he following transactions affected various funds and activities of the City of Seham. 1. The Fire Department, a governmental activity, purchased OMR120,000 of water from the Water Utility Fund, a business-type activity. 2. The Municipal Golf Course, an enterprise fund, reimbursed the General Fund OMR1,300 for office supplies that the General Fund had purchased on its behalf and that were used in the course of the fiscal year. 3. The General Fund made a long-term loan in the amount of OMR80,000 to the Central Stores Fund, an internal service fund that services city departments. 4. The General Fund paid its annual contribution of OMR100,000 to the debt service fund for interest and principal on general obligation bonds due during the year. Required: Make the required journal entries in the general journal of the General Fund and any other fund(s) affected by the inter-fund transactions described. Also make entries in the governmental activities journal for any transaction(s) affecting a governmental fund. Do not make entries in the subsidiary ledgers.
he following transactions affected various funds and activities of the City of Seham. 1. The Fire Department, a governmental activity, purchased OMR120,000 of water from the Water Utility Fund, a business-type activity. 2. The Municipal Golf Course, an enterprise fund, reimbursed the General Fund OMR1,300 for office supplies that the General Fund had purchased on its behalf and that were used in the course of the fiscal year. 3. The General Fund made a long-term loan in the amount of OMR80,000 to the Central Stores Fund, an internal service fund that services city departments. 4. The General Fund paid its annual contribution of OMR100,000 to the debt service fund for interest and principal on general obligation bonds due during the year. Required: Make the required journal entries in the general journal of the General Fund and any other fund(s) affected by the inter-fund transactions described. Also make entries in the governmental activities journal for any transaction(s) affecting a governmental fund. Do not make entries in the subsidiary ledgers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following transactions affected various funds and activities of the City of Seham.
1. The Fire Department, a governmental activity, purchased OMR120,000 of water from the Water Utility Fund, a business-type activity.
2. The Municipal Golf Course, an enterprise fund, reimbursed the General Fund OMR1,300 for office supplies that the General Fund had purchased on its behalf and that were used in the course of the fiscal year.
3. The General Fund made a long-term loan in the amount of OMR80,000 to the Central Stores Fund, an internal service fund that services city departments.
4. The General Fund paid its annual contribution of OMR100,000 to the debt service fund for interest and principal on general obligation bonds due during the year.
Required:
Make the required journal entries in the general journal of the General Fund and any other fund(s) affected by the inter-fund transactions described. Also make entries in the governmental activities journal for any transaction(s) affecting a governmental fund. Do not make entries in the subsidiary ledgers.
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