Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 2P
- 1. The following are the estimated revenues for a Special Revenue Fund (SRF) of the city of Marcelle on January 1, 20X5:
- 2. The city records its transactions on a cash basis during the year and adjusts to the modified accrual basis at year end. At the end of January, the following SRF collections had been made.
- 3. An unanticipated grant-in-aid of $5,000 was received from the state on February 1.
- 4. Special Revenue Fund collections for the remaining 11 months were as follows:
- 5. Accrued SRF receivables at year end were as follows:
Only half of the taxes and interest and penalties receivable is expected to be collected during the first 60 days of 20X6. All of the rent and interest receivable should be received in January 20X6.
Required
- a. Prepare the General Ledger and Subsidiary Ledger entries to record the SRF estimated revenues, revenue collections, and revenue accruals.
- b. Post to SRF General Ledger worksheet (or T-accounts) and to subsidiary revenue accounts.
- c. Prepare SRF closing entries for both the General and Revenues Subsidiary Ledgers.
- d. Post to the SRF General Ledger worksheet (or T-accounts) and to the subsidiary revenue accounts.
- e. Prepare a SRF statement of estimated revenues compared with actual revenues (i.e., essentially the revenue portion of a budgetary comparison statement) for 20X5.
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Students have asked these similar questions
1. Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statements. The City pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). What entry, if any, should be made in the City s General Fund?
a. Debit Expenditures; Credit Wages and Salaries Payable.
b. Debit Expenses; Credit Wages and Salaries Payable.
c. Debit Expenditures; Credit Encumbrances.
d. No entry is required.
On December 31, Year 1, the following balances were due from the state government to Clare City's various funds:
Capital projects $300,000
Special revenue fund $18,000
Investment trust fund100,000
Enterprise 80,000
Custodial fund 100,000
Debt servide fund 100,000
In Clare's December 31, Year 1, financial statements, what amount should be reported in fiduciary funds?
$600,000
$400,000.
$300,000.
$1,050,000
The preclosing trial balance of the General Fund for the City of KAYI shows the following balances at the end of its
fiscal year. Estimated revenues - property taxes 850,00 ), Estimated revenues - licenses and fees 70,000, Estimated
revenues - investment income 5,000, Appropriations - alaries 800,000, Appropriations- utilities 50,000,
Appropriations - equipment 85,000. Revenues- Property taxes $850,000, Revenue- Licenses and fees 70,000, Revenue-
Investment income 2,000. Expenditures- Salaries 795,01 10, Expenditures-Utilities 49,000, Expenditures- Equipment
82,000. Cash 65,000, Property taxes receivable 10,000. Joucher payable $29,000. Fund balance beginning $50,000.
Fund balance at the end of the period
a. $50,000
O b. 560,000
O c. $40,000
O d. $46,000
Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
Ch. 5 - Prob. 11QCh. 5 - Prob. 1.1ECh. 5 - Prob. 1.2ECh. 5 - Prob. 1.3ECh. 5 - Prob. 1.4ECh. 5 - What would the answer be to number 4 if the city...Ch. 5 - A county received 3,000,000 from the state. Of...Ch. 5 - A Special Revenue Fund expenditure of 40,000 was...Ch. 5 - A state received an unrestricted gift of 80,000 of...Ch. 5 - Prob. 1.9ECh. 5 - Prob. 1.10ECh. 5 - Prob. 2.1ECh. 5 - Prob. 2.2ECh. 5 - Prob. 2.3ECh. 5 - Prob. 2.4ECh. 5 - Prob. 2.5ECh. 5 - Prob. 2.6ECh. 5 - Prob. 2.7ECh. 5 - Prob. 2.8ECh. 5 - Prob. 2.9ECh. 5 - Prob. 2.10ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - a. Prepare the general journal entries to record...Ch. 5 - Prob. 6ECh. 5 - Prepare general journal entries to record the...Ch. 5 - Prob. 8ECh. 5 - The City and County of PreVatte received a state...Ch. 5 - Make all required General Fund journal entries for...Ch. 5 - The city of Asher had the following transactions,...Ch. 5 - 1. The following are the estimated revenues for a...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 1CCh. 5 - Prob. 2C
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