A city has the following information. Purchase Order Billed Amount Amount $ 550,000 $ 490,000 Transportation Public safety 735,200 720,013 Libraries 954,845 463,480 Parks 54,270 54,320 Total purchase orders and invoices $2,294,315 $1,727,813 All orders are partially filled, except for the order of Parks, which is completed. Required Prepare general journal entries for the following transactions: a. The issuance of the purchase orders. b. Orders are received and billed.
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- During the current year, the City of Hickory Hills issued purchase orders to various vendors in the amounts shown for the following functions of the city: General Government $ 171,200 Public Safety 309,000 Public Works 231,400 Culture and Recreation 188,700 Health and Welfare 175,100 Miscellaneous 25,300 Total $ 1,100,700 All goods ordered during the year were received at the following actual costs: General Government $ 166,800 Public Safety 308,700 Public Works 233,800 Culture and Recreation 188,700 Health and Welfare 178,300 Miscellaneous 27,000 Total $ 1,103,300 Required a.&b. Prepare journal entries in the General Fund general journal to record the issuance of purchase orders and to record the receipt of and payment for goods during the year. Also show subsidiary detail for the Encumbrances and Expenditures ledgers. (If no entry is required for a…Muscat Municipality issued a purchase order for supplies with an estimated cost of RO 6,000. When the supplies were received, the accompanying invoice indicated an actual price of RO 5,950. What amount should debit to Budgetary Fund Balance Reserve for Encumbrances (BFBR) after the supplies and invoice were received? a. RO - 50 b. RO 50 c. None of the options d. RO 6,000During the current year, the City of Hickory Hills issued purchase orders to various vendors in the amounts shown for the following functions of the city: General Government $ 172,200 Public Safety 310,000 Public Works 232,400 Culture and Recreation 189,700 Health and Welfare 176,100 Miscellaneous 25,400 Total $ 1,105,800 All goods ordered during the year were received at the following actual costs: General Government $ 167,800 Public Safety 309,700 Public Works 234,800 Culture and Recreation 189,700 Health and Welfare 179,300 Miscellaneous 27,200 Total $ 1,108,500 Required a.&b. Prepare journal entries in the General Fund general journal to record the issuance of purchase orders and to record the receipt of and payment for goods during the year. Also show subsidiary detail for the Encumbrances and Expenditures ledgers. (If no
- A government agency had the following items for disbursements:Electricity Expenses 560,000Telephone Expenses 134,400Rent Expenses 89,600 Office Supplies Inventory 100,800Office Equipment 168,000How much is the total amount credited to 1-01-04-040 for the above disbursements?Required: Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment for services provided Remy. 1. Create Receive Payment. a. From the Navigation Bar, select Projects > Sandy Copper: Remy b. From the Add to project menu, select Receive payment c. Select Payment Date: 01/23/2023 d. Select Payment Method: Check e. Select Deposit to: 1600 Undeposited Funds f. Select Invoice Number 1002 g. After selecting the Invoice, what is the Amount Received displayed? Note: Answer this question in the table shown below. Round your answer 2 decimal places. h. Select Save and close Amount received $ 2. View the Transaction Journal for Receive Payment. a. From the Navigation Bar, select Sales > All Sales tab b. From the Sales Transactions List, select the Sandy Copper: Remy payment just entered c. From the bottom of Receive Payment, select More > Transaction Journal d. What are the Account and Amount Debited? Debit Credit 20.00 Note: Answer this question in the table shown…E-7-4 Central Garage Internal Service Fund. The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund was established by a contribution of $300,000 from the General Fund on July 1, 2008, at which time the land and building were acquired. The post-closing trial balance at June 30, 2010, was as follows: Debits Credits Cash $110,000 9,000 90,000 50,000 250,000 Due from Other Funds Inventory of Supplies Land Building Allowance for Depreciation-Building 20,000 Machinery and Equipment Allowance for Depreciation-Machinery and Equipment Vouchers Payable 65,000 12.000 31.000 Net Assets-Invested in Capital Assets 333,000 Net Assets-Unrestricted 178,000 $574,000 $574,000 The following information applies to the fiscal year ended June 30, 2011: 1. Supplies were purchased on account for $92,000; the perpetual inventory method is used. 2. The cost of supplies used during the year ended June 30, 2011,…
- The city council decides to close the Library Special Revenue fund and send its remaining resources ($95.000 call Fund. What account should the Library Special Revenue Fund debit when it sends the calk to the General Fund? Expenditures for general fund Transfer out to general fund Received from general fund Advance to public fundRequired information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activties Transaction Debit Credit General Journal 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and was recorded on the donor's books at a historical cost of $4,500,000. 1 General Fund 2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,000. The machinery had originally been purchased with special revenue funds. 2 General Fund 3b 3. A car was leased for the mayor's use. The first payment was $1,000 and the present value of the remaining lease payments was $29,000. (Note: The initial cash payment was made by the General Fund.) 3a General Fund 4a…
- shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000The government health center purchases an ambulance amounting to RO 12,000. Which among the following statement is true for recording the ambulance in government accounting books? a. Treated as income and shown in the statement of revenue and expenditure b. Treated as expenditure for the period and not shown in the statement of Assets and Liabilities c. Shown in the statement of assets and liabilities at its market value d. Shown in the statement of assets and liabilities at its written down valueQuestion 1 The City of Denton uses encumbrance accounting to control expenditures. It charges the cost of outstanding purchase commitments to expenditures in the year they are received, not in the year they are ordered. If the City had $7,000 of purchase commitments outstanding at the end of Year 1 and received those goods during Year 2 at a cost of $7,800, what would be the impact on total Fund Balance for Year 2? a. Total Fund Balance at the end of Year 2 would be $7,800 less than at the end of Year 1. b. Total Fund Balance at the end of Year 2 would be $800 less than at the end of Year 1. c. Total Fund Balance at the end of Year 2 would be $800 greater than at the end of Year 1. d. Total Fund Balance at the end of Year 2 would be same as it was at the end of Year 1. Question 2 To close Encumbrances at the end of the year which of the following entries should be made? a. Debit Encumbrances; Credit Fund Balance. b. Debit Reserve for Encumbrances; Credit…