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Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284 Exercise 14
Enterprise fund. Prepare journal entries to record the following events in the city of Rosewood's Water Commission enterprise fund:
a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city.
c. The Water Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b).
d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells.
e. The contract with the well driller showed an estimated cost of $930,000.
f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.
a. From its general fund revenues, the city transferred $300,000, which is restricted for the drilling of additional wells. b. Billings for water consumption for the month totaled $287,000, including $67,000 billed to other funds within the city.
c. The Water Commission collected $42,000 from other funds and $190,000 from other users on billings in item (b).
d. To raise additional funds, the utility issued $700,000 of 5%, 10-year revenue bonds at face value. Proceeds are restricted to the development of wells.
e. The contract with the well driller showed an estimated cost of $930,000.
f. The well driller bills $360,000 at year-end. g. The utility pays a $300,000 bill from the well driller.
Explanation
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Prepare journal entries for the City R's...
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
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