As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred: A permanent contribution of $600,000 was received from the general fund. Revenue bonds were sold at par in the amount of $1,200,000 Several items were purchased for cash, with a cost breakdown as follows: land, $300,000, building, $400,000, land improvement, $400,000, equipment, $200,000, and supplies, $150,000 Charges for services amounted to $600,000, all received in cash Cash expenses included salaries of $200,000; utilities of $100,000, and interest of $72,000 Supplies were consumed in the amount of $120,000. Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000 The books were closed Close all accounts to net position. Required Record the above transactions in general journal form (on the books of the swimming pool fund)

As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred: A permanent contribution of $600,000 was received from the general fund. Revenue bonds were sold at par in the amount of $1,200,000 Several items were purchased for cash, with a cost breakdown as follows: land, $300,000, building, $400,000, land improvement, $400,000, equipment, $200,000, and supplies, $150,000 Charges for services amounted to $600,000, all received in cash Cash expenses included salaries of $200,000; utilities of $100,000, and interest of $72,000 Supplies were consumed in the amount of $120,000. Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000 The books were closed Close all accounts to net position. Required Record the above transactions in general journal form (on the books of the swimming pool fund)

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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