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- Public Independence School needs modern cafeteria services. The School District Board approved $600,000 for building and establishment of the cafeteria.
Required:
a. Prepare the General
- Record the proceeds from the bonds in General Fund.
- Prepare General Journal entries to Transfer Cash to the Public Independent School Capital Project Fund.
- prepare general journal entries to record the receipt of the Transfer of Cash from General Fund.
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- Fulbright County constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activities General Journal 1. The county issued $6,700,000 of 6 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund Transaction. 2. A $720,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund 3. The Library Special Revenue Fund transferred $320,000 for use in construction of the library.…Please help me with this entries Journal entries for Capital Projects Fund transactions At the start of 2019, Croton’s Capital Projects Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Capital Projects Fund. (We suggest you post the journal entries to general ledger T-accounts.) Croton undertook construction of a new police station, designed to house both the Croton police and the county sheriff and to serve as a detention center. To finance construction, Croton received a cash grant of $1,000 from the county as an advance pending incurrence of expenditures. It also sold $2,000 of 20-year general obligation bonds. The bonds, sold April 1, 2019, were to be redeemed in equal semiannual installments of principal, with interest on the unpaid balance at the rate of 5 percent per annum, starting October 1, 2019. Croton awarded two contracts, one for architectural and construction supervision services ($200) and one for construction…Prepare Journal entries in the General Fund of Brownsville School District. a. The district had outstanding encumbrances of $9,200 for band instramentsfrom the previous year. It is the district's policy to re-establish those encumbrances in the sunsequent year. b. The district ordered textbooks at an estimated cost of $57,000. c. The band instraments arrived at an invoice price of $8,800 olus $290 shipping. d. Textbooks originally estimated to cost $49,000 were received with an invoice price of $48,500. The remaining portion of the order is back-ordered. e. A contract was signed with a CPA to provide the annual audit in the amount of $5,200.
- The governmental funds of the City of Westchester report the following information: Prepaid items Cash from a bond issuance that must be spent within the school system according to the bond indenture Supplies Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park Cash that the assistant director of finance designated for use in upgrading the local roads Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers Cash that the city council voted to use in renovating a school gymnasium Total assets (includes balances other than those listed above) Liabilities $8,700 106,000 7,000 38,250 52,250 69,750 61,000 568,500 213,000 The city council has the highest level of decision-making authority for the City of Westchester Required: Note: Use the cells A2 to 812 from the above information to complete this question. On a balance sheet for the government funds, what fund balance amounts should the city of…Required: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000. Revenues were received, all in cash, in the amount of $1,019,000. Purchase orders were issued in the amount of $486,000. Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid). Expenditures for payroll not encumbered amounted to $518,000 (not yet paid). Amounts from (d) and (e) are paid in cash. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly. The Enterprise Fund provides bus service both to the public and to government agencies. Prepare entries to record these transactions. Identify the funds involved in each case. a. The Enterprise Fund bills the Special Revenue Fund $15,000 for bus service provided to the elderly. b. The General Fund receives an electricity bill for $20,000 and prepares a voucher to pay the bill. The General Fund then bills the Special Revenue Fund for $3,000, representing the portion of the electricity bill applicable to the senior citizens building. C. The Enterprise Fund is short of cash to pay its bills. The General Fund lends the Enterprise Fund $50,000 in cash, which will be repaid before the end of the year. d. The General Fund pays cash of $100,000 to the Enterprise Fund as a subsidy to help meet the operating costs of…
- Bilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund. REQUIRED: Prepare journal entries to record these events in the internal service fund. If no entry is required, write “No entry required.” a)The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b)Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c)Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d)Purchased equipment for $1,950,000. The equipment has an estimated useful life of nine years and an estimated salvage value of $150,000. e)Billed the general fund for copying and printing charges, $70,000.…This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $5,000,000 bond issue, a $500,000 grant, and a $500,000 General Fund transfer. The following transactions occurred during the current year: The General Fund transferred $500,000 to the Senior Center Capital Projects Fund. A plot of land was purchased for $400,000 in cash. (This cost had not been encumbered.) Preliminary planning and engineering costs of $95,000 were vouchered. (This cost had not been encumbered.) A contract was signed with Sunset Construction Company for the major part of the project on a bid of $4,950,000. The $5,000,000 bonds were issued at par. Temporary investments were purchased at a cost of $3,500,000. A payable was recorded for a $49,500 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.) An invoice in the amount of $1,500,000 was…The following transactions occurred in the City of Jim-town Enterprise Fund: 1. Equipment belonging to the Enterprise Fund was sold for $300. 2. The proceeds from the sale of the asset were transferred to the General Fund. 3. Cash, $2,800, was paid for construction costs. The cash was paid out of unrestricted cash available for any Enterprise Fund purpose i.e., was not set aside strictly for capital asset construction or acquisition. 4. Paid principal, $18, and interest, $59, on a mortgage note. 5. The Enterprise Fund collected $12,500 from external customers and $2,500 from the General Fund for services. 6. The City signed a lease for equipment. The present value of the future payments and fair value of the equipment is $5,000, and the City made a down payment of $500 7. Proceeds of bonds issued to refund previously outstanding bonds that had been issued to finance plant expansion several years earlier, $18,000. 8. Interest paid on the refunding bonds, $1,080. 9. Cash proceeds from…
- A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Credit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made.The General Fund and Special Revenue Funds P4-2 (General Fund-Typical Transactions) Prepare all general journal entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. The county levied property taxes of $5,000,000. It is estimated that 2% will be uncollectible. The rest of the taxes are expected to be collected by year end or soon enough thereafter to be considered available at year end. The county collected $4,300,000 of the taxes receivable before the due date and the balance of taxes became delinquent. The county collected another $540,000 of the taxes receivable by the end of the fiscal year. The county paid salariesPrepare journal entries to record the following events in the city of Rosewood’sWater Commission enterprise fund: a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city. c. TheWater Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b). d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells. e. The contract with the well driller showed an estimated cost of $930,000. f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.
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