Exercise 18-1 Your answer is incorrect. Try again. The following transactions take place. Indicate the name...
Exercise 18-1
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 |
Your answer is incorrect. Try again. |
The following transactions take place. Indicate the name of the
fund in which each of the transactions or events should be
recorded.
| 1. | A cement mixer was purchased with resources of the general fund. |
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| 2. | A contract was signed for the construction of a new civic center. |
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| 3. | Bonds were issued to finance the construction of the new civic center. |
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| 4. | Construction of the civic center was completed. |
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HELP PLEASE!!!
Homework Answers
| 1 | A cement mixer was purchased with resources of the general fund.- It should be from capital project fund becase a cement mixer will be used for mainly project purpose. |
| 2 | A contract was signed for the construction of a new civic center- Capital project funds should be used. |
| 3 | Bonds were issued to finance the construction of the new civic center- Debt service fund |
| 4 | Construction of the civic center was completed- Capital project funds |
Add Answer to:
Exercise 18-1
Your answer is incorrect. Try again.
The following transactions take place. Indicate the name...
Both exercises EXERCISE 18-1 Identify the Fund The following transactions take place: 1. A cement mixer...
Both exercises
EXERCISE 18-1 Identify the Fund The following transactions take place: 1. A cement mixer was purchased with resources of the general fund. 2. A contract was signed for the construction of a new civic center. 3. Bonds were issued to finance the construction of the new civic center. 4. Construction of the civic center was completed. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded. EXERCISE 18-2 Identify the...
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...
Exercise 18-2
The following transactions take place. Indicate the name of the
fund(s) in which each of the transactions or events should be
recorded.
(a)
A commitment was made to transfer general revenues to the entity in
charge of providing transportation for all government
agencies.
General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded. (a) A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. o Capital Projects Funds Enterprise Funds O Pension and Other Employee Benefit Trust Funds Agency Funds Investment Trust Funds Permanent Funds O Private-Purpose Trust Funds Debt Service Funds o General Fund Internal Service Funds Special...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. General Fund udy ✓ Capital Projects Funds Pension and Other Employee Benefit Trust Funds Permanent Funds Enterprise Funds Investment Trust Funds Private-Purpose Trust Funds Agency Funds Special Revenue Funds Debt Service Funds ✓ Internal Service Funds
Indicate whether the item in each column is reported in the financial statements of the fund...
Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long-term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other...
1 2 3 4 5 Indicate whether the item in each column is reported in the...
1 2 3 4 5 Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Capital assets Long-term liabilities Encumbrances Statement 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service...
Prepare journal entries for the following related transactions in the fund and activity journals affected. (If...
Prepare journal entries for the following related transactions in the fund and activity journals affected. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue. 2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction. 3. A construction contract...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions....
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000...
2. The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018:...
2. The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018: 20 year 5% General Obligation Serial Bonds with a face value of $6,000,000 are issued at 102. Interest and principal payments are made on Jan. 1 and July 1 of each year. The premium was transferred into the Debt Service Fund. The General Fund will fully fund each payment as they become due (b) 3/1/2018: Land is purchased for a new...
Both exercises
EXERCISE 18-1 Identify the Fund The following transactions take place: 1. A cement mixer was purchased with resources of the general fund. 2. A contract was signed for the construction of a new civic center. 3. Bonds were issued to finance the construction of the new civic center. 4. Construction of the civic center was completed. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded. EXERCISE 18-2 Identify the...
Exercise 18-2
The following transactions take place. Indicate the name of the
fund(s) in which each of the transactions or events should be
recorded.
(a)
A commitment was made to transfer general revenues to the entity in
charge of providing transportation for all government
agencies.
General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded. (a) A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. o Capital Projects Funds Enterprise Funds O Pension and Other Employee Benefit Trust Funds Agency Funds Investment Trust Funds Permanent Funds O Private-Purpose Trust Funds Debt Service Funds o General Fund Internal Service Funds Special...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. General Fund udy ✓ Capital Projects Funds Pension and Other Employee Benefit Trust Funds Permanent Funds Enterprise Funds Investment Trust Funds Private-Purpose Trust Funds Agency Funds Special Revenue Funds Debt Service Funds ✓ Internal Service Funds
1 2 3 4 5 Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Capital assets Long-term liabilities Encumbrances Statement 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000...
2. The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018: 20 year 5% General Obligation Serial Bonds with a face value of $6,000,000 are issued at 102. Interest and principal payments are made on Jan. 1 and July 1 of each year. The premium was transferred into the Debt Service Fund. The General Fund will fully fund each payment as they become due (b) 3/1/2018: Land is purchased for a new...
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