! Required information 2 [The following information applies to the questions displayed below] es The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. 2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. 5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31, the General Fund had paid $124,000 of the amount billed. 6. The central duplicating fund purchased $4,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,925,000 35,000 28,000 8. During the year, the internal service fund billed the city's general government function $15,700 for duplicating services and it billed the city's utility fund $8,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent bonds were sold at the face value of $5.000.000 A contract for $4.500.000
! Required information 2 [The following information applies to the questions displayed below] es The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. 2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. 5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31, the General Fund had paid $124,000 of the amount billed. 6. The central duplicating fund purchased $4,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: Property taxes Licenses and permits User charges $1,925,000 35,000 28,000 8. During the year, the internal service fund billed the city's general government function $15,700 for duplicating services and it billed the city's utility fund $8,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent bonds were sold at the face value of $5.000.000 A contract for $4.500.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SHARAD
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T
Required information
[The following information applies to the questions displayed below.]
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December
31.
es
1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and
appropriations were $1,990,000.
2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be
uncollectible.
3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000)
was made to establish a central duplicating internal service fund.
4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be
maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school
program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of
December 31 was $40,000.
5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31, the
General Fund had paid $124,000 of the amount billed.
6. The central duplicating fund purchased $4,500 in supplies.
7. Cash collections recorded by the general government function during the year were as follows:
Property taxes
Licenses and permits
User charges
$1,925,000
35,000
28,000
8. During the year, the internal service fund billed the city's general government function $15,700 for duplicating services
and it billed the city's utility fund $8,100 for services.
9. The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent
bonds were sold at the face value of $5,000,000. A contract for $4,500,000 has been signed for the project; however,
no expenditures have been incurred as of December 31.
10. The general government function issued a purchase order for $32,000 for computer equipment. When the equipment
was received, a voucher for $31,900 was approved for payment and payment was made.
a. For each transaction number identify all of the fund and/or government-wide activity journals in which journal entries must be made.
(Select all that apply.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe30b56d3-2816-40f0-b495-dd3cb7a745cf%2Fcf1ac036-00ca-4d25-b76a-dcc7dd165afc%2Flvud37z_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2
T
Required information
[The following information applies to the questions displayed below.]
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December
31.
es
1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and
appropriations were $1,990,000.
2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be
uncollectible.
3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000)
was made to establish a central duplicating internal service fund.
4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be
maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school
program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of
December 31 was $40,000.
5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31, the
General Fund had paid $124,000 of the amount billed.
6. The central duplicating fund purchased $4,500 in supplies.
7. Cash collections recorded by the general government function during the year were as follows:
Property taxes
Licenses and permits
User charges
$1,925,000
35,000
28,000
8. During the year, the internal service fund billed the city's general government function $15,700 for duplicating services
and it billed the city's utility fund $8,100 for services.
9. The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent
bonds were sold at the face value of $5,000,000. A contract for $4,500,000 has been signed for the project; however,
no expenditures have been incurred as of December 31.
10. The general government function issued a purchase order for $32,000 for computer equipment. When the equipment
was received, a voucher for $31,900 was approved for payment and payment was made.
a. For each transaction number identify all of the fund and/or government-wide activity journals in which journal entries must be made.
(Select all that apply.)
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