Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help the library finance its activities for the year. 2. The library received a grant of $300 from the county. The grant must be used only for library purposes, but there is no requirement as to when it must be spent. 3. The library received $20 from fines, donations, and various fundraising events. 4. The library paid $350 for salaries and $40 to acquire books and periodicals. Charge the Expenditures-culture salaries and Expenditures-culture supplies accounts, respectively. Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Library Special Revenue Fund: LSRF). Ref. Fund 1 ÷ Description Debit Credit 0 0 0 To record transfer out to Library Special Revenue Fund. ÷ = 0 0 0 To record receipt of transfer funds. ÷ = = 0 0 3 ÷ ÷ 0 0 0 4 = Expenditures culture salaries 0 0 0 0 0 Check Previous Save Answers Next >
Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help the library finance its activities for the year. 2. The library received a grant of $300 from the county. The grant must be used only for library purposes, but there is no requirement as to when it must be spent. 3. The library received $20 from fines, donations, and various fundraising events. 4. The library paid $350 for salaries and $40 to acquire books and periodicals. Charge the Expenditures-culture salaries and Expenditures-culture supplies accounts, respectively. Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Library Special Revenue Fund: LSRF). Ref. Fund 1 ÷ Description Debit Credit 0 0 0 To record transfer out to Library Special Revenue Fund. ÷ = 0 0 0 To record receipt of transfer funds. ÷ = = 0 0 3 ÷ ÷ 0 0 0 4 = Expenditures culture salaries 0 0 0 0 0 Check Previous Save Answers Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Journal entries for Special Revenue Fund transactions
The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.)
1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help the library finance its activities for the year.
2. The library received a grant of $300 from the county. The grant must be used only for library purposes, but there is no requirement as to when it must be spent.
3. The library received $20 from fines, donations, and various fundraising events.
4. The library paid $350 for salaries and $40 to acquire books and periodicals. Charge the Expenditures-culture salaries and Expenditures-culture supplies accounts, respectively.
Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Library Special Revenue Fund: LSRF).
Ref.
Fund
1
÷
Description
Debit
Credit
0
0
0
To record transfer out to Library Special Revenue Fund.
÷
=
0
0
0
To record receipt of transfer funds.
÷
=
=
0
0
3
÷
÷
0
0
0
4
= Expenditures culture salaries
0
0
0
0
0
Check
Previous
Save Answers
Next >
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
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,
Accounting
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