ADV.FIN.ACCT. CONNECT+PROCTORIO PLUS
12th Edition
ISBN: 9781266379017
Author: Christensen
Publisher: INTER MCG
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Chapter 18, Problem 18.4.4E
To determine
Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.
Internal service fund:Internal service fund in government accounts, when goods and services are transferred between the departments and for tracking such transfer and shifting activities, internal service fund is maintained.
To choose: The correct option.
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Prepare journal entries in the general fund for the following 2018 transactions that represent inflows of financial resources to Tyler City: 1. To pay the wages of part-time city maintenance employees, the Cemetery Expendable Trust Fund transfers $45,000 to the general fund. 2. A resident donates land worth $75,000 for a park. 3. The city is notified by the state that it will receive $30,000 in road assistance grants this year. 4. A fire truck with an original cost of $36,000 is sold for $9,000. 5. Sales of license stickers for park use total $5,000. The fees cover this year and next year. Security staff are paid from these fees to check for cars in the park without stickers.
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Prepare journal entries to record each of these transactions in the general fund. Based on your entries, prepare a balance sheet and statement of revenues, expenditures, and changes in fund balance for the general fund.
The Authority issued $2.5 million in long-term bonds.
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· It sold one of the 4 acres of land for $125,000 in cash.
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Chapter 18 Solutions
ADV.FIN.ACCT. CONNECT+PROCTORIO PLUS
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