Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. A new truck for the sanitation department was ordered at a cost of $95,250.The city print shop did $1,200 worth of work for the school system (but has not yet been paid).A(n) $9 million bond was issued at face value to build a new road.The city transfers cash of $160,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund.The truck ordered in (a) is received but at an actual cost of $97,650. Payment is not made at this time.The city transfers cash of $39,000 from its general fund to a capital projects fund.The city receives a state grant of $60,000 that must be spent to promote recycling by the citizens.The first $9,600 of the state grant received in (g) is expended as intended.

Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Answered: Prepare journal entries for the City of…

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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Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements.

A new truck for the sanitation department was ordered at a cost of $95,250.
The city print shop did $1,200 worth of work for the school system (but has not yet been paid).
A(n) $9 million bond was issued at face value to build a new road.
The city transfers cash of $160,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund.
The truck ordered in (a) is received but at an actual cost of $97,650. Payment is not made at this time.
The city transfers cash of $39,000 from its general fund to a capital projects fund.
The city receives a state grant of $60,000 that must be spent to promote recycling by the citizens.
The first $9,600 of the state grant received in (g) is expended as intended.

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