Abstract writing

Comprehensive Set of Transactions. The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31, 2017. · The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $3,000,000 and appropriations were $2,990,000. · Property taxes in the amount of $2,000,000 were levied. It is estimated that $8,000 of the taxes levied will be uncollectible. · A General Fund transfer of $30,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund. · A citizen of Lynnwood donated marketable securities with a fair value of $900,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after school program for children, which is sponsored by the parks and recreation function. Revenue earned and received as of December 31, 2017, was $45,000. · The city’s utility fund billed the city’s General Fund $125,000 for water and sewage services. As of December 31, the General Fund had paid $124,000 of the amount billed. · The central duplicating fund purchased $4,500 in supplies. · Cash collections recorded by the general government function during the year were as follows: Property taxes $1,925,000 Licenses and permits 35,000 User charges 28,000 · During the year the internal service fund billed the city’s general government function $15,700 for duplicating services and it billed the city’s utility fund $8,100 for services. · The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent bonds were sold at the face value of $5,000,000. A contract for $4,500,000 has been signed for the project; how- ever no expenditures have been incurred as of December 31, 2017. · The general government function issued a purchase order for $32,000 for computer equipment. When the equipment was received, a voucher for $31,900 was approved for payment and payment was made. Using this information, prepare all journal entries to properly record each transaction for the fiscal year ended December 31, 2017. Use the following funds and government-wide activities, as necessary: General Fund GF Capital projects fund CPF Internal service fund ISF Permanent fund PF After School Fund (a special revenue fund) SRF Enterprise fund EF Governmental activities GA Each journal entry should be numbered to correspond with each transaction. Do not prepare closing entries. Your answer sheet should be organized as follows: Transaction Number Fund or Activity Account Title Amounts Debits Credits Expert Answer RAJUDRK RAJUDRK answered thisWas this answer helpful? 6 0 1,191 answers Record the following journal entries: No. Fund Account Title and Explanation Debit Credit 1 GF Estimated revenues $3,000,000 Appropriations $2,990,000 Budgetary fund balance $10,000 To record the budget 2 GF Taxes receivable -current $2,000,000 Revenues $1,992,000 Estimated uncollectible taxes – current $8,000 To record taxes levied GA Taxes receivable -current $2,000,000 Revenues $1,992,000 Estimated uncollectible taxes – current $8,000 To record taxes levied 3 GF Other financing uses-Interfund transfer out $30,000 Cash $30,000 To record interfund transfer ISF Cash $30,000 Equipment $300,000 Accumulated depreciation $65,000 Transfers in $265,000 To record interfund transfer 4 PF Investments – Marketable securities $900,000 Revenues – Contributions for endowment $900,000 To record donated resource Cash $45,000 Revenues-Investment income $45,000 To record income from marketable securities PF Other financing uses-Interfund transfers out $45,000 Cash $45,000 To record interfund transfer SRF Cash $45,000 Other financing sources-Interfund transfers in $45,000 To record interfund transfer GA Investments – Marketable securities $900,000 Revenues – Contributions for endowment $900,000 To record donated resource Cash $45,000 Program Revenues-Parks and Recreation $45,000 To record income from marketable securities 5 EF Due from other funds $125,000 Charges for services $125,000 To record service charges billed Cash $124,000 Due from other funds $124,000 To record cash collected GF Expenditures $125,000 Due to other funds $125,000 To record service charges incurred Due to other funds $124,000 Cash $124,000 To record cash paid GA Expenses – General government $125,000 Internal balances $125,000 To record service charges incurred Internal balances $124,000 Cash $124,000 To record cash paid 6 ISF Supplies inventory $4,500 Cash $4,500 To record supplies purchased GA Supplies inventory $4,500 Cash $4,500 To record supplies purchased 7 GF Cash $1,988,000 Taxes receivable – current $1,925,000 Revenues ($35,000 + $28,000) $63,000 To record taxes, fees and charges collected GA Cash $1,988,000 Taxes receivable – current $1,925,000 Program revenues – General government $63,000 To record taxes, fees and charges collected 8 ISF Due from other funds ($15,700 + $8,100) $23,800 Departments billed $23,800 To record services billed EF Administrative Expenses $8,100 Due to other funds $8,100 To record administrative expenses incurred GF Expenses-General government $15,700 Due to other funds $15,700 To record expenses incurred GA Internal balances $8,100 Program