54. What is the primary difference between monies accounted for in the
general fund and monies accounted for in the special revenue fund?
55. What are the two proprietary fund types?
56. What are the four fiduciary fund types?
57. What is the purpose of fund financial statements?
58. What is the purpose of government-wide financial statements?
59. The board of commissioners of the city of Jarmaine adopted a General
Fund budget for the year ending June 30, 2011, which indicated revenues of
$1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and
operating transfers out of $390,000.
Required:
If this budget was formally integrated into the accounting records used to
produce the Fund Financial Statements, what was the required journal entry at
the beginning of the year?
60. On July 1, 2011, Fred City ordered $1,500 of office supplies. They were to
be paid for out of the General Fund.
Required:
(A.) What journal entry was required for the Fund Financial Statements?
(B.) What journal entry was required for the Government-Wide Statements?
61. On July 12, 2011, Fred City ordered a new computer at an anticipated cost
of $114,400. The computer was received on July 16 with an actual cost of
$116,220. Payment was subsequently made on August 15, 2011.
Required:
62. A new truck was ordered for the sanitation department at a cost of
$122,200 on September 3, 2011.
Required:
(A.) Prepare the required journal entry in the General Fund for the Fund Financial
Statements.
(B.) Prepare the required journal entry for the Government-Wide Financial
Statements.
63. The school system had some booklets printed by a local print shop on
September 22, 2011. The school system was charged $1,560 for the printing, but
the bill is not due until October.
Required:
(A.) Prepare the required journal entry in the General Fund for the Fund Financial
Statements.
(B.) Prepare the required journal entry for the Government-Wide Financial
Statements.
64. A $910,000 bond was issued on October 1, 2011 to build a new road. The
bonds carried a 6% interest rate and are due in 10 years.
Required:
(A.) Prepare the required journal entry in the Capital Projects Fund on October 1
for the Fund Financial Statements.
(B.) Prepare the required journal entry for the Government-Wide Financial
Statements.
65. On June 14, 2011, Fred City agreed to transfer cash of $52,000 from the
General Fund to provide permanent financing for a municipal swimming pool that
will be viewed as an Enterprise Fund. The cash was transferred on June 30.
Required:
(A.) Prepare all the required journal entries and identify the fund in which each
entry was recorded for the Fund Financial Statements.
(B.) Prepare all the required journal entries and identify the type of activity for
the Government-Wide Financial Statements.
66. On August 21, 2011, Fred City transferred $100,000 to the School System
to cover repairs to a school building.
Required:
Prepare all the required journal entries and identify the fund in which each entry
was recorded for the Fund Financial Statements.
67. On January 1, 2011, Wakefield City purchased $40,000 office supplies.
During the year $35,000 of these supplies were used.
Required:
Record the journal entries for these transactions using the purchases method.
(Disregard the encumbrance entries.)