The city council decides to close the Library Special Revenue fund and send its remaining resources ($95.000 call Fund. What account should the Library Special Revenue Fund debit when it sends the calk to the General Fund? Expenditures for general fund Transfer out to general fund Received from general fund Advance to public fund
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The city council decides to close the Library Special Revenue fund and send its remaining resources ($95.000 call Fund. What account should the Library Special Revenue Fund debit when it sends the calk to the General Fund? |
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- The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2020. Cash Taxes Receivable Allowance for Uncollectible Taxes Accounts Payable Fund Balance View transaction llest Postclosing Trial Balance June 30, 2019 $571,600 36,000 $687,608 5,608 182,808 500,000 $607,608 Clear entry 1 Record the transfer of taxes receivable to revenues control account. 2 Record the receipt of taxes and the uncollectibles. 3 Record the expenditures payable. 4 Record the payment of expenditure. 5 Record the transfer out of general fund. Hint: This is the plug needed to make cash balance after considering the other entries. 6 Record the transfer of revenue and expenditure control accounts to fund balance. Note: = journal entry has been entered Record entry Transactions July 1, 2019, to June 30, 2020 Debits $1,370,000 1,482,488 5,600 1,387,600 X There were no transfers into the General Fund, but there…Hi, I am in Advanced Acc. and I need to create a closing worksheet for a government fund. The following trial balance is taken form the General Fund of the City of Jennings for the year ending December 31, 2017. debit credit accounts payable $90,000 cash $30,000 contracts payable 90,000 unavailable revenues 40,000 due from capital projects fund 60,000 due to debt service funds 40,000 expenditures 530,000 fund…Bay City uses the purchases method to account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $600,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be A.) Expenditures $600,000; Supplies inventory $200,000. B.) Expenditures $600,000; Supplies inventory $0. C.) Expenditures $400,000; Supplies inventory $200,000. D.) Expenditures $400,000; Supplies inventory $0.
- The city operates a public swimming pool where each person is assessed a $2 entrance fee. Which financi statement is most appropriate to report these revenues? Statement of Net Position. Statement of Revenue, Expenditures, and Other Changes in Fund Balance. Statement of Revenue, Expenses, and Other Changes in Fund Balance. O Statement of Net Revenue and Expenses. O Statement of Revenue, Expenses, and Other Changes in Net Position. 80 F3 Q F4 ત્ર F5 MacBook Air F6 F7Hi, I am in advanced accounting and doing a balance sheet for state and local government. Can you help me create a balance sheet for the capital projects fund? The following unadjusted trial balances are for the governmental funds of the city of Copeland prepared from the current accounting records: Capital projects fund debit credit cash $70,000 special assessments receivable 90,000 contracts payable $50,000 unavailable revenues 90,000 encumbrances outstanding 16,000 fund balance-unassigned 0 other financing sources 150,000 expenditures…Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly. The Enterprise Fund provides bus service both to the public and to government agencies. Prepare entries to record these transactions. Identify the funds involved in each case. a. The Enterprise Fund bills the Special Revenue Fund $15,000 for bus service provided to the elderly. b. The General Fund receives an electricity bill for $20,000 and prepares a voucher to pay the bill. The General Fund then bills the Special Revenue Fund for $3,000, representing the portion of the electricity bill applicable to the senior citizens building. C. The Enterprise Fund is short of cash to pay its bills. The General Fund lends the Enterprise Fund $50,000 in cash, which will be repaid before the end of the year. d. The General Fund pays cash of $100,000 to the Enterprise Fund as a subsidy to help meet the operating costs of…
- Bilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund. REQUIRED: Prepare journal entries to record these events in the internal service fund. If no entry is required, write “No entry required.” a)The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b)Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c)Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d)Purchased equipment for $1,950,000. The equipment has an estimated useful life of nine years and an estimated salvage value of $150,000. e)Billed the general fund for copying and printing charges, $70,000.…A city transfers cash of $20,000 from its general fund to an enterprise fund to pay for work performed by the enterprise fund for the school system. How does the city report this transfer on its government-wide financial statements? Multiple Choice Revenues increase by $20.000. Expenses increase by $20,000 No reporting is made. Revenues increase by $20.000. Expenditures increase by $20,000 Other Financing Sources increase by $20,000. Omer Financing Uses increase by $20,000Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…
- A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Credit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made.City of Smithville General Fund Operating statement account balances For year 2023 Estimated Revenues Dr(Cr) Revenues Dr(Cr) Balance Dr(Cr) Acct 3020/4020 Estimated Revenues-Property Taxes $1,877,413 $1,877,578 ($165) Acct 3030/4030 Estimated Revenues-Sales Taxes 1,578,000 1,579,203 (1,203) Acct 3040/4040 Estimated Revenues-Interest and Penalties on Taxes 15,000 12,571 2,429 Acct 3050/4050 Estimated Revenues-Licenses and Permits 500,000 497,960 2,040 Acct 3060/4060 Estimated Revenues-Fines and Forfeits 175,000 173,590 1,410 Acct 3070/4070 Estimated Revenues-Intergovernmental Revenue 789,000 789,000 0 Acct 3080/4080 Estimated Revenues-Charges for Services 659,720 661,253 (1,533) Acct 3090/4090 Estimated Revenues-Miscellaneous Revenues 91,300 91,250 50 Encumberances Dr(Cr) Expenditures Dr(Cr) Appropriations Cr(Dr) Available Balance Cr(Dr) Acct 5020 / 6020 / 7020 Appropriations-General…A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund records an end-of-year adjusting entry that: Select one: A. Debits nonspendable fund balance by $2,000 B. Credits nonspendable fund balance by $12,000 C. Debits unassigned fund balance by $2,000 D. Debits nonspendable fund balance by $12,000 At the beginning of the year, a special revenue fund purchases equipment for $400,000 in cash. The equipment has a 5-year life, straight-line. The fund still holds the equipment at year-end. How is this equipment reported in the special revenue fund's operating statement for the year? Select one: A. Expense, $80,000. B. Expenditure, $400,000. C. Other financing use, $400,000. D. Not reported on the operating statement.
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