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Business, 08.04.2020 04:36 Animallover100
The following are several transactions that relate to Bultena Township for the fiscal year 2019 (assume a voucher system is used). Prepare all the journal entries necessary to record these transactions in the appropriate governmental-type fund(s), and identify the fund(s) used. Provide a description for each transaction in the orange box.
1. The General Fund operating budget was approved. It included estimated revenues of $1,500,000, estimated other financing sources of $300,000, appropriations of $1,150,000, financing uses of $600,000.
2. The Police Department paid its salaries of $50,000.
3. The General Fund made a transfer to the Debt Service Fund of $100,000.
4. Office furniture previously ordered for $45,000 was received, and the bill was entered into the voucher system. Old furniture that cost $23,000 was sold for $500; the proceeds could be used in any manner by the city.
5. General obligation long-term debt principal matured (due), and the final interest payment became due. These amounts were $75,000 and $7,500, respectively were paid. Assume a Debt Service Fund and a fiscal agent are used.
6. The township decides to construct a new library, which it estimates will cost $3.5 million. The City will finance the library with a state construction grant; general obligation bond issuance; and a transfer from the General Fund. Prepare a journal entry to record the transfer from the General Fund of 500,000.
7. Bonds were issued for the new Library. The face value of the bonds are 3 million and they sold for 3,017,500. The bond documents state a debt service fund is required and any premium should be transferred to this fund.
8. Bids for the construction of the library project were received in the amount of $2,987,000
9. The contractor on the library project sent the first partial billing for $966,000. the contract states a 10% retainage is required.
Fall 2019 Fund Abbreviations GF General Fund CPF Capital Project Fund DSF Debt Service Fund EF Enterprise fund The General Fu
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The following are several transactions that relate to Bultena Township for the fiscal year 2019 (ass...
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