Transaction Reporting in Fund and Government$-$Wide Statements

Consider the following transactions of Daley County:

$1.$ General property taxes of $$4,500,000$ are levied.

$2.$ Grants of $$850,000$ are received from the state to finance public safety programs.

$3.$ Investment income of $$55,000$ is earned and received in cash on investments of a debt service fund.

$4.$ Investment income of $$85,000$ is earned and received in cash on investments made using money received from a generous citizen. The money is held in trust to finance acquisitions of the public art gallery, outlays are limited to earnings and the original contribution cannot be spent.

$5.$ User fees of $$45,000$ are received from operations of the community pool.

$6.$ Depreciation on public safety equipment is $$35,000$ for the year.

$7.$ Investment income of $$25,000$ is earned and received in cash on general fund investments of excess cash.

$8.$ The motor pool submits $$32,000$ in charges for vehicle use to other units in the government.

$9.$ Current year accrued interest on general long$-$term debt is $$30,000,$ and is not due for several years.

Required

For each transaction:

Indicate the fund affected and prepare the journal entry required in the fund financial statements.

Indicate whether the transaction is considered a governmental or business$-$type activity in the government$-$wide financial statements and prepare the journal entry required in the government$-$wide financial statements.

Note: If an item is not reported in a fund statement and$/$or in the government$-$wide statements, select Not applicable and No entry.

$1.$ General property taxes of $$4,500,000$ are levied.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$2.$ Grants of $$850,000$ are received from the state to finance public safety programs.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$3.$ Investment income of $$55,000$ is earned and received in cash on investments of a debt service fund.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$4.$ Investment income of $$85,000$ is earned and received in cash on investments made using money received from a generous citizen. The money is held in trust to finance acquisitions of the public art gallery, outlays are limited to earnings and the original contribution cannot be spent.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$5.$ User fees of $$45,000$ are received from operations of the community pool.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$6.$ Depreciation on public safety equipment is $$35,000$ for the year.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$7.$ Investment income of $$25,000$ is earned and received in cash on general fund investments of excess cash.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

Government$-$wide statements:

Item$($s$)$ is$/$are reported as Answer

Description Debit Credit

Answer

Answer

$0$

Answer

$0$

Answer

Answer

$0$

Answer

$0$

$8.$ The motor pool submits $$32,000$ in charges for vehicle use to other units in the government.

Fund financial statements:

Which fund is the transaction recorded in$?$

Answer

Description Debit Credit

Ans