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The document discusses 10 transactions that need to be recorded in the general ledger of governmental funds. These include contributions of cash and assets between funds, billings between funds, loans between funds, bond sales, fund transfers, and accounting errors. The summary would explain how these transactions are reported in the statement of revenues, expenditures, and changes in fund balance for the affected governmental funds.

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23 views1 page

Solutiondone 2-283

The document discusses 10 transactions that need to be recorded in the general ledger of governmental funds. These include contributions of cash and assets between funds, billings between funds, loans between funds, bond sales, fund transfers, and accounting errors. The summary would explain how these transactions are reported in the statement of revenues, expenditures, and changes in fund balance for the affected governmental funds.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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a Prepare general journal entries to record the following

transactions
(a) Prepare general journal entries to record the following transactions in the General Ledger of
the General Fund or a Special Revenue Fund, as appropriate. (b) Explain how these
transactions and events are reported in the General Fund or Special Revenue Fund Statement
of Revenues, Expenditures, and Changes in Fund Balance.1. $100,000 of General Fund cash
was contributed to establish a new Internal Service Fund.2. A truck—acquired two years ago with
General Fund revenues for $19,000—with a fair value of $10,000 was contributed to a
department financed by an Enterprise Fund. (Record the contribution of the asset to the
Enterprise Fund—not the purchase.)3. The Sanitation Department, accounted for in the General
Fund, billed the Municipal Airport, accounted for in an Enterprise Fund, $800 for garbage
collection.4. General Fund cash of $50,000—to be repaid in 90 days—was provided to enable
construction to begin on a new courthouse before a bond issue was sold.5. A $9,000,000 bond
issue to finance construction of a major addition to the civic center was sold at par. The civic
center is accounted for as part of general government activities.6. General Fund disbursements
during May included a contribution of $35,000 to a Capital Projects Fund to help finance a major
capital project.7. After retirement of the related debt, the balance of the net assets (all cash) of a
Debt Service Fund, $8,500, was transferred to the General Fund.8. General Fund cash of
$70,000 was loaned to an Enterprise Fund from resources that have been assigned to a
specific future purpose. The loan is to be repaid in three years.9. An accounting error made
during the preceding accounting period caused the General Fund cash balance at the beginning
of the current year to be understated by $6,500.10. Another accounting error was discovered:
Expenditures of $4,000, properly chargeable to a Capital Projects Fund, were inadvertently
charged to a Special Revenue Fund during the current year.View Solution: a Prepare general
journal entries to record the following transactions
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the-following-transactions/

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