The general fund of a local government lends $100,000 to an internal service fund that provides transportation services. In the government-wide statement of financial position, this internal transaction is
An elimination.
An interfund service provided and used.
An interfund transfer.
A financing source and use.
The general fund of a local government lends $100,000 to an internal service fund that provides...
1) An internal service fund received an interfund transfer of $50,000 cash from the general fund. This transfer should be reported in the statement of revenues, expenses, and changes in fund net position as a) An account payable. b) An item below non-operating revenues and expenses. c) A revenue. d) An other financing source. 2) If the government is merely a cash conduit, grants that are to be transferred to secondary recipients by a local government should be accounted for...
An internal service provided and used by a state or local government Requires recognition of an other financing source by the transferee fund and an other financing use by the transferor fund. Normally is displayed in the financial statements as a reimbursement. Results in expenditures or expenses to buyer funds and revenues to seller funds. Is the internal counterpart to a nonexchange transaction.
An internal service provided and used by a state or local government Requires recognition of an other...
Moving cash from the General Fund to a debt service fund for payment of debt service is an example of a (an): Multiple Choice Interfund transfer. Interfund loan. Interfund reimbursement. Quasi-external transaction.
The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 121,100 Due from Other Funds 10,200 Inventory of Supplies 99,000 Land 54,500 Building 275,500 Allowance for Depreciation—Building $ 22,100 Machinery and Equipment 71,900 Allowance for Depreciation—Machinery and Equipment 13,200 Vouchers Payable 34,000 Net Position—Net Investment in Capital Assets 366,600 Net Position—Unrestricted 196,300...
The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 121,100 Due from Other Funds 10,200 Inventory of Supplies 99,000 Land 54,500 Building 275,500 Allowance for Depreciation—Building $ 22,100 Machinery and Equipment 71,900 Allowance for Depreciation—Machinery and Equipment 13,200 Vouchers Payable 34,000 Net Position—Net Investment in Capital Assets 366,600 Net Position—Unrestricted 196,300...
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The appropriate entry in the General Fund to record this transfer would be Debit Expenditures $100,000; Credit Cash $100,000. Debit Other Financing Uses Transfer Out $100,000; Credit Cash $100,000. Debit Fund Balance Transfer Out $100,000; Credit Cash $100,000. Debit Other Financing Sources Transfer In $100,000; Credit Cash $100,000.
Required information E7-20 Central Garage Internal Service Fund [LO 7-4] [The following information applies to the questions displayed below.] The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows: Debits Credits Cash $ 73,200 Due from Other Funds 6,000 Inventory of Supplies 60,000 Land 34,000 Building 166,000 Allowance for Depreciation—Building $ 13,200 Machinery and Equipment 42,800...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $992,000 in bonds at face value to finance construction of a warehouse. b. A $1.14 million contract is signed for construction of the warehouse. The commitment is required if allowed. C. A $164,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). d. Equipment for the fire...
for the first and second part to this question to record fund
financial statements and government wide ,
we use these accounts for journal entries
allowance for uncollectible current taxes
bonds payable
cash
deferred revenues
encumbrances
encumbrances-equipment
encumbrences- warehouse
encumbrences outstanding
expenditure control- machinery and equip
fund balance - reserved for encumbrances
grant recievable
inventory supplies
machinery and equip
other financing sources- bond proceeds
other financing sources - transfers in
other financing uses - transfers out
revenues- property taxes
taxes...
Interfund transactions Prepare journal entries to record these interfund transactions in each affected fund: 1. The General Fund makes a short-term loan of $75,000 to a Special Revenue Fund. General Fund Description Debit Credit Special Revenue Fund Description Debit Credit 2. The General Fund sends $100,000 cash to the Debt Service Fund so the latter fund can pay the debt service on general obligation bonds. General Fund Description Debit Credit 2. The General Fund sends $100,000 cash to the Debt...