The following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $530,000. Of this amount, $477,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $469,000. Of this amount, $438,515 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $180,000) for the purpose of training new 911 operators. During the year, the City paid $171,000 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $157,000 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Complete this question by entering your answers in the tabs below. Req Al Req A2 Req B Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Req C
The following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $530,000. Of this amount, $477,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $469,000. Of this amount, $438,515 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $180,000) for the purpose of training new 911 operators. During the year, the City paid $171,000 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $157,000 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Complete this question by entering your answers in the tabs below. Req Al Req A2 Req B Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Req C
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Do not Give image format and solve all parts Thank You
Transcribed Image Text:The following transactions relate to Newport City's special revenue fund.
1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded
through a legally restricted tax on cellular phones. No budget is recorded.
2. During the first year of operations, revenues from the newly imposed tax totaled $530,000. Of this amount, $477,000 has been
received in cash and the remainder will be received within 60 days of the end of the fiscal year.
3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $469,000. Of this amount, $438,515
was paid before year-end.
4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $180,000) for the
purpose of training new 911 operators. During the year, the City paid $171,000 (not reflected in the expenditures above) to train new
operators for the 911 emergency call center and billed the state government.
5. $157,000 of the amount billed to the State had been received by year-end.
Required:
a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare
closing entries for year-end.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund.
c. Prepare a Balance Sheet assuming there are no committed or assigned net resources.
Complete this question by entering your answers in the tabs below.
Req Al
Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. (If no entry is
required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Req AZ
1
Journal entry worksheet
2 3
Note: Enter debits before credits.
Transaction
01
Req B
In 2020, Newport City created a special revenue fund to help fund the 911
emergency call center. The center is to be funded through a legally restricted
tax on cellular phones. No budget is recorded.
Record entry
Req C
4 5 6
General Journal
Clear entry
< Req A1
Debit
Credit
View general journal
Req A2 >
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education