Question 1

A $910,000 bond was issued on October 1, 2013 to build a new road. The bonds carried a 6% interest rate and are due in 10 years.
Required:
(A.) Prepare the required journal entry in the Capital Projects Fund on October 1 for the Fund Financial Statements.
(B.) Prepare the required journal entry for the Government-Wide Financial Statements.

Accepted Answer

The answer of A $910,000 bond was issued on October...

Question 2

The City of Kamen collected $17,000 from parking meters that must be transferred to the county government.
Required:
For fund financial statements, prepare the journal entry for this transaction including the fund type in which the entry would have been recorded.

Accepted Answer

The answer of The City of Kamen collected $17,000 from...

Question 3

On June 14, 2013, Fred City agreed to transfer cash of $52,000 from the General Fund to provide permanent financing for a municipal swimming pool that will be viewed as an Enterprise Fund. The cash was transferred on June 30.
Required:
(A.) Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund Financial Statements.
(B.) Prepare all the required journal entries and identify the type of activity for the Government-Wide Financial Statements.

Accepted Answer

The answer of On June 14, 2013, Fred City agreed...

Question 4

The Town of Anthrop has recorded the receipt of a $10,000 grant to make its Town Hall handicapped-accessible. The town now spends $10,000 to make the Town Hall handicapped-accessible.
Required:
Prepare the journal entry (or entries), and identify the fund for recording, to record that the town spends $10,000 of a grant it received to make the Town Hall handicapped-accessible.

Accepted Answer

The answer of The Town of Anthrop has recorded the...

Question 5

On July 12, 2013, Fred City ordered a new computer at an anticipated cost of $114,400. The computer was received on July 16 with an actual cost of $116,220. Payment was subsequently made on August 15, 2013.
Required:
(A.) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the Fund Financial Statements.
(B.) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the Government-Wide Financial Statements.

Accepted Answer

The answer of On July 12, 2013, Fred City ordered...

Question 6

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund in which the entry is recorded.

Accepted Answer

The answer of Prepare the journal entry and identify the...

Question 7

Simple City has recorded the purchase order of two trucks for a total of $100,000.
Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

Accepted Answer

The answer of Simple City has recorded the purchase order...

Question 8

On August 21, 2013, Fred City transferred $100,000 to the School System to cover repairs to a school building.
Required:
Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund Financial Statements.

Accepted Answer

The answer of On August 21, 2013, Fred City transferred...

Question 9

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible.
Required:
Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant.

Accepted Answer

The answer of The Town of Anthrop receives a $10,000...

Question 10

Property taxes of 1,500,000 are levied for Miner County. The county expects that 5% will be uncollectible.
Required:
Prepare the required journal entry and identify the fund in which it is recorded.

Accepted Answer

The answer of Property taxes of 1,500,000 are levied for...

Question 11

On January 1, 2013, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used.
Required:
Record the journal entries for these transactions using the purchases method. (Disregard the encumbrance entries.)

Accepted Answer

The answer of On January 1, 2013, Wakefield City purchased...

Question 12

On January 1, 2013, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used.
Required:
Record the journal entries for these transactions using the consumption method. (Disregard the encumbrance entries.)

Accepted Answer

The answer of On January 1, 2013, Wakefield City purchased...

Question 13

The school system had some booklets printed by a local print shop on September 22, 2013. The school system was charged $1,560 for the printing, but the bill is not due until October.
Required:
(A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements.
(B.) Prepare the required journal entry for the Government-Wide Financial Statements.

Accepted Answer

The answer of The school system had some booklets printed...

Question 14

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000.
Required:
Record the journal entry to record the budget and identify the fund in which it is recorded.

Accepted Answer

The answer of The town council adopted an annual budget...

Question 15

A $5,000,000 bond is issued by Northern City to build a new hospital.
Required:
Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Accepted Answer

The answer of A $5,000,000 bond is issued by Northern...

Question 16

Shell City transfers $100,000 from the General Fund to the Debt Service fund.
Required:
Prepare the required journal entries and identify the funds in which they are recorded.

Accepted Answer

The answer of Shell City transfers $100,000 from the General...

Question 17

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3, 2013.
Required:
(A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements.
(B.) Prepare the required journal entry for the Government-Wide Financial Statements.

Accepted Answer

The answer of A new truck was ordered for the...

Question 18

Match between columns
                        Premises: Computers are ordered for the fire department.
Citizens are assessed for a street lighting project that has been legally restricted for those citizens.
The principal and interest of a bond are paid.
A building is acquired for the police department, and renovations begin immediately.
A transfer of funds is made from the General Fund to the Debt Service Fund.
The city spends grant money received in (9) above and landscapes the tree-lined areas beside the streets for which the grant money was received.
The city council adopts an annual budget for the General Fund.
Depreciation on fire trucks is recorded.
Property taxes are levied.
A grant is received to landscape tree-lined areas beside city-owned streets.

Accepted Answer

The Answer of Debt Service Fund and Governmental Activities. and is...

Quiz 11: Accounting for State and Local Governments, Part I

The City of Kamen collected $17,000 from parking meters that must be transferred to the county government. Required: For fund financial statements, prepare the journal entry for this transaction including the fund type in which the entry would have been recorded.

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund in which the entry is recorded.

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

On August 21, 2013, Fred City transferred $100,000 to the School System to cover repairs to a school building. Required: Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund Financial Statements.

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible. Required: Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant.

Property taxes of 1,500,000 are levied for Miner County. The county expects that 5% will be uncollectible. Required: Prepare the required journal entry and identify the fund in which it is recorded.

On January 1, 2013, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used. Required: Record the journal entries for these transactions using the purchases method. (Disregard the encumbrance entries.)

On January 1, 2013, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used. Required: Record the journal entries for these transactions using the consumption method. (Disregard the encumbrance entries.)

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000. Required: Record the journal entry to record the budget and identify the fund in which it is recorded.

A $5,000,000 bond is issued by Northern City to build a new hospital. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Shell City transfers $100,000 from the General Fund to the Debt Service fund. Required: Prepare the required journal entries and identify the funds in which they are recorded.

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3, 2013. Required: (A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements.

For each of the following transactions, select the area of accounting records in which an entry will be recorded.