**Educational Transcript: Recording Government Transactions**The following events take place:1. Edward Lewis died, leaving 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre. However, at the time of his death, the land was appraised at $7,300 an acre.2. The city authorized the transfer of $100,000 of general revenues and the issuance of $970,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par value.3. The improvements were completed at a cost of $1,070,000, and the operation of the park was turned over to the City Parks Department.**Instructions for Recording Entries:**Prepare entries in general journal form to record these transactions in the appropriate fund(s). Designate the fund in which each transaction is recorded. If the transaction does not result in a journal entry to a government fund, record the journal entry needed to reflect the information in the government-wide Statement of Net Position. *(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)***Journal Structure:**| No. | Account Titles and Explanation | Debit | Credit ||-----|-------------------------------------------------------------|-------|--------|| 1. | Government-Wide Statement of Net Position | | || | | | || 2. | General Fund | | || | | | || | **Capital Projects Fund** | | || | (To record issuance of bonds) | | |This transcript outlines the procedural and financial details required for proper governmental accounting practices, focusing on journal entries for land donations, revenue transfer, bond issuance, and capital improvement projects. This image appears to represent accounting ledger entries related to government financial statements.### Accounting Section1. **Blank Entry Fields** - There are multiple blank fields for entering numerical data or financial accounts.2. **Annotation:** - **"(To record transfer of general revenues)"** is written above the first section of blank fields, indicating its purpose.3. **Section: Government-Wide Statement of Net Position** - This is highlighted in grey, suggesting the section relates to a summary of financial activities and standing of governmental entities. - This section also contains several fields for data input.4. **Section: Capital Projects Fund** - Labeled as number "3.", indicating an ordered structure possibly within a larger document or series. - Includes multiple blank fields for financial entries, specific to the Capital Projects Fund.5. **Annotation:** - **"(To record payment)"** suggests this part is for recording expenses or disbursements.6. **Annotation:** - **"(To close expenditures and related accounts to fund balance)"** indicates that this section deals with adjusting accounts to reflect the final balance, probably at the end of a fiscal period.7. **Section: Government-Wide Statement of Net Position** - Another part of the Government-Wide Statement, similar in structure to the previous one, with multiple entry fields.### SummaryThis page is likely part of a financial accounting or reporting document used in public sector accounting, containing areas for financial data entry related to general revenues, payments, capital projects, and fund balance adjustments. It involves maintaining detailed records of transactions to ensure accuracy and completeness in financial reporting for government entities.

Unlike traditional accounting, which focuses on the overall financial health of an organization,…

The following events take place: 1. 2. 3. Edward Lewis died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death, the land was appraised at $7,300 an acre. The city authorized the transfer of $100,000 of general revenues and the issuance of $970,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par. The improvements were completed at a cost of $1,070,000, and the operation of the park was turned over to the City Parks Department. Prepare entries in general journal form to record these transactions in the proper fund(s). Designate the fund in which each transaction is recorded. If the transaction did not result in a journal entry to a government fund, record the journal entry needed to reflect the information in the government-wide Statement of Net Position. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 2. No. Account Titles and Explanation 1. Government-Wide Statement of Net Position General Fund Capital Projects Fund Debit Credit

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q