Don't use ai i will report you answer solve it as soon as possible with proper explanation During the month of July, the Town of Lynton recorded the following information related topurchases:Amount ofPurchase OrderActualCostGeneral government$569,000$ 509,000Public safety754,200739,013Public works973,845482,480Culture and recreation73,27073,320Total purchase ordersand invoices$2,370,315$ 1,803,813At the end of the month, several purchase orders remained outstanding for all functionsexcept Culture and Recreation. Public Works in particular had a large amount of purchaseorders outstanding because it had put in an order for delivery of paving materials to bedelivered over the months of July and August. For all but Culture and Recreation, considerthe amounts for purchase orders received the same as the actual cost of the items. Requireda. (1) Prepare the general journal entry to record the issuance of the purchase orders.(2) Show entries in subsidiary ledger accounts.b. (1) Prepare the general journal entries to record the receipt of the goods ordered at theactual cost shown and the related payable.(2) Show entries for the subsidiary ledger accounts.

Solution: . a) (1) ParticularsDebitCreditEncumbrances$2,370,315 Reserve for Encumbrances $2,370,315…

Answered: During the month of July, the Town of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…
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.
Required 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…
The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility. Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and…
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?
Please answer competely
The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable…
The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ ’000 $ ’000 District Development Facility (DDF) 58,600 Special Sanitation Grant from Government 30,260 Share of Common fund 587,450 Property Rate (iii) 73,230 Funeral Rate 25,270 Salary Div 1 266,280 Commission to Revenue Collectors 15,790 Printing and Publication 66,110 Utility Bills 20,040 Conferences 14,580 Donations 80,770 Contract Retention 13,970 Market Tolls 25,550 Court Fines 109,400 Marriage and Divorce Registration 43,840 Telecommunication Cost 18,830 Repairs and Maintenance 9,720 Town Hall Meetings 64,890 Special Audit Fees 27,130 Travel and Transport 54,670 Revenue Receivable 208,570 Salary Div 2 315,090 Assembly Members Allowance 79,000 Consultancy Cost 4,750 Hawkers License 37,150 Chop bar License 85,600 Market stalls rent 31,590 Bungalow rent 20,750 Advertisement and Promotions 11,500 Office Consumables (1/1/2021) 18,290 Purchase of Office Consumable…
4. The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, 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 $32,000 47,000 712,000 89,000 479,000 45,000 17,000 40,000 18,000 $1,479,000 Credits $ 96,000 28,000 45,000 12,000 550,000 4,000 119,000 625,000 $1,479,000 Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the…
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 1 ($300,000)* 2 3 5 $ 18,000 ($282,000) Essay Toolbar 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). $26,500 Unexpended Appropriation Balance ($300,000) ($280,500) ($ 281,000) ($270,000) ($252,000) ($252,000) A
Visno
On January 1, 2020, a city purchased office supplies for $103,000. During the year, $78,000 of these supplies were used. Required: Record the journal entries for these transactions using the purchases method (disregard the encumbrance entries).

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS