work Check my work mode: This shows w Exercise 4-25 (Static) Interfund and Inter-activity Transactions [LO 4-5] The following transactions affected various funds and activities of the Town of Big Springs Required a Prepare the journal entries for the funds and activities (if no entry is required for a transaction/event, select "No Journ Required" in the first account field. Answer is complete but not entirely correct. Transaction Fund Governmental Activities General Journal Debit Credit 1 The Fire Department, a governmental activity accounted for within the General Fund, purchased $100,000 of water from the Water Utility Fund, an enterprise fund 1 General Fund Expenditures Cash Governmental Activities Expenses Public Safety Cash Enterprise Fund Cash Revenues 100,000 100,000 100,000 O 100,000 00 50 00 100,000 100,000 00 50,000 50,000 2. A special revenue fund was awarded a $250,000 reimbursement grant The General Fund advances $50,000 to the special revenue fond to cover initial costs associated with the grant's purpose 2 General Fund Interfund Loans Receivable-Canes Cash Governmental Activities No Journal Entry Required Special Revenue Fund Cash Interlund Loans Payable-Cument 00 50,000 50.000 100,000 100,000 3. The General Fund transferred its annual contribution of $100,000 to the debt service fund for interest and principal on general obligation bonds dus during the year. General Fund Other Financing Sources-efund Transfers Out Cash Governmental Activities No Journal Entry Required Debt Service Fund Cash Other Financing Sources-tertund Transfers In 00 00 100.000 O 100,000 O 4 The $5,000 balance in the capital projects fund at the completion at comtruction of a new Town Hall was transformed to the General Fund Homework Check my work mode: This shows w cmerpose runa Gasn Revenues OC 100,000 2 A special revenue fund was awarded a $250,000 reimbursement grant. The General Fund advances $50,000 to the special revenue fund cover initial costs associated with the grant's purpose to 2 General Fund Interfund Loans Receivable-Current Cash Governmental Activities No Journal Entry Required Special Revenue Fund Cash. Interfund Loans Payable-Current 00 00 50,000 50,000 50,000 ' 50,000 3 The General Fund transferred its annual contribution of $100,000 to the debt service fund for interest and principal on general obligation bonds due during the year 3 General Fund Other Financing Sources-Interfund Transfers Out Cash 00 100,000 100,000 Governmental Activities No Journal Entry Required: Debt Service Fund Cash Other Financing Sources-Interfund Transfers la O 00 100,000 100,000 C 4 The $5.000 balance in the capital projects fund at the completion of construction of a new Town Hall was transferred to the General Fund 4 General Fund Cash Other Financing Sources-Interfand Transfers in Govemmental Activities No Journal Entry Required 00 0 5,000 5.000 Capital Projects Fund Other Financing Sources-Interfund Transfers In Cash 00 5.000 5.000- 5. The General Fund made a long-term loan in the amount of $50,000 to the Central Stores Fund, an internal service fund that services town departments 5 General Fund Internd Loans Pavati Noncurren Cash Governmental Actives No Journal Entry Required Internal Service Fund Cash Interlund Loans Payable--Noncurrent 00 0 00 50,000 O 50,000- 50.000 50,000 work Check my work mode: This shows w Exercise 4-25 (Static) Interfund and Inter-activity Transactions [LO 4-5] The following transactions affected various funds and activities of the Town of Big Springs Required a Prepare the journal entries for the funds and activities (if no entry is required for a transaction/event, select "No Journ Required" in the first account field. Answer is complete but not entirely correct. Transaction Fund L Governmental Activities General Journal Debit Credit The Fire Department, a governmental activity accounted for within the General Fund, purchased $100,000 of water from the Water Utility Fund, an enterprise fund General Fund Expenditures Cash Governmental Activities Expenses-Public Safety Cash Enterprise Fund Cash Revenues 100,000 100,000 100,000 O 100,000 00 50 00 100,000 O 100,000 00 50,000 50,000 2. A special revenue fund was awarded a $250,000 reimbursement grant The General Fund advances $50,000 to the special revenue fond to cover initial costs associated with the grant's purpose 2 General Fund Interfund Loans Receivable-Come Cash Governmental Activities No Journal Entry Required Special Revenue Fund Cash Interlund Loans Payable-Cument 00 50,000 50,000 3. The General Fund transferred its annual contribution of $100,000 to the debt service fund for interest and principal on general obligation bonds due during the year General Fund Other Financing Sources-terund Transfers Out Cash 00 100,000 100,000 Governmental Activities No Joumal Entry Required