Question #1: For each of the following transactions, prepare the necessary journal entry.؟ a. The city...

Question #1: For each of the following transactions, prepare the necessary journal entry.؟

a. The city collects $1 million of taxes for an independent fire district located within the city. Journal entry:

b. The city spends $1.2 million on street maintenance using the proceeds of a city gas tax dedicated for road and highway maintenance and improvements. Journal entry:

c. The city receives a bequest of $1.5 million. The donor’s will, requires that the principal amount be invested in perpetuity and that the earnings on the investment be used to maintain a city park to be renamed for the donor. Journal entry:

d. The city collects water and sewer fees of $4.2 million. Journal entry:

e. The city pays $4 million to a contractor for work on a new bridge. Journal entry:

f. The city receives $1.3 million to invest on behalf of the county. Journal entry:

g. The city pays its police officers wages of $325,000. Journal entry:

h. The city pays $2.2 million in bond interest on its general obligation debt. Journal entry:

I desperately need to solve the accounting entries separately

Expert Solution

ekkarill92 answered 2 years ago

for each of the following independent transactions a through d, prepare the necessary journal entry: (a)...

for each of the following independent transactions a through d, prepare the necessary journal entry: (a) Declared a $0.30 per share cash dividend on 400,000 shares of common stock outstanding. (b) Declared and distributed a 12% stock dividend on 600,000 outstanding shares of $10 par value common stock outstanding. Market price per common share on this date was $28. (c) Declared and distributed a 5-for-1 stock split on 900,000 shares of $10 par value common stock outstanding. (d) Declared and...

Question # 2 Prepare the necessary journal entries to record the following transactions relating to the...

Question # 2 Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds by Glendale Corp. Show calculations and round to the nearest dollar. March 1 Issued $200,000 (face value) 8% bonds for $218,040, including accrued interest. Interest is payable semi-annually on December 1 and June 1 with the bonds maturing 10 years from the previous December 1. The bonds are callable at 102. June 1 Paid semi-annual interest on the bonds. Use...

Part A: Rainbow City had the following transactions during the year. Required: Prepare the necessary journal...

Part A: Rainbow City had the following transactions during the year. Required: Prepare the necessary journal entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following Rainbow City transactions. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $4,800,000 and was recorded on the donor’s...

Journal Entries During July 2017, Krogue, Inc., completed the following transactions. Prepare journal entry for each...

Journal Entries During July 2017, Krogue, Inc., completed the following transactions. Prepare journal entry for each transaction. Received $320,000 for 80,000 shares of capital stock. 4 Purchased $100,000 of equipment, with 75% down and 25% on a note payable. Paid utilities of $2,300 in cash. 9 Sold equipment for $15,000 cash (no gain or loss). 13 Purchased $250,000 of supplies, paying 30% down and 70% on credit. Paid $6,000 cash insurance premium for July. 18 Provided services for $81,000 to...

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; uncollectible taxes were estimated to be 2% of the tax...

Prepare the journal entry to record the following equity transactions. Assume the transactions are independent from...

Prepare the journal entry to record the following equity transactions. Assume the transactions are independent from each other. (a) The shareholders' equity of Tru Corporation includes $600,000 of $1 par common stock and $1,200,000 par of 6% cumulative preferred stock. The board of directors of Tru declared cash dividends of $150,000 in 2021 after paying $60,000 cash dividends in each of 2020 and 2019. Required: Journal Entry (b) In 2021, Poe's Products completed the treasury stock transactions described below. January...

1) Create a journal entry and a T-Account for each of the following transactions: a) $15,000...

1) Create a journal entry and a T-Account for each of the following transactions: a) $15,000 worth of equipment is purchased on credit. b) $40,000 of patient bills from last year are collected in cash. c) $10,000 is received from a managed care company for services to be rendered next year for members d) $20,000 worth of supplies is purchased and paid for in cash. e) $5,000 of accounts payable is paid in cash. f) $30,000 of cash is received...

Prepare the necessary journal entry to record the purchase of $100 of supplies on account:

This questions are for MULTIPLE CHOICE and CalculationREV #3 September 2008Prepare the necessary journal entry to record the purchase of $100 of supplies on account:The steps in an accounting cycle can be best described as:Journalize, Post, prepare Unadjusted trial balance, prepare financial statements, closeJournalize, Post, prepare Unadjusted trial balance, prepare adjusting entries, prepare adjusted trial balance, prepare financial statements, close, prepare post closing trial balanceAnalyze Transactions, Journalize, Post, prepare Unadjusted trial balance, prepare adjusted trial balance, prepare financial statements, close,...

Prepare the necessary journal entries for the following transactions of Almez Co. 1-Dec Almez Co. received...

Prepare the necessary journal entries for the following transactions of Almez Co. 1-Dec Almez Co. received a $20,000, 4 month, 6 % note from Drew Company in settlement of and account receivable. 31-Dec Accrue interest 1-Apr Almez Co. receives full payment on the Drew note. Compute bad debt expense based on the following information and prepare the resulting journal entries. 31-Dec Kerr Company estimates that 6% of accounts receivable will become uncollectible. Accounts receivable are $120,000 at the end of...

For the following purchasing and sales transactions, prepare the appropriate journal entry assuming a perpetual inventory...

For the following purchasing and sales transactions, prepare the appropriate journal entry assuming a perpetual inventory system is in place. 1. On January 1, Cougar Corp. purchased inventory from a supplier for $5,000. The credit terms on the transaction are 1/10, net 30. 2. On January 2, Cougar Corp. paid a shipping company $90 for freight associated with the January 1 purchase. 3. On January 5, Cougar Corp sold inventory with a cost of $1,600 for $2,600. The credit terms...

Question