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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
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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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)
Transcribed Image Text: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)
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