We appreciate your visit to The nature of a transaction gives a clue as to the type of fund in which it should be recorded Kendal County engaged in the. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
1. Journal entry: Debit: Tax Receivable - General Obligation Bonds $1,000,000, Credit: Revenues - Taxes $1,000,000, Type of fund: Debt Service Fund
2. Journal entry: Debit: Accounts Receivable - Charity Bicycle Ride $5,000, Credit: Revenues - Charges for Services $5,000, Type of fund: Special Revenue Fund
3. Journal entry: Debit: Cash $60,000, Credit: Revenues - Investment Dividends $60,000, Type of fund: Permanent Fund
4. Journal entry: Debit: Cash $70,000, Credit: Revenues - Investment Dividends $70,000, Type of fund: Permanent Fund
5. Journal entry: Debit: Expenditures - Construction $6,000,000, Credit: Other Financing Sources - Proceeds of Bonds $6,000,000, Type of fund: Capital Projects Fund
6. Journal entries (in two funds): Fund A (Unrestricted Fund): Debit: Transfer Out $400,000, Credit: Cash $400,000, Type of fund: General Fund. Fund B (Bond Redemption Fund): Debit: Cash $400,000, Credit: Transfer In $400,000, Type of fund: Debt Service Fund
7. Journal entry: Debit: Depreciation Expense - Vehicle Repair Center $100,000, Credit: Accumulated Depreciation - Vehicle Repair Center $100,000, Type of fund: General Fund
8. Journal entry: Debit: Cash $30,000, Credit: Revenues - Parking Fees $30,000, Type of fund: General Fund
9. Journal entry: Debit: Cash $8,000,000, Credit: Other Financing Sources - Bonds $8,000,000, Type of fund: Enterprise Fund
10. Journal entry:, Debit: Taxes Receivable - School Districts $3,000,000, Credit: Revenues - Taxes $3,000,000, Type of fund: General Fund
1. The journal entry would be as follows:
Debit: Tax Receivable - General Obligation Bonds $1,000,000
Credit: Revenues - Taxes $1,000,000
In this scenario, the tax levy and collection will be used to pay off general obligation bonds, which are long-term debt obligations, so the entry would be recorded in the debt service fund.
2. The journal entry would be as follows:
Debit: Accounts Receivable - Charity Bicycle Ride $5,000
Credit: Revenues - Charges for Services $5,000
In this situation, the county is charging sponsors of a charity bicycle ride a fee for police protection during the event, so the funds should be put in a special revenue fund dedicated to police services.
3. The journal entry would be as follows:
Debit: Cash $60,000
Credit: Revenues - Investment Dividends $60,000
When a government invests resources that are legally restricted to a specific purpose, a trust fund should be created to account for the investment activity.
4. The journal entry would be as follows:
Debit: Cash $70,000
Credit: Revenues - Investment Dividends $70,000
Similar to the previous example, the resources in this case are restricted to providing scholarships to needy residents. A scholarship trust fund should be established to account for the investment activity.
5. The journal entry would be as follows:
Debit: Expenditures - Construction $6,000,000
Credit: Other Financing Sources - Proceeds of Bonds $6,000,000
When a government issues debt to fund a capital project, a capital projects fund should be established to account for the transaction.
6. The journal entries would be as follows:
Fund A (Unrestricted Fund):
Debit: Transfer Out $400,000
Credit: Cash $400,000
Fund B (Bond Redemption Fund):
Debit: Cash $400,000
Credit: Transfer In $400,000
Transferring unrestricted resources to an appropriate fund to be invested and eventually used to pay off long-term jail bonds necessitates two entries: one in the fund from which the transfer is made (the general fund in this case) and one in the fund to which the transfer is made (the debt service fund in this case).
7. The journal entry would be as follows:
Debit: Depreciation Expense - Vehicle Repair Center $100,000
Credit: Accumulated Depreciation - Vehicle Repair Center $100,000
When an internal service fund provides services to other governmental units, it should charge the actual cost of the services and recognize depreciation on any assets it owns.
8. The journal entry would be as follows:
Debit: Cash $30,000
Credit: Revenues - Parking Fees $30,000
An enterprise fund should be established to account for business-type activities that are financed and operated in a way that is similar to private-sector entities. When an enterprise fund charges fees for the services it provides, the resources obtained should be placed in that fund.
9. The journal entry would be as follows:
Debit: Cash $8,000,000
Credit: Other Financing Sources - Bonds $8,000,000
Governments that own and operate utilities should establish a utility fund to account for their operations. When debt is used to fund capital projects, as is the case in this situation, it should be recorded in the utility fund.
10. The journal entry would be as follows:
Debit: Taxes Receivable - School Districts $3,000,000
Credit: Revenues - Taxes $3,000,000
To account for the tax collections and disbursements, the general fund should establish due from/to other funds accounts.
Learn more About Journal entry from the given link
https://brainly.com/question/28390337
#SPJ11
Thanks for taking the time to read The nature of a transaction gives a clue as to the type of fund in which it should be recorded Kendal County engaged in the. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
