On July 1, 2019, the Morgan County School District received a $66,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $5,100 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created. 1. On July 1, 2019, the gift was received and immediately invested. 2. On June 30, 2020, $5,100 of the principal was converted into cash. In addition, $4,100 of interest was received. 3. On June 30, the $9,200 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four years. 4. The nominal accounts were closed. Required: a. Record the above transactions on the books of the Civic Scholarship Fund. b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Record the above transactions on the books of the Civic Scholarship Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Transaction 1a 3 Note: Enter debits before credits. On July 1, 2019, the gift was received and immediately invested. Record the entry for receipt of the cash gift. Record entry 4 5 General Journal Clear entry < Required A Debit Credit View general Journal Required B > >
On July 1, 2019, the Morgan County School District received a $66,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $5,100 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created. 1. On July 1, 2019, the gift was received and immediately invested. 2. On June 30, 2020, $5,100 of the principal was converted into cash. In addition, $4,100 of interest was received. 3. On June 30, the $9,200 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four years. 4. The nominal accounts were closed. Required: a. Record the above transactions on the books of the Civic Scholarship Fund. b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2020. Complete this question by entering your answers in the tabs below. Required A Required B Record the above transactions on the books of the Civic Scholarship Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Transaction 1a 3 Note: Enter debits before credits. On July 1, 2019, the gift was received and immediately invested. Record the entry for receipt of the cash gift. Record entry 4 5 General Journal Clear entry < Required A Debit Credit View general Journal Required B > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject:
Transcribed Image Text:On July 1, 2019, the Morgan County School District received a $66,000 gift from a local civic organization with the stipulation that, on
June 30 of each year, $5,100 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high
school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created.
1. On July 1, 2019, the gift was received and immediately invested.
2. On June 30, 2020, $5,100 of the principal was converted into cash. In addition, $4,100 of interest was received.
3. On June 30, the $9,200 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four
years.
4. The nominal accounts were closed.
Required:
a. Record the above transactions on the books of the Civic Scholarship Fund.
b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2020.
Complete this question by entering your answers in the tabs below.
Required A Required B
Record the above transactions on the books of the Civic Scholarship Fund. (If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
Transaction
1a
3
On July 1, 2019, the gift was received and immediately invested. Record the
entry for receipt of the cash gift.
Note: Enter debits before credits.
Record entry
4 5
General Journal
Clear entry
< Required A
Debit
Credit
View general journal
Required B >
>
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