Bellevue City's printing shop had the following trial balance on January 1, 20X2:DebitCredit$ 24,60015,6009,800CashDue from Other FundsInventory of SuppliesFurniture and EquipmentAccumulated DepreciationVouchers PayableNet Assets:Invested in Capital Assets (no related debt)UnrestrictedTotal260,000$ 50,00012,000210,00038,000$ 310,000 $310,000Additional Information for 20X21. During 20X2, the printing shop acquired supplies for $96,000, furniture for $1,500, and a copier for $3,200.2. Printing jobs billed to other funds amounted to $292,000; cash received from other funds, $287,300; costs of printingjobs, $204,000, including $84,000 of supplies; operating expenses, $38,000, including $8,400 of supplies;depreciation expense, $23,000; and vouchers paid, $243,000.Required:1. Prepare entries for the printing shop for 20X2, including closing entries.2. Prepare a statement of net position for the fund on December 31, 20X2. No debt is related to the year-end amount ofthe fund's capital assets.3. Prepare a statement of revenues, expenses, and changes in fund net position for 20x2.4. Prepare a statement of cash flows for 20X2.

A journal entry is a basic accounting record that is used to chronologically track financial…

Bellevue City's printing shop had the following trial balance on January 1, 20X2: Debit Credit $ 24,600 Cash Due from Other Funds Inventory of Supplies Furniture and Equipment Accumulated Depreciation Vouchers Payable Net Assets: 15,600 9,800 260,000 $ 50,000 12,000

Bellevue City's printing shop had the following trial balance on January 1, 20X2: Debit Credit $ 24,600 Cash Due from Other Funds Inventory of Supplies Furniture and Equipment Accumulated Depreciation Vouchers Payable Net Assets: 15,600 9,800 260,000 $ 50,000 12,000

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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Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
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