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68. 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 consumption method.
(Disregard the encumbrance entries.)
69. The town council adopted an annual budget estimating general revenues
of $2,000,000, approved expenditures of $1,700,000 and other financing for other
funds of $130,000.
Required:
Record the journal entry to record the budget and identify the fund in which it is
recorded.
70. Property taxes of 1,500,000 are levied for Miner County. The county
expects that 5% will be uncollectible.
Required:
Prepare the required journal entry and identify the fund in which it is recorded.
71. Shell City transfers $100,000 from the General Fund to the Debt Service
fund.
Required:
Prepare the required journal entries and identify the funds in which they are
recorded.
72. Prepare the journal entry and identify the fund to record the purchase
order of two trucks owned by Simple City for $100,000. Identify the fund in which
the entry is recorded.
73. Simple City has recorded the purchase order of two trucks for a total of
$100,000.
Prepare the journal entries to reflect that the two trucks have been received with
a voucher price of $105,000. This amount has been approved but not yet paid.
Identify the fund in which the entries are recorded.
74. A $5,000,000 bond is issued by Northern City to build a new hospital.
Required:
Prepare the journal entry and identify the fund in which it is recorded to reflect
the bond issue.
75. The Town of Anthrop receives a $10,000 grant to make the Town Hall
handicapped-accessible.
Required:
Prepare the journal entry, and identify the fund in which it is recorded, to record
the receipt of the grant.
76. The Town of Anthrop has recorded the receipt of a $10,000 grant to make
its Town Hall handicapped-accessible. The town now spends $10,000 to make
the Town Hall handicapped-accessible.
Required:
Prepare the journal entry (or entries), and identify the fund for recording, to
record that the town spends $10,000 of a grant it received to make the Town Hall
handicapped-accessible.
77. The City of Kamen collected $17,000 from parking meters that must be
transferred to the county government.
Required:
For fund financial statements, prepare the journal entry for this transaction
including the fund type in which the entry would have been recorded.
78. The City of Kamen transferred $27,000 into a Pension Trust Fund. Of this
amount, $19,000 was contributed by the city with the remainder coming from the
employees.
Required:
For fund financial statements, prepare the journal entry for this transaction
including the fund type in which the entry would have been recorded.
