Question
In: Accounting
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first...
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements.
- A new truck for the sanitation department was ordered at a cost of $107,250.
- The city print shop did $2,700 worth of work for the school system (but has not yet been paid).
- An $12 million bond was issued to build a new road.
- Cash of $183,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund.
- The truck ordered in (a) is received at an actual cost of $110,850. Payment is not made at this time.
- Cash of $38,600 is transferred from the general fund to the capital projects fund.
- A state grant of $60,000 is received that must be spent to promote recycling.
- The first $9,300 of the state grant received in (g) is appropriately expended.
Solutions
ekkarill92 answered 8 months agoRelated Solutions
Prepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first...
Prepare journal entries for the City of Pudding’s governmental
funds to record the following transactions, first for fund
financial statements and then for government-wide financial
statements. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in dollars not in
millions.)
a.
A new truck for the sanitation department was ordered at a cost
of $105,500.
b.
The city print shop did $1,200 worth of work for the school...
Prepare journal entries in general journal format to record the following transactions for the City of...
Prepare journal entries in general journal format to record the
following transactions for the City of Dallas General Fund
(subsidiary detail may be omitted)
1. The budget prepared for the fiscal year included total
estimated revenues of $4,693,000, appropriations of $4,686,000 and
estimated other financing uses of $225,000.
2. Purchase orders in the amount of $451,000 were mailed to
vendors.
3. The current year’s tax levy of $4,005,000 was recorded;
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Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
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Raw materials purchased on account, $116,000.
Direct materials used in production, $46,000. Indirect
materials used in production, $20,600.
Paid cash for factory payroll, $55,000. Of this total, $41,000
is for direct labor and $14,000 is for indirect labor.
Paid cash for other actual overhead costs, $9,250.
Applied overhead at the rate of 120% of direct labor cost.
Transferred cost of jobs completed...
Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the
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The government sells $1,016,000 in bonds at face value to
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A $1.03 million contract is signed for construction of the
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A $156,000 transfer of unrestricted funds was made for the
eventual payment of the debt in (a).
Equipment for the fire department is received with...
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Prepare journal entries for a local government to record the
following transactions, first for fund financial statements
and then for government-wide financial statements.
a. The government sells $1,064,000 in bonds at face value to
finance construction of a warehouse.
b. A $1.22 million contract is signed for construction of the
warehouse. The commitment is required if allowed.
c. A $222,000 transfer of unrestricted funds was made for the
eventual payment of the debt in (a).
d. Equipment for the fire...
Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the
following transactions, first for fund financial statements
and then for government-wide financial statements.
a. The government sells $1,064,000 in bonds at face value to
finance construction of a warehouse.
b. A $1.22 million contract is signed for construction of the
warehouse. The commitment is required if allowed.
c. A $222,000 transfer of unrestricted funds was made for the
eventual payment of the debt in (a).
d. Equipment for the fire...
Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the
following transactions, first for fund financial statements and
then for government-wide financial statements.
The government sells $1,066,000 in bonds at face value to
finance construction of a warehouse.
A $1.30 million contract is signed for construction of the
warehouse. The commitment is required if allowed.
A $218,000 transfer of unrestricted funds was made for the
eventual payment of the debt in (a).
Equipment for the fire department is received with...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
Raw materials purchased on account, $88,000.
Direct materials used in production, $39,000. Indirect
materials used in production, $17,800.
Paid cash for factory payroll, $55,000. Of this total, $39,000
is for direct labor and $16,000 is for indirect labor.
Paid cash for other actual overhead costs, $7,500.
Applied overhead at the rate of 120% of direct labor cost.
Transferred cost of jobs completed...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
A. Raw materials purchased on account, $100,000.
B. Direct materials used in production, $42,000. Indirect
materials used in production, $15,000.
C. Paid cash for factory payroll, $50,000. Of this total,
$36,000 is for direct labor and $14,000 is for indirect labor.
D. Paid cash for other actual overhead costs, $8,250.
E. Applied overhead at the rate of 120% of direct labor
cost....
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
Raw materials purchased on account, $88,000.
Direct materials used in production, $39,000. Indirect
materials used in production, $17,800.
Paid cash for factory payroll, $55,000. Of this total, $39,000
is for direct labor and $16,000 is for indirect labor.
Paid cash for other actual overhead costs, $7,500.
Applied overhead at the rate of 120% of direct labor cost.
Transferred cost of jobs completed...
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