all T-Mobile 2:25 PM Notes Prepare journal entries for the City of Pudding\'s go
ID: 2329584 • Letter: A
Question
all T-Mobile 2:25 PM Notes Prepare journal entries for the City of Pudding's governmental funds to record the following trans- actions, first for fund financial statements and then for government-wide financial statements a. A new truck for the sanitation department was ordered at a cost of $94,000 b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid) C. An $11 million bond was issued to build a new road d. Cash of $140,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund e.Thetruckorderedin (a)isreceivedatanactualco stof$96,000.Pay f. Cash of $32,000 is transferred from the general fund to the capital projects fund g. A state grant of $30,000 is received that must be spent to promote recycling h. The first $5,000 of the state grant received in (g) is appropriately expended timeExplanation / Answer
Fund based financial statement
1. encumbrance truck ac dr. $94000
to encumbrance outstanding $94000
2. Expenditure Dr. $1200
To internal service fund $1200
3. Cash ac Dr. $ 11,000,000
To bonds. $11,000,000
4. Swimming pool Dr. $140000
To Cash $140000
5. Encumbrance outstanding Dr. $94000
to. encumbrance control $94000
6. Expenditure Ac Dr. $ 32000
To cash. $ 32000
7. Cash ac Dr. $30000
to deferred revenue $30000
8. deffered revenue dr. $5000
to revenue $5000
Expenditure Dr. $5000
to cash $5000
government wise financial statement :--
1. no entry
2. no entry
3. Cash Dr. $ 11,000,000
to Bond payable $ 11,000,000
4. Swimming pool Dr. $ 140000
To cash. $140000
5. Trucks dr. $94000
To account payable $ 94000
6. No entry
7. Cash ac dr $30000
to deffered revenue $30000
8. deffered revenue dr. $5000
to revenue $5000
Expenditure Dr. $5000
to cash $5000
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