Jefferson County had the following transactions in 2014.
1.$27,000 in membership fees was collected at the municipal pool.
2.A county collects $130,000 in sales taxes on behalf of the cities within its boundaries.
3.A $500,000 bond offering was issued at 102 to fund the construction of a new city hall.The premium on the bonds was transferred to the Debt Service Fund (nonreciprocal).
4.A private foundation contributes a stock portfolio with a fair value of $100,000 to the county.A trust agreement specifies the earnings on the fund is to be used by the local park which is owned and operated by a private foundation,and the principal is to be held intact indefinitely.
5.The county sends bills out for water and sewer provided to residents,amounting to $340,000.
Required:
Prepare the necessary journal entries for each of the above transactions for all funds affected.Be sure to identify the fund type for each entry.

Question

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The Answer of Jefferson County had the following transactions in 2014.
1.$27,000 in membership fees was collected at the municipal pool.
2.A county collects $130,000 in sales taxes on behalf of the cities within its boundaries.
3.A $500,000 bond offering was issued at 102 to fund the construction of a new city hall.The premium on the bonds was transferred to the Debt Service Fund (nonreciprocal).
4.A private foundation contributes a stock portfolio with a fair value of $100,000 to the county.A trust agreement specifies the earnings on the fund is to be used by the local park which is owned and operated by a private foundation,and the principal is to be held intact indefinitely.
5.The county sends bills out for water and sewer provided to residents,amounting to $340,000.
Required:
Prepare the necessary journal entries for each of the above transactions for all funds affected.Be sure to identify the fund type for each entry.

Jefferson County Had the Following Transactions in 2014