Solved

Matching: Financial Statement Preparation

Question 69

Matching

Matching: Financial Statement Preparation
Certain accounts from the general ledger or other transactions of the City of Six Mile are listed below. For each account or transaction identify the section of the appropriate financial statement where each account would be reported. If an account is not reported on either statement, indicate that by using a X. A section may be used more than once.

Premises:

Responses:

xa0xa0xa0xa0 Services rendered to the City by employees

Assets

xa0xa0xa0xa0 Allowance for Uncollectible Taxes

Liabilities

xa0xa0xa0xa0 Advance to Enterprise Fund

Fund Balance

xa0xa0xa0xa0 Sale of park land (considered unusual in nature but under the control of management)

Revenues

xa0xa0xa0xa0 Property taxes levied and collected

Expenditures

xa0xa0xa0xa0 Fund Balance – Nonspendable – Inventory

Other Financing Sources and Uses, including transfers

xa0xa0xa0xa0 Vouchers Payable

Special and Extraordinary Items

xa0xa0xa0xa0 Transfer to the Special Revenue Fund

xa0xa0xa0xa0 Correction of Prior Year Error

xa0 Due to Internal Service Fund

xa0 Purchase of a capital asset

xa0 Building inspection services provided to contractors

xa0 Receipt of materials ordered

xa0 Payment from Fund A to Fund B for transaction erroneously recorded in Fund B

xa0 Insurance recovery from a tornado (tornado was considered unusual and infrequent)

xa0 Investments

xa0 Interest earned on investments

xa0 Short-term borrowing from a bank

xa0 Interest paid on short-term loan

xa0 Due from Special Revenue Fund

Premises:

xa0xa0xa0xa0 Services rendered to the City by employees

xa0xa0xa0xa0 Allowance for Uncollectible Taxes

xa0xa0xa0xa0 Advance to Enterprise Fund

xa0xa0xa0xa0 Sale of park land (considered unusual in nature but under the control of management)

xa0xa0xa0xa0 Property taxes levied and collected

xa0xa0xa0xa0 Fund Balance – Nonspendable – Inventory

xa0xa0xa0xa0 Vouchers Payable

xa0xa0xa0xa0 Transfer to the Special Revenue Fund

xa0xa0xa0xa0 Correction of Prior Year Error

xa0 Due to Internal Service Fund

xa0 Purchase of a capital asset

xa0 Building inspection services provided to contractors

xa0 Receipt of materials ordered

xa0 Payment from Fund A to Fund B for transaction erroneously recorded in Fund B

xa0 Insurance recovery from a tornado (tornado was considered unusual and infrequent)

xa0 Investments

xa0 Interest earned on investments

xa0 Short-term borrowing from a bank

xa0 Interest paid on short-term loan

xa0 Due from Special Revenue Fund

Responses:

Assets

Liabilities

Fund Balance

Revenues

Expenditures

Other Financing Sources and Uses, including transfers

Special and Extraordinary Items

Correct Answer:

Premises:

Responses:

xa0xa0xa0xa0 Services rendered to the City by employees

xa0xa0xa0xa0 Allowance for Uncollectible Taxes

xa0xa0xa0xa0 Advance to Enterprise Fund

xa0xa0xa0xa0 Sale of park land (considered unusual in nature but under the control of management)

xa0xa0xa0xa0 Property taxes levied and collected

xa0xa0xa0xa0 Fund Balance – Nonspendable – Inventory

xa0xa0xa0xa0 Vouchers Payable

xa0xa0xa0xa0 Transfer to the Special Revenue Fund

xa0xa0xa0xa0 Correction of Prior Year Error

xa0 Due to Internal Service Fund

xa0 Purchase of a capital asset

xa0 Building inspection services provided to contractors

xa0 Receipt of materials ordered

xa0 Payment from Fund A to Fund B for transaction erroneously recorded in Fund B

xa0 Insurance recovery from a tornado (tornado was considered unusual and infrequent)

xa0 Investments

xa0 Interest earned on investments

xa0 Short-term borrowing from a bank

xa0 Interest paid on short-term loan

xa0 Due from Special Revenue Fund