Debt Service Fund Cash Other Financing Sources-Hertund Transfers 00 100,000 O 100.0001 4 The $5000 balance in the capital projects fund at the completion at comtruction of a new Town Hall was transferred to the General Fund Homework Check my work mode: This shows Enerpose runa Gasn Revenues >> 100,000 100,000 2 A special revenue fund was awarded a $250,000 reimbursement grant. The General Fund advances $50,000 to the special revenue fund cover initial costs associated with the grant's purpose. to 2 General Fund Interfund Loans Receivable-Current Cash Governmental Activities No Journal Entry Required Special Revenue Fund Cash Interfund Loans Payable-Current 00 00 50,000 50,000 50,000 6 50,000 100,000 100,000 3 The General Fund transferred its annual contribution of $100,000 to the debt service fund for interest and principal on general obligation bonds due during the year 3 General Fund Other Financing Sources-Interfund Transfers Out Cash Governmental Activities No Journal Entry Required: Debt Service Fund Cash Other Financing Sources-Interfund Transfers la 00 00 100,000 100,000 4 The $5,000 balance in the capital projects fund at the completion of construction of a new Town Hall was transferred to the General Fund 4 General Fund Cash Other Financing Sources-Interfand Transfers in Governmental Activities No Journal Entry Required 00 0 5,000 5,000 Capital Projects Fund Other Financing Sources-Interfund Transfers In Cash 00 5,000 5.000 50,000 O 50,000-> 5. The General Fund made a long-term loan in the amount of $50,000 to the Central Stores Fund, an intemal service fund that services town departments 5 General Fund Interband Loans Pivationcurren Cash Governmental Activas No Journal Entry Required Internal Service Fund Cash Interlund Loans Payable-Noncurrent 00 00 50,000- 50.000 a. Prepare the journal entries for the funds and activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund/Governmental Activties General Journal Debit Credit 1. The Fire Department, a governmental activity accounted for within the General Fund, purchased $100,000 of water from the Water Utility Fund, an enterprise fund 1 General Fund Expenditures Cash Governmental Activities Expenses-Public Safety Cash Enterprise Fund Cash Revenues 100,000 100.000 100.000 100.000 100,000 100,000 2. A special revenue fund was awarded a $250,000 reimbursement grant. The General Fund advances $50,000 to the special revenue fund to cover initial costs associated with the grant's purpose 2 General Fund Interfund Loans Receivable-Current Cash Governmental Activities No Journal Entry Required Special Revenue Fund Cash Interfund Loans Payable-Current 50,000 50.000 50,000 50,000 3. The General Fund transferred its annual contribution of $100,000 to the debt service fund for interest and principal on general obligation bonds due during the year 3 General Fund Other Financing Sources-Interfund Transfers Out Cash Governmental Activities No Journal Entry Required Debt Service Fund Cash Other Financing Sources-Interfund Transfers In 100,000 100.000 100.000 100,000 4. The $5,000 balance in the capital projects fund at the completion of construction of a new Town Hall was transferred to the General Fund General Fund 4 5.000 Cash Other Financing Sources-Interfund Transfers In Governmental Activities No Journal Entry Required Capital Projects Fund Other Financing Uses-Interfund Transfers Out Cash 5.000 5,000 5,000 5. The General Fund made a long-term loan in the amount of $50,000 to the Central Stores Fund, an internal service fund that services town departments. 5 General Fund Interfund Loans Payable-Current Cash Governmental Activities No Journal Entry Required Special Revenue Fund Cash Interfund Loans Payable-Current 50.000 50,000 50,000 3. The General Fund transferred its annual contribution of $100,000 to the debt service fund for interest and principal on general obligation bonds due during the year. 3 General Fund Other Financing Sources-Interfund Transfers Out Cash Governmental Activities No Journal Entry Required Debt Service Fund Cash Other Financing Sources-Interfund Transfers In 100,000 100,000 100,000 100.000 4. The $5,000 balance in the capital projects fund at the completion of construction of a new Town Hall was transferred to the General Fund. 4 General Fund 5,000 Cash Other Financing Sources-Interfund Transfers In Governmental Activities No Journal Entry Required 5.000 Capital Projects Fund Other Financing Uses-Interfund Transfers Out 5,000 Cash 5,000 5. The General Fund made a long-term loan in the amount of $50,000 to the Central Stores Fund, an internal service fund that services town departments 5 General Fund Interfund Loans Payable-Current 50,000 Cash 50,000 Governmental Activities No Journal Entry Required Internal Service Fund Cash 50,000 Interfund Loans Payable-Noncurrent 50,000