Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) O Assignments: ACCT 148 (01) -O Question 1 - Chapter 5 Homew xM MHE Readerb Answered: The preclosing, yea xy! how to take screen shot on ma x+A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=D0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252FM...Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.Return to question1Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest wholedollar.)3pointsO Answer is not complete.X 01:01:02Fund /GovernmentalActivtiesTransactionGeneral JournalDebitCredit1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had anacquisition value of $5,100,000 and was recorded on the donor's books at a historical cost of $4,400,000.1General FundLandX 5,100,000 XAppropriations5,100,000 XGovernmentalActivities2. The Public Works Department sold machinery with a historical cost of $35,000 and accumulated depreciation of $28,850 for $5,725. The machineryhad originally been purchased with special revenue funds.2General FundGovernmentalActivities3. A car was leased for the mayor's use. The first payment was $1,200 and the present value of the remaining lease payments was $28,000. (Note:The initial cash payment was made by the General Fund.)ЗаGeneral FundMc1 of 3GrawHillEducation< PrevNext > O Assignments: ACCT 148 (01) -O Question 1 - Chapter 5 Homew xM MHE Readerb Answered: The preclosing, yea xy! how to take screen shot on ma x+A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=D0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252FM...Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.Return to question13. A car was leased for the mayor's use. The first payment was $1,200 and the present value of the remaining lease payments was $28,000. (Note:The initial cash payment was made by the General Fund.)ЗаGeneral Fund3pointsGovernmentalActivitiesX 01:00:473bRecord the lease of car to the Mayor.4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the projectwas $9,695,000. Financing for the project came from a $8,980,000 bond issue that was sold in the prior year and from a $715,000 federal capital grantreceived in the current year. Current-year expenditures for the project totaled $1,166,000. The full cost is attributed to the building because it wasconstructed on city-owned property.Capital ProjectFund4aRecord the funds received for the public safety building.4bRecord the current year's expenditure for the public safety building.GovernmentalActivities4cRecord the funds received for the public safety building.4dRecord the current year's expenditure for the public safety building.Mc1 of 3GrawHillEducation< PrevNext >

A journal entry is a record of the business transactions in the accounting books of a business. A…

Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.)

Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the com-pany hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. Cash sales $150,000 Collections on accounts receivable 350,000 Bank loan 90,000 Total cash receipts $590,000 The accounts receivable from customers at the end of the year are $120,000. You note that the accounts receivable at the beginning of the year were $190,000. The cash sales included $30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a.Compute the company’s accrual basis gross income for 2019. b.Would you recommend that Blue use the cash method or the…
The following information relates the questions 18. 19, 20, 21 and 22. (Note: The following Information will also be needed to answer questions no. 19, 20, 21 and 22. You may want to take a picture or write it on a paper.) A summary of the entries in the cash ledger account of Bulacan Gardens for the month of March 2019 showed the following: Cash from Accounts: P400,000 250,000 100,000 600,000 Receivables Cash Sales Dividend Received Cash from Issue of Shares Payments for Accounts Payable Payments of Wages Purchase of Land Payment of Dividends Purchase of Service Vehicle 300,000 150,000 200,000 200,000 450,000 150,000 50,000 Payment of Taxes Payment of Interest 18. How much were the receipts from customers of Bulacan Gardens? a. P650,000 b. P250,000 c. P1,350,000 d. P400,000 19. How much were the payments to suppliers an employees of Bulacan Gardens? a. P 150,000 b. P 550,000 с. Р 300.000 d. P 450,000 20. How much was the cash flow from the operating activities of Bulacan Gardens? а. Р…
using the following information can you answer question b) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 1. At the beginning of 2020, the program had unrestricted cash of $30,000. Cash receipts: Registration fees Borrowing from bank Total deposits Cash disbursements: Wages Payroll taxes Insurance (paid monthly) Purchase of bus Interest on bank note Total checks Excess of receipts over disbursements Cash Basis 12 months $134,000 60,000 194,000 74,000 9,900 6,900 69,000 1,800 161,600 $ 32,400 2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2020. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful…
a. Journalize the establishment of the fund. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $51, contributions and donations of $37, and meals and entertainment of $90. The remaining cash is $171 in the ending cash balance. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash by $180. Journalize this event. Apr. 11
Qw.142
Subject: acounting
ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00
Question: Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries.) VIEW POLIES Show Attempt History Current Attempt in Progress Sunland Airline needs to send one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sunland issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the nployee returned the following receipts along with a report that the fund had $69.20 left in cash. Receipt Amount Description 1 $26.85 Taxi ride from airport to job site 43.50 FedEx charges for delivering plane parts 35.60 4 74.05 5 355.30…
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Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X
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