Question 1

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 2

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 3

On January 1,2008,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.

Accepted Answer

The answer of On January 1,2008,Wakefield City purchased $40,000 office...

Question 4

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 5

On January 1,2008,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.

Accepted Answer

The answer of On January 1,2008,Wakefield City purchased $40,000 office...

Question 6

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 7

On August 21,2008,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-Based Financial Statements.

Accepted Answer

The answer of On August 21,2008,Fred City transferred $100,000 to...

Question 8

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 9

On June 14,2008,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-Based 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 14,2008,Fred City agreed to transfer...

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

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 12

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...

Quiz 16: Accounting for State and Local Governments, Part I

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.

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.

On January 1,2008,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.

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.

On January 1,2008,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.

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.

On August 21,2008,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-Based Financial Statements.

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.

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.

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.