ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
12th Edition
ISBN: 9781265074623
Author: Christensen
Publisher: MCG CUSTOM
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Textbook Question
Chapter 18, Problem 18.12P
On June 30, 20X2, the end of the fiscal year, the Wadsworth Park District prepared the following trail balance for the general fund:
![Chapter 18, Problem 18.12P, Adjusting Entries for General Fund [AICPA Adapted] On June 30, 20X2, the end of the fiscal year, the](http://dev-ingestion-image-output.s3-website-us-east-1.amazonaws.com/9781259916977/Chapter-18/images/html_16977-18-18.12p_image001.jpg)
An examination of the records disclosed the following information:
- The recorded estimate of losses for the current year taxes receivable was considered to be adequate.
- The local governmental unit gave the park district 20 acres of land to be used for a new community park. The unrecorded estimated value of the land was $50,000. In addition, the unit received a state grant of $300,000, and used the full amount in payment of contracts pertaining to the construction of the park buildings. Purchases of playground equipment costing $22,000 were paid from general funds.
- Five years ago, a 4 percent, 10-year sinking fund bond issue in the amount of $1,000,000 for constructing park buildings was sold; it is still outstanding. Interest on the issue is payable at maturity. Budgetary requirements of a contribution of $130,000 to the debt service fund were met. Of this amount, $100,000 represents the fifth equal contribution for principal repayment.
- Outstanding purchase orders not recorded in the accounts at year-end totaled $2,800.
- A physical inventory of supplies at year-end revealed $6,500 of the supplies on hand.
- Except where indicated to the contrary, all recordings were made in the general fund.
Required
Prepare the adjusting entries to correct the general fund records.
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Students have asked these similar questions
The City of Lexington is preparing its
government-wide financial statements from
its fund financial statements.
The City records Deferred Revenue with a
book value of $3,500 and Compensated
Absences of $2,000 (all numbers in $1,000s)
at the beginning of the year. During the year,
these accounts increased by $1,500 and
$900, respectively. What reconciliation entries
must the City include in its government-wide
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Please show work so I can follow along to
learn. THANK YOU!
Reconciliation Spreadsheet
Description
Debit
Credit
Revenues
To record reconciliation entry for deferred revenue.
Compensated absence expense
To record reconciliation entry for compensated absences.
[The following information applies to the questions displayed below.]The Township of Thomasville’s General Fund has the following net resources at year end:
$69,000 of prepaid insurance
$410,000 rainy day fund approved by the township governing board with specific conditions for its use
$1,800 of supplies inventory
$60,000 state grant for snow removal
$150,000 contractual obligations for the purchase of equipment
Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation)
Total Fund Balance is $1,010,500
What would be the total Nonspendable fund balance?
Multiple Choice
$70,800
$150,000
$69,000
$410,500
What would be the total Restricted fund balance?
Multiple Choice
$60,000
$150,000
$479,000
$410,000
7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be:
A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000
B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations.
C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations.
D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.
Chapter 18 Solutions
ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
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