The Village of Watkins Glenn operated an educational program for at-risk middle school children. Businesses and nonprofit organizations sponsor thechildren and pay the registration fee.The following cash receipts were collected:RegistrationCash loan from bank310,00070,000The following cash disbursements were made:Payroll taxes30,000Labor102,80014,200InsuranceInterest2,100Purchase school bus65,000Required:A. Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fundB. Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund

Solution:- a)Preparation of the journal entries to record revenue and disbursements if the city…

equired: Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund

equired: Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 78AM

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