The village of Old Road orders a computer costing $600,000. The village finances the computer by issuing a $600,000 long-term bond at face value. The village receives the computer and pays cash of $600,000. b) Prepare the journal entries to record these events assuming they were recorded in the Enterprise Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.
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The village of Old Road orders a computer costing $600,000. The village finances the computer by issuing a $600,000 long-term bond at face value. The village receives the computer and pays cash of $600,000.
b) Prepare the
If no entry is required, select 'No debit (or credit) entry required' in the account field and
enter 0 or leave the debit and credit fields blank.
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- The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2024, the program had unrestricted cash of $7,000. Cash Basis 12 months Cash receipts: Registration fees $96,500 Borrowing from bank 75,000 Total deposits 171,500 Cash disbursements: Wages 44,000 Payroll taxes and employee benefits 9,575 Insurance (paid monthly) 8,000 Purchase of bus 80,000 Interest on bank note 2,250 Total checks 143,825 Excess of receipts over disbursements $27,675 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2024. The bus was purchased on April 1 with the proceeds…The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2020, the program had unrestricted cash of $26,000. Cash Basis 12 months Cash receipts: Registration fees $ 130,000 Borrowing from bank 56,000 Total deposits 186,000 Cash disbursements: Wages 70,800 Payroll taxes 9,500 Insurance (paid monthly) 6,500 Purchase of bus 65,000 Interest on bank note 1,680 Total checks 153,480 Excess of receipts over disbursements $ 32,520 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of…On February 14, 2020, Gerald Company established a sales agency in Secret Place.Upon establishment of the sales agency, the home office sent samples costing ₱8,000and a working fund of ₱3,000 to be maintained on the imprest basis. During the sixmonths period, the sales agency reported to the home office sales orders. These werebilled at ₱70,000 of which of ₱40,000 was collected. The sales agency paid expenses of₱5,800 but was reimbursed by the home office.On August 15, 2020, the sales agency samples were valued at ₱2,000. It was estimatedthat the gross profit on goods shipped to fill sales order averaged 40% of cost.The cost of sales of the sales agency for the six months period is:
- Heirloom needs to borrow from a local bank for corporate short-term operating purposes. It is willing to pledge unpaid contracts as collateral for a loan. A local bank president is willing to lend Heirloom up to 70% of the value of notes receivable that are not more than 60 days overdue. Heirloom must also provide, by the fifth day of each month, a note receivable aging list for the preceding month and a calculation showing the maximum amount Heirloom may borrow under the agreement. Figure 5-3 shows the employees and external parties that deal with Heirloom. Explain how Heirloom could defraud the bank and how each internal and external party, except the bank, could defraud Heirloom. What risk factor, unusual item, or abnormality would alert you to each fraud? What control weaknesses make each fraud possible? Recommend one or more controls to prevent or detect each means of committing fraud.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 $100,000The employee credit union at State University is planning the allocation of funds for thecoming year. The credit union makes four types of loans to its members. In addition,the credit union invests in risk-free securities to stabilize income. The various revenueproducinginvestments, together with annual rates of return, are as follows: The credit union will have $2 million available for investment during the coming year.State laws and credit union policies impose the following restrictions on the compositionof the loans and investments: of the loans and investments:Risk-free securities may not exceed 30 percent of the total funds available for investment.Signature loans may not exceed 10 percent of the funds invested in all loans (automobile,furniture, other secured, and signature loans).Furniture loans plus other secured loans may not exceed the automobile loans.Other secured loans plus signature loans may not exceed the funds invested in risk-freesecurities. How should the $2 million…
- The following trial balance of the Employees’ Retirement System Fund for Bedrock City was prepared by a clerk who used only balance sheet accounts in recording the events for the fiscal year ended June 30, 2018:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,000 Due from the city . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Investments, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497,000 Due to resigned employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,000) Annuities payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,000) Net plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (540,000)…How do I do the journal entries for the following? Unrestricted cash contributions of $1,200,000 were received through the local United Way campaign. An additional $140,000 was received in direct cash contributions, of which $20,000 is restricted to the parolees’ program and $50,000 was for the building fund. Documented promises of $60,000 were received, collectible within the next year. These promises are unrestricted and expected to be 85% collectible. Bad debt expense is included with administrative expenses. PLEASE DONT GIVE handwritten ANSWERS THANKUAs the Loans Manager at First Union Bank, you are evaluating Woodlawn Racetrack for a potential loan. An examination of the Notes to the Financial Statements indicate restricted cash at year-end amounts to $100,000. Explain as comprehensively as possible how you would use this information in evaluating Woodlawn’s liquidity
- 2. The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2024, the program had unrestricted cash of $28,000. Cash Basis 12 months Cash receipts: Registration fees $ 132,000 Borrowing from bank 58,000 Total deposits 190,000 Cash disbursements: Wages 72,400 Payroll taxes and employee benefits 9,700 Insurance (paid monthly) 6,700 Purchase of bus 80,000 Interest on bank note 1,740 Total checks 170,540 Excess of receipts over disbursements $ 19,460 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2024. The bus was purchased on April 1 with the…AB Ltd. established a petty cash fund for $530. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $175 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry. Required: How much is the cheque written to complete this transaction? $The government makes appropriations of RO 150,000 to Muscat School for the month of January 2019. During the month the following transactions occurred:Salary paid RO 35,000Purchase orders were placed for office supplies RO 49,000Office supplies were received with a voucher for RO 45,000An amount of RO 15,000 was transferred to Debt service fund.The unreserved fund balance at the end of the period is: