Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund-based financial statements and then for government wide financial statements. (Enter your answers in dollars not in millions. Leave no cell: blank. If no entry is required, select "No Journal Entry Required" in the account field and zero (0) in the amount field.) a. A new truck for the sanitation department was ordered at a cost of $94,000. b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). Assume print shop is a governmental activity. c. An $11 million bond was issued to build a new road. d. Cash of $140,000 is transferred from the General Fund to provide permanen financing for a municipal swimming pool that will be viewed as an Enterprise Fund.
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund-based financial statements and then for government wide financial statements. (Enter your answers in dollars not in millions. Leave no cell: blank. If no entry is required, select "No Journal Entry Required" in the account field and zero (0) in the amount field.) a. A new truck for the sanitation department was ordered at a cost of $94,000. b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). Assume print shop is a governmental activity. c. An $11 million bond was issued to build a new road. d. Cash of $140,000 is transferred from the General Fund to provide permanen financing for a municipal swimming pool that will be viewed as an Enterprise Fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 16-36 [LO2, LO4, LO7, L08, L010]
Prepare journal entries for the City of Pudding's governmental funds to record the
following transactions, first for fund-based financial statements and then for government-
wide financial statements. (Enter your answers in dollars not in millions. Leave no cells
blank. If no entry is required, select "No Journal Entry Required" in the account field
and zero (0) in the amount field.)
a. A new truck for the sanitation department was ordered at a cost of $94,000.
b. The city print shop did $1,200 worth of work for the school system (but has not yet
been paid). Assume print shop is a governmental activity.
c. An $11 million bond was issued to build a new road.
d. Cash of $140,000 is transferred from the General Fund to provide permanent
financing for a municipal swimming pool that will be viewed as an Enterprise Fund.
e.
The truck ordered in (a) is received at an actual cost of $96,000. Payment is not made
at this time.
f. Cash of $32,000 is transferred from the General Fund to the Capital Projects Fund.
g. A state grant of $30,000 is received that must be spent to promote recycling.
h. The first $5,000 of the state grant received in (g) is appropriately expended.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87f377c8-556b-40c3-ad73-583aac17d9d0%2F2ce6195f-0cca-4f3c-b393-f0f42df54f00%2Feeipf2_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 16-36 [LO2, LO4, LO7, L08, L010]
Prepare journal entries for the City of Pudding's governmental funds to record the
following transactions, first for fund-based financial statements and then for government-
wide financial statements. (Enter your answers in dollars not in millions. Leave no cells
blank. If no entry is required, select "No Journal Entry Required" in the account field
and zero (0) in the amount field.)
a. A new truck for the sanitation department was ordered at a cost of $94,000.
b. The city print shop did $1,200 worth of work for the school system (but has not yet
been paid). Assume print shop is a governmental activity.
c. An $11 million bond was issued to build a new road.
d. Cash of $140,000 is transferred from the General Fund to provide permanent
financing for a municipal swimming pool that will be viewed as an Enterprise Fund.
e.
The truck ordered in (a) is received at an actual cost of $96,000. Payment is not made
at this time.
f. Cash of $32,000 is transferred from the General Fund to the Capital Projects Fund.
g. A state grant of $30,000 is received that must be spent to promote recycling.
h. The first $5,000 of the state grant received in (g) is appropriately expended.
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