! Required Information [The following information applies to the questions displayed below.] The Albertville City Council decided to pool the Investments of Its General Fund with Albertville Schools and Richwood Township In an Investment pool to be managed by the city. Each of the pool participants had reported Its Investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the Investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 2/15/23 $ 899,000 $ 945,000 4,218,000 4,070,000 4,441,500 4,063,500 $9,187,000 $9,450,000 Required a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the Investment pool. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount.) Transaction Fund General Journal Debit Credit 1. The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. City of Albertville General Fund 1 Albertville Schools Richwood Township
! Required Information [The following information applies to the questions displayed below.] The Albertville City Council decided to pool the Investments of Its General Fund with Albertville Schools and Richwood Township In an Investment pool to be managed by the city. Each of the pool participants had reported Its Investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the Investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 2/15/23 $ 899,000 $ 945,000 4,218,000 4,070,000 4,441,500 4,063,500 $9,187,000 $9,450,000 Required a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the Investment pool. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount.) Transaction Fund General Journal Debit Credit 1. The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. City of Albertville General Fund 1 Albertville Schools Richwood Township
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ashavinbhai
![Required Information
[The following information applies to the questions displayed below.]
The Albertville City Council decided to pool the Investments of Its General Fund with Albertville Schools and Richwood
Township in an investment pool to be managed by the city. Each of the pool participants had reported Its Investments at
fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the
Investments of each pool participant was as follows:
City of Albertville General Fund
Albertville Schools
Richwood Township
Total
Investments
12/31/22
2/15/23
$ 899,000 $ 945,000
4,218,000
4,070,000
$9,187,000
4,441,500
4,063,500
$9,450,000
Required
a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February
15 to record their participation in the Investment pool. (If no entry is required for a transaction/event, select "No Journal Entry
Required" In the first account field. Do not round Intermediate calculations. Round your answers to the nearest whole dollar
amount.)
Transaction
Fund
General Journal
Debit
Credit
1. The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to
be managed by the city.
City of Albertville General Fund
1
Albertville Schools
Richwood Township](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c4db0df-060d-4b7b-ad2d-28a72f193e45%2F1090c123-6334-4790-b99c-13c55922d64d%2F6xi179x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
The Albertville City Council decided to pool the Investments of Its General Fund with Albertville Schools and Richwood
Township in an investment pool to be managed by the city. Each of the pool participants had reported Its Investments at
fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the
Investments of each pool participant was as follows:
City of Albertville General Fund
Albertville Schools
Richwood Township
Total
Investments
12/31/22
2/15/23
$ 899,000 $ 945,000
4,218,000
4,070,000
$9,187,000
4,441,500
4,063,500
$9,450,000
Required
a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February
15 to record their participation in the Investment pool. (If no entry is required for a transaction/event, select "No Journal Entry
Required" In the first account field. Do not round Intermediate calculations. Round your answers to the nearest whole dollar
amount.)
Transaction
Fund
General Journal
Debit
Credit
1. The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to
be managed by the city.
City of Albertville General Fund
1
Albertville Schools
Richwood Township
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