The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2017, the following transactions occurred:
1. The City contributed $\$ 1,200,000$ in cash to the plarl. Employee members contributed arn additional $\$ 1,200,000$.
2. Arnuity benefits in the arnount of $\$ 255,000$ were recorded as liabilities.
3. Arruity benefits, previously recorded as liabilities, were paid in cash in the arnownt of $\$ 207,000$.
4. Irvestment income received in cash arnounted to $\$ 102,000$. In addition, $\$ 16,000$ in interest receivable was accrued at year-end.
5. Additional irvestrnents in the arnount of $\$ 2,100,000$ were purchased.
6. The market value of irvestrnents decreased by $\$ 9,100$.
7. Norminal accourts for the year were closed.
Required: Prepare journal entries for the above transactions on the books of the City of Richmond Public Safety Employee Retirement Trust Fund.

Question

The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2017, the following transactions occurred:
 1. The City contributed $\$ 1,200,000$ in cash to the plarl. Employee members contributed arn additional $\$ 1,200,000$.
2. Arnuity benefits in the arnount of $\$ 255,000$ were recorded as liabilities.
3. Arruity benefits, previously recorded as liabilities, were paid in cash in the arnownt of $\$ 207,000$.
4. Irvestment income received in cash arnounted to $\$ 102,000$. In addition, $\$ 16,000$ in interest receivable was accrued at year-end.
5. Additional irvestrnents in the arnount of $\$ 2,100,000$ were purchased.
6. The market value of irvestrnents decreased by $\$ 9,100$.
7. Norminal accourts for the year were closed. 
Required: Prepare journal entries for the above transactions on the books of the City of Richmond Public Safety Employee Retirement Trust Fund.

Quizplus · Accepted Answer

The Answer of The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2017, the following transactions occurred:
 1. The City contributed $\$ 1,200,000$ in cash to the plarl. Employee members contributed arn additional $\$ 1,200,000$.
2. Arnuity benefits in the arnount of $\$ 255,000$ were recorded as liabilities.
3. Arruity benefits, previously recorded as liabilities, were paid in cash in the arnownt of $\$ 207,000$.
4. Irvestment income received in cash arnounted to $\$ 102,000$. In addition, $\$ 16,000$ in interest receivable was accrued at year-end.
5. Additional irvestrnents in the arnount of $\$ 2,100,000$ were purchased.
6. The market value of irvestrnents decreased by $\$ 9,100$.
7. Norminal accourts for the year were closed. 
Required: Prepare journal entries for the above transactions on the books of the City of Richmond Public Safety Employee Retirement Trust Fund.

The City of Richmond Maintains a Public Employee Retirement Trust $1,200,000\$ 1,200,000$1,200,000

The City of Richmond Maintains a Public Employee Retirement Trust $\$ 1,200,000$