shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000
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shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What
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None of these |
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Debit cash $100,000; credit due to internal service fund $100,000 |
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Debit due from internal service fund $100,000; credit cash $100,000 |
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Debit transfers in/out $100,000; credit cash $100,000 |
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Debit cash $100,000; credit transfers in/out $100,000 |
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- Journal entries and financial statements for an Internal Service Fund The city of Pleasantville’s Data Processing Fund, an Internal Service Fund, provides services for a fee toall departments of Pleasantville’s government.The Fund had the following transactions and events during calendar year 2021. (There was no fund balanceat the beginning of the year.)1. The General Fund made a $2,000,000 transfer of cash to establish the Data Processing Fund.2. The Data Processing Fund pays cash for a $1,900,000 computer.3. Supplies costing $4,500 were purchased on credit.4. Bills totaling $650,000 were sent to the various city departments.5. Repairs to the computer were made at a cost of $2,400, on credit.6. Collections from city departments for services (see #4) were $629,000.7. Salaries of $200,000 were paid to the employees.8. Accounts payable totaling $5,900 was paid.9. As of the end of the year, $300 of supplies (see #3) had not been used.10. Depreciation expense on the computer for the year…Cash of $90,000 is transferred from a city’s general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. Assume that the city does not record the commitment. What information do the government-wide financial statements present? What information do the fund financial statements present?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 $95,250. The city print shop did $1,200 worth of work for the school system (but has not yet been paid). A(n) $9 million bond was issued at face value to build a new road. The city transfers cash of $160,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund. The truck ordered in (a) is received but at an actual cost of $97,650. Payment is not made at this time. The city transfers cash of $39,000 from its general fund to a capital projects fund. The city receives a state grant of $60,000 that must be spent to promote recycling by the citizens. The first $9,600 of the state grant received in (g) is expended as intended.
- Lilly County, faced with the prospect of declining revenues, decides it can save money by doingall printing in-house. The county creates the Lilly Printing Fund (an Internal Service Fund),directs departments to fulfill their bulk printing needs through that Fund, and directs departmentsto pay the Fund promptly to minimize its operating cash flow needs.The Fund had the following transactions and events during 2021:1. Received a $12,000 loan on January 2 from the county’s General Fund to be repaid in fourequal annual installments of $3,000, starting December 31, 2021, with interest at the rateof 1 percent per annum on the outstanding balance. The specified purpose of the loan is toallow the Lilly Printing Fund to purchase equipment for $9,600 and to use the balance of $2,400to meet operating cash flow needs.2. Purchased reproduction equipment for $9,600 on January 2, using cash provided.The equipment has an estimated useful life of 4 years.3. Purchased paper and supplies for $9,000 on…The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. Prepaid items—$7,000. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$80,000. Supplies—$5,000. Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$33,000. Cash that the assistant director of finance has designated for use in upgrading the local roads—$40,000. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$53,000. Cash that the city council (the highest level of authority in the government) has voted to use to renovate a school gymnasium—$62,000. On a balance sheet for the governmental funds, what fund balance amounts will be reported by the City of Westchester?Using the information below, what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $ 300,000 Equipment used for supplying electric power to residents $ 1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $ 1,500,000 Cash received from federal government, dedicated to highway maintenance, that must be accounted for in a separate fund $ 1,800,000 Multiple Choice A. $1,800,000. B. $2,100,000. C. $5,350,000. D. $3,300,000.
- I have completed everything except for the unrestricted amounts. I can't seem to figure those out. Can someone please help? Problem: The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 420,000 Cash and cash equivalents, business-type activities 884,000 Receivables, governmental activities 498,000 Receivables, business-type activities 1,471,000 Inventories, business-type activities 576,000 Capital assets, net, governmental activities 14,953,000 Capital assets, net, business-type activities 7,864,000 Accounts payable, governmental activities 719,000 Accounts payable, business-type activities 619,000 General obligation bonds, governmental activities 8,637,000 Revenue bonds, business-type activities 3,554,000 Long-term liability for compensated…The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in liabilities. The following are some of the assets that the government reports. Prepaid items—$10,900. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$89,500. Supplies—$8,800. Investments given by a citizen that will be sold soon with the proceeds used to beautify a public park—$36,750. Cash that the assistant director of finance designated for use in upgrading the local roads—$60,750. Cash from a state grant that must be spent to supplement the pay of local kindergarten teachers—$55,750. Cash that the city council (the highest level of decision-making authority in the government) voted to use in renovating a school gymnasium—$86,000. On a balance sheet for the governmental funds, what fund balance amounts should the City of Westchester report?A city transfers cash of $90,000 from its general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for a total cost of $1.89 million. a. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. Assume that the city does not record the commitment for this construction. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollar, not in millons.)
- 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. A new truck for the sanitation department was ordered at a cost of $94,000.b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid).c. An $11 million bond was issued to build a new road.d. Cash of $140,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund.e. The truck ordered in (a) is received at an actual cost of $96,000. Payment is not made at this time.f. Cash of $32,000 is transferred from the general fund to the capital projects fund.g. A state grant of $30,000 is received that must be spent to promote recycling.h. The first $5,000 of the state grant received in (g) is appropriately expended.Harris County transferred $200,000 from the General Fund to the Motor Pool Internal Service Fund to pay for the use of automobiles during the first six months of FY 2007. The appropriate entry in the General Fund to record this transfer of cash would be Debit Expenditures $200,000; Credit Cash $200,000. Debit Other Financing Uses Transfer Out $200,000; Credit Cash $200,000. Debit Fund Balance Transfer Out $200,000; Credit Cash $200,000. Debit Other Financing Sources Transfer In $200,000; Credit Cash $200,000.The City of Bayamon maintains its books and records in a way that facilitates the preparation of the financial statements of the funds. Prepare all the journal entries necessary to record the city's revenue from the following transactions for the year ended December 31, 20X7. On January 15, the city received notification that it had been awarded a $300,000 federal grant to assist in the operation of its Meals on Wheels program. The federal government expects to send the cash in about three months. This is not a rebate-type grant and all eligibility requirements have been met. In February, the city spent $31,000 on Meals on Wheels. $1,800 parking tickets were issued in March. Payment must be made within 30 days, when the city has an enforceable legal claim to the amounts. In April, the city received the $300,000 grant from the federal government. In April, the city received $1,200 in cash for parking tickets issued in March. Additionally, $100 in fines were contested and court dates…