8 was greater than the 45,000 payment. Please review the original problem 17-35. Item #9 is missing the entry to expense. Problem 2a Problem 2a In this problem, the choice of the fund is separate from the journal entry itself. You would not put the fund choice within the journal entry. For example, for item #1, you would identify that this is an entry to the capital projects fund and the entry would be a debit to cash and a credit to other financing sources. You need to go back to the underlying problems to review and learn what you need. I'll attach the citations document that leads you to the homework problems that will help you. You can review them on Connect or you can see the solutions linkd to the Part I page in Canvas Problem 2b I need you to review the homework carefully. You would not use any fund terms in the government-wide entries. Governmental fund terms include expenditures and other financing sources. Entries #1, #7 and #8 are correct. The rest need review. Problem 3 The balance sheet does not include temporary accounts like other financing sources and other financing uses. You can use a worksheet like you used for SP1 to close the temporary accounts and find the right amounts for the balance sheet. The assigned portion of the fund balance would agree with the amount of the outstanding encumbrance at year-end. Problem 4 I need you to review each entry carefully using the citations document and your homework problems. Items #1 and #8 are correct