Prepare journal entries for the City of Pudding’s governmental funds to record t
ID: 2481952 • Letter: P
Question
Prepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.)
Cash of $157,000 is transferred from the General Fund to provide permanent financing for a municipal swimming pool that will be viewed as an Enterprise Fund.
h. The first $9,000 of the state grant received in (g) is appropriately expended.
Transactions for FUND-BASED Financial Statements
1. Record encumbrances outstanding - General Fund.
2. Record amount due to internal service fund - General Fund.
3. Record sale of bonds - Capital Projects Fund.
4. Record authorization of transfer for construction - General Fund.
5. Record entry to remove encumbrance - General Fund.
6. Record receipt of truck - General Fund.
7.Record cash received from general fund to capital project fund - General Fund.
8. Record transfer in to capital project fund - Capital Projects Fund.
9. Record state grant received for promoting recycling.
10. Record cash received from the state grant - Special Revenue Fund.
11. Record the expenditure of the grant for recycling.
Transactions for GOVERNMENT-WIDE Financial Statements
1. Record encumbrances outstanding -Governmental Activities.
2. Record amount due to internal service fund -Governmental Activities.
3. Record sale of bonds -Governmental Activities.
4. Record authorization of transfer for construction -Governmental Activities.
5. Record payment of cash for construction -Business Type Activities.
6. Record receipt of truck -Governmental Activities.
7. Record cash received from general fund to capital project fund -Governmental Activities.
8. Record state grant received for promoting recycling -Governmental Activities.
9. Record cash received from the state grant -Governmental Activities.
10. Record the expenditure of the grant for recycling.
Please provide journal entries for BOTH fund and government wide financial statements SEPARATELY. Correct account names are important. Thank you a lot in advance!
Prepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.)
Explanation / Answer
City of Pudding All Amounts in $ Journal Entries a. Capital Projects Fund A/c 110000 Govermental Activities A/c 110000 To General Fund A/c 110000 To General Fund A/c 110000 b. General Fund A/c 1800 Govermental Activities A/c 1800 To Accounts Payable A/c 1800 To Accounts Payable A/c 1800 c. Development Fund A/c 7000000 Govermental Activities A/c 7000000 To Bonds A/c 7000000 To Bonds A/c 7000000 d. General Fund A/c 157000 Governmental Activities A/c 157000 To Enterprise Fund A/c 157000 To Cash A/c 157000 e. General Fund A/c 113900 General Fund A/c 113900 To Accounts Payable A/c 113900 To Accounts Payable A/c 113900 f. General Fund A/c 37200 General Fund A/c 37200 To Capital Projects Fund A/c 37200 To Governmental Activities A/c 37200 g. Cash A/c 50000 Cash A/c 50000 To Recycling Fund A/c 50000 To Governmental Activities A/c 50000 h. State Grant Fund A/c 9000 Govermental Activities A/c 9000 To Cash A/c 9000 To Cash A/c 9000