City of smithville 17th edition solutions
At the governmentwide level, you should assume the city uses the periodic inventory method. If you click on the [X] box you will be asked whether you want to close the program without saving changes. Ignore those entries for now. Prepare and post at the end of year , the necessary entries to close the Estimated Revenues and Appropriations accounts to Budgetary Fund Balance, and Revenues, Expenditures, and Encumbrances accounts to Fund Balance. See Illustration in the textbook for an example of an appropriate format of a governmental fund balance sheet. Prepare a reconciliation of total expenditures reported in your solution to part c of this problem with the total expenditures and encumbrances reported in your solution to part d of this problem. If you make too many errors and want to start over from scratch, you can select Student Assistance from the [File] menu and completely wipe out all data from the current fund or entity i.
Investments of the Investment Pool Fund are expected to earn an average of 5 percent per annum. Record the budget in the general journal, providing entries in the Detail Journal when directed. Required: Record the receipt of these services, amounts paid during the year, and remaining liability in the General Fund and governmental activities journals.
Under [File]-[Student Assistance] you will find the option [Wipe out data forcurrent fund or governmental activities]. For each of the paragraphs that requires entries in both the General Fund and governmental activities journals, you can either record them in both journals on a paragraph-by-paragraph basis or, alternatively, record all the General Fund journal entries first for all paragraphs, then complete the governmental activities journal entries for all paragraphs last.
The amount will be borne by the Street Improvement Fund; it will not be recoverable from the contractor. Enter 3-a in the [Transaction Description] box. Switch entities at any time by changing the selection. Expenditures charged to the miscellaneous appropriation should be recorded in this case as General Government expenses at the government-wide level.
City of smithville chapter 4 answers
To minimize errors, you should read and follow all instructions carefully. In Chapter 4 below Illustration , see discussion and example which compares Illustrations and Fiscal year Transactions: e. Required: Record this reimbursement transaction in the General Fund and governmental activities journals, debiting Due from Other Funds in the General Fund and Internal Receivables from Business-type Activities at the governmentwide level. Fill in the boxes or, in the case of the [Transaction Description] box, select a description from the drop-down menu, and click [Add Entry]. Additional interest on these taxes that had legally accrued was not recorded since it was deemed uncollectible in its entirety. For each entry affecting budgetary accounts or operating statement accounts, you will be sent to the Detail Journal, as was the case in Chapter 3, to record the appropriate amounts in the detail budgetary or actual accounts. However, a new fund, the Investment Pool Fund, has recently been created see Chapter 8. Recall that interest is not accrued for the period July 1 to December 31, , in the debt service fund as no appropriation exists for this expenditure and the interest is not due this fiscal year. After operating transactions have been journalized and posted in Chapter 4, subsidiary ledgers and trial balances will contain both budgetary and operating accounts and balances.
Required: Record this transaction in both the General Fund and governmental activities general journals. See Illustration in the textbook for an example format. At the governmentwide level, you should assume the city uses the periodic inventory method.
Follow the same procedure to record the budget detail for Appropriations. Printing Reports All of the reports for the City of Smithville are available through the Reports menu.
Use Excel to prepare in good form a balance sheet for the General Fund as of December 31,
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