The addition for the sinking fund was invested immediately in 6 percent certificates of deposit. The bond anticipation notes and interest thereon were repaid see Transaction 1. Why are there major differences between governmental accounting systems vs. During , the following events and transactions occurred. When does GAAP require the use of a debt service fund?
Please cite some examples. Prepare journal entries to record the preceding information in the general ledger accounts for the Street Improvement Fund. The grantor specifies that the portion to be received in is not available for use until because there is no guarantee that the federal government will appropriate the portion. Using information provided by the trial balance, answer the following. Closing entries were prepared as of December 31, Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds.
Cash for the sinking fund additions and the semiannual interest payments will be transferred from the General Fund shortly before the due dates. Investment earnings are added to the investment principal.
None of the transactions has been recorded yet. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31, You need not provide the journal entry or entries here. Cash received during was as follows: Prepare a Recreation Center Construction Fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, What are some of the key differences between government healthcare accounting and commercial accounting?
No money was immediately available for paying these costs credit Vouchers Payable. The federal grant was recorded as a receivable; half of the grant is to be paid to Falts City in and the remainder late in The amount billed by the contractor see Transaction 7 less 5 percent retainage was paid.
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Fiscal year-end closing entries were prepared. Prepare a statement of revenues, expenditures, and changes in fund balance for the period, assuming that the date of authorization was July 1, Problem Construction Fund Town of Dex. This cost had not been encumbered.
Closing entries were prepared as of December 31, Posted by Unknown at Hommework the government required to account for activities in the internal service fund or in another fund? Funds used to make the lease payment came from a capital grant received by the special revenue fund. On December 28,the city issued checks to bondholders for the interest payment due on January 1, How does the acdt of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise?
Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. Is it mandatory that a governmental entity use a capital project fund for GAAP purposes?
Homeworrk information provided by the trial balance, answer the following. This amount had not been encumbered.
Actual interest earned on sinking fund investments at year-end June 30, was the same as the amount budgeted [see a 1 and a 3 ]. Assume the budget has already been recorded for the General Fund. Show the entry that should be made in the debt service fund and governmental activities accct to record the second lease payment.
Based on this information: Could you cite some examples? The bond anticipation notes and interest thereon were repaid see Transaction 1.
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Please cite some examples. Did the debt service scct perform a debt refunding? The addition for the sinking fund was invested immediately in 6 percent certificates of deposit.
Please provide an explanation as to why accounting transactions for governmental activities as the governmental-wide level tend to be reported differently than transactions for the General Fund?