Please help me with Excel Based problem 8-14 question #1 - preparing journal ent
ID: 2597365 • Letter: P
Question
Please help me with Excel Based problem 8-14 question #1 - preparing journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting. Please let me know if I need to include the excel template and if so how to I provide it to you. Thank you in advance. Please help me with Excel Based problem 8-14 question #1 - preparing journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting. Please let me know if I need to include the excel template and if so how to I provide it to you. Thank you in advance. Please help me with Excel Based problem 8-14 question #1 - preparing journal entries necessary to convert the governmental fund financial statements to the accrual basis of accounting. Please let me know if I need to include the excel template and if so how to I provide it to you. Thank you in advance. 8-14·The fund-basis financial statements of the City of Cottonwood have been completed for the year 2017 and appear in the first tab of the Excel spread- sheet provided with this exercise. In addition, the government-wide Statement of Net Position from the previous fiscal year is provided and should be used to determine beginning balances for accounts not appearing in the fund-basis statements. The following information is also available: a. Capital Assets Capital assets purchased by governmental funds are charged to cap- ital expenditure and do not appear as assets in the fund-basis bal- ance sheet. However, the balance is reflected in the Statement of Net Position in the government-wide financial statementsExplanation / Answer
Fund Accounting to Government-wide accounting
City council adopted budget with revenues, appropriations and transfers
General Fund
Estimated revenues xxx
Appropriations xxx
Estimated other financing uses xxx
Budgetary fund balance xxx
Govt. Activities
Budget entries are not required to be reported
Property Taxes levied and the city collects all but a certain percentage
Gen. Fund
Property taxes receivable xxx
Allowance for uncollectible tax xxx
Revenues xxx
Govt. Activities
Property taxes receivable xxx
Allowance for uncollectible tax xxx
Revenues xxx
Transfer from General fund to Debt service fund
Gen. Fund
Other financing uses-transfer out xxx
Cash xxx
In Debt service fund
Cash xxx
Other financing sources-transfer in xxx
No journal entry in Govt. Activities.
Bond payable paid along with interest
In Debt service fund
Expenses- Principal xxx
Expenses- Interest xxx
Cash xxx
In Govt. Activities
Bonds payable xxx
Interest expense xxx
Cash xxx
School building acquired in cash
In Capital projects fund
Expenditure xxx
Cash xxx
In Govt. Activities
Building xxx
Cash xxx