Prepare entries, in general journal form, to record the following transactions in the proper fund(s) and/or...

Prepare entries, in general journal form, to record the following transactions in the proper fund(s) and/or account group(s). Designate the fund or account group in which each entry is recorded.

1. Bond proceeds of $2,000,000 were received to be used in constructing a new City Jail. An equal amount is contributed from general revenues.

2. Serial bonds in the amount of $300,000 matured. Interest of $75,000 was paid on these and other serial bonds outstanding.

3. Insurance proceeds amounting to $19,000 were received as a result of the accidental destruction of a garbage truck costing $33,000. Accumulated depreciation on the truck was $21,000.

4. The City Parks Endowment Fund transferred $160,000 in expendable funds to the City Parks Special Revenue Fund.

5. Proceeds of $21,000 were received from the sale of equipment which had been purchased from general revenues at a cost of $100,000. Accumulated depreciation on the equipment was $75,000.

6. The City Power Company (an enterprise fund) issued a bill for $400,000 for electricity provided to municipal government buildings.

7. The City Power Company transferred excess funds of $90,000 to the General Fund.

8. A central data processing center was established by a contribution of $400,000 from the General Fund, a long-term loan of $130,000 from the City Parks Special Revenue Fund, and general obligation bond proceeds of $180,000.

9. The Data Processing Fund billed the General Fund $20,000 and the City Parks Special Revenue Fund $8,500 for data processing services.

10. The City Power Company received $7,000 as customer deposits during the year. The monies are to be held in trust until customers request that their services be discontinued and final bills are collected.

11. In order to retire general obligation term bonds when they become due, it is determined that the Debt Service Fund will require annual contributions of $40,000 and earnings in the current year of $3,000.

Solutions

Expert Solution

Event	Account titles and explanation	Debit	Credit
1.	Capital Projects Fund:
	Cash	4000000
	Term Bond Payable		2000000
	Transfer from General Fund		2000000

	General Fund:
	Transfer to Capital Projects Fund	2000000
	Cash		2000000

2.	Debt Service Fund:
	Expenditures	375000
	Cash		375000

3.	General Fund:
	Cash	19000
	Revenue		19000

	Capital Assets:
	Cash	19000
	Accumulated Depreciation	21000
	Gain on Sale		7000
	Vehicles		33000

4.	Trust Fund:
	Transfer to Special Revenue Fund	160000
	Cash		160000

	Special Revenue Fund:
	Cash	160000
	Transfer from Trust Fund		160000

5.	General Fund:
	Cash	21000
	Revenue		21000

	Capital Assets:
	Cash	21000
	Accumulated Depreciation	75000
	Loss on Sale	4000
	Machinery and Equipment		100000

6.	Enterprise Fund:
	Due from General Fund	400000
	Revenue		400000

	General Fund:
	Expenditures	400000
	Due to Enterprise Fund		400000

7.	Enterprise Fund:
	Transfer to General Fund	90000
	Cash		90000

	General Fund:
	Cash	90000
	Transfer from Enterprise Fund:		90000

8.	Internal Service Fund:
	Cash	710000
	Contribution from General Fund		400000
	Due to City Parks Fund		130000
	Contributions from General Obligation Bonds		180000

	General Fund:
	Transfer to Internal Service Fund	400000
	Cash		400000

	Special Revenue Fund:
	Due from Internal Service Fund	130000
	Cash		130000

9.	Internal Service Fund:
	Due from General Fund	20000
	Due from Special Revenue Fund	8500
	Revenue		28500

	General Fund:
	Expenditures	20000
	Due to Internal Service Fund		20000

	Special Revenue Fund
	Expenditures	8500
	Due to Internal Service Fund		8500

10.	Agency Fund:
	Cash	7000
	Customer Deposit Agency Fund Balance		7000

11.	Debt Service Fund:
	Required Additions	40000
	Required Earnings	3000
	Fund Balance		43000

ekkarill92 answered 1 year ago

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