Prepare journal entries for each of the transaction: 1 The county authorized a new general obligation bond issue of $5 million par to construct an office building with ap contract price of $4,975.000. The bonds were issued for 4,980,000 2 The county levied real property taxes of $10,000,000. Eighty-five percent of the net taxes were collected immediately. Two percent of the total levy was estimated to be uncollected 3 The office building was completed, and the county paid the contract price to the contractor. 4 The General Fund transferred $500.000 to the Debt Service Fund. 5 The county paid $200.000 for interest on the bonds from the Debt Service Fund 6 $27,000 in membership fees was collected at the municipal pool 7 A county collects $130,000 in sales taxes on behalf of the cities within its boundaries 8 A private foundation contributes a stock portfolio with a fair value of $100,000 to the county. The earnings are to be used by the local park which is owned by and operated by a private foundation, and the principal is to be held intact indefinitely 9 The county sends bills out for water and sewer provided to residents, amounting to $340,000
Prepare journal entries for each of the transaction: 1 The county authorized a new general obligation bond issue of $5 million par to construct an office building with ap contract price of $4,975.000. The bonds were issued for 4,980,000 2 The county levied real property taxes of $10,000,000. Eighty-five percent of the net taxes were collected immediately. Two percent of the total levy was estimated to be uncollected 3 The office building was completed, and the county paid the contract price to the contractor. 4 The General Fund transferred $500.000 to the Debt Service Fund. 5 The county paid $200.000 for interest on the bonds from the Debt Service Fund 6 $27,000 in membership fees was collected at the municipal pool 7 A county collects $130,000 in sales taxes on behalf of the cities within its boundaries 8 A private foundation contributes a stock portfolio with a fair value of $100,000 to the county. The earnings are to be used by the local park which is owned by and operated by a private foundation, and the principal is to be held intact indefinitely 9 The county sends bills out for water and sewer provided to residents, amounting to $340,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare journal entries for each of the transaction:
1 The county authorized a new general obligation bond issue of $5 million par to construct an office building with ap contract price of $4,975.000. The bonds were issued for 4,980,000
2 The county levied real property taxes of $10,000,000. Eighty-five percent of the net taxes were collected immediately. Two percent of the total levy was estimated to be uncollected
3 The office building was completed, and the county paid the contract price to the contractor.
4 The General Fund transferred $500.000 to the Debt Service Fund.
5 The county paid $200.000 for interest on the bonds from the Debt Service Fund
6 $27,000 in membership fees was collected at the municipal pool
7 A county collects $130,000 in sales taxes on behalf of the cities within its boundaries
8 A private foundation contributes a stock portfolio with a fair value of $100,000 to the county. The earnings are to be used by the local park which is owned by and operated by a private foundation, and the principal is to be held intact indefinitely
9 The county sends bills out for water and sewer provided to residents, amounting to $340,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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