Appearing below is the subsidiary ledger for the public safety department of the City of Boone. After the first month of the year, five entries have been made to the ledgerTransaction Appropriations Encumbrances Expenditures1($300,000)*235$ 18,000($282,000)EssayToolbar navigation$19,500($16,000)BIUS F$ 3,500$15.500$ 11,000'S amounts in () denote credits.Describe the most likely event that led to each of the postings (items 1-5).$26,500UnexpendedAppropriationBalance($300,000)($280,500)($ 281,000)($270,000)($252,000)($252,000)A

Subsidiary Ledger -A subsidiary ledger is an inventory of distinct accounts with comparable…

Appearing below is the subsidiary ledger for the public safety department of the City of Boone. After the first month of the year, five entries have been made to the ledger Transaction Appropriations Encumbrances Expenditures ($300.000)* 2 3 4 $ 18,000 ($282.000) Essay $19.500 ($16,000) Toolbar navigation $3.500 $15.500 $ 11,000 $26.500 Unexpended Appropriation *S amounts in () denote credits. Describe the most likely event that led to each of the postings (items 1-5). Balance ($300,000) ($280,500) ($ 281,000) ($270,000) ($252,000) ($252.000)

Appearing below is the subsidiary ledger for the public safety department of the City of Boone. After the first month of the year, five entries have been made to the ledger Transaction Appropriations Encumbrances Expenditures ($300.000)* 2 3 4 $ 18,000 ($282.000) Essay $19.500 ($16,000) Toolbar navigation $3.500 $15.500 $ 11,000 $26.500 Unexpended Appropriation *S amounts in () denote credits. Describe the most likely event that led to each of the postings (items 1-5). Balance ($300,000) ($280,500) ($ 281,000) ($270,000) ($252,000) ($252.000)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare a preclosing trial balance for the General Fund as of December 31, 2021.
The City of Upper Falls accounts for its inventory using the purchases method. During the year the City bought $400,000 of supplies, for which it owed $100,000 at year-end. The City will pay for the supplies from available expendable financial resources. The entry that should be recorded in the City s General Fund is a. Debit Expenditures $400,000; Credit Cash $300,000 and Accounts Payable $100,000. b. Debit Expenditures $300,000; Credit Cash $300,000. c. Debit Supplies Inventory $400,000; Credit Cash $300,000 and Accounts Payable $100,000. d. Debit Supplies Inventory $300,000; Credit Cash $300,000.
4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…
Prepare journal entries to record the following events. Identify every fund(s) or group of accounts in which an entry is made.a. The city authorized the construction of a city hall to be financed by a $6,000,000 contribution of the general fund and the proceeds of a $30,000,000 general obligation serial bond issue. Both amounts are budgeted to be received in the current year. Expenditures during the current year are estimated to be $14,000,000. Budgetary accounts are used.b. The general fund remits the $6,000,000.c. The bonds are sold for 99; issue costs totaled $50,000.d. A contract is signed with Mader Construction Company for construction of the city hall for an estimated contract cost of $32,000,000. The contract was authorized by a city official delegated authority by the city council.e. By year-end, $7,000,000 is paid against the contract withMader Construction Company.
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Journal entries for a series of transactionsPrepare journal entries in the General Fund for each of the following events relating to the City of Bar Harbor (all amounts in $1,000s). a. The citizens approve the following budget for the year: ESTIMATED REVENUES $78,924 ESTIMATED OTHER FINANCING SOURCES 2,000 APPROPRIATIONS (77,273) BUDGETARY FUND BALANCE $3,651 General Journal Description Debit Credit ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year: 1. Revenues-real estate and personal property taxes $68,650 2. Revenues-intergovernmental 12,685 3. Other financing sources-bond proceeds 2,400 Description Debit Credit 1. 2. 3. c. The City issues purchase invoices totaling $78,508…
7 Inglis City had a beginning cash and cash equivalents balance in its internal service fund of $895,685. During the current year, the following transactions occurred: 1. Interest received on investments totaled $42,450. 2. The city acquired additional equity investments totaling $75,050. 3. A grant was received from the state in the amount of $50,000 for summer interns. 4. Receipts from sales of goods or services totaled $2,915,570. 5. Payments for supplies were made in the amount of $1,642,150. 6. Payments to employees for salaries amounted to $479,360. 7. Equipment was sold for $57,500. It had a book value of $56,655. 8. A $25,000 transfer was made to the General Fund. 9. Other cash expenses for operations were $89,200. 10. Long-term debt payments for capital acquisitions totaled $525,040. Required Prepare a statement of cash flows for the Inglis City internal service fund. (Ignore the reconciliation of operating income to net cash provided by operating activities because…
E4-39. (Closing entries) LO 5 The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Prepare closing journal entries for these budgetary and financial accounts. Estimated revenues $300,000 Appropriations ...... Budgetary fund balance Revenues.. 305,000 5,000 300,000 Expenditures. 285,000
4. The City of Grinders Creek maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land $ 8,500,000 Buildings 27,600,000 Improvements Other Than Buildings 24,500,000 Equipment 11,690,000 Accumulated Depreciation, Capital Assets 25,800,000 During the year, expenditures for capital outlays amounted to $9,000,000. Of that amount, $4,800,000 was for buildings; the remainder was for improvements other than buildings. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements…
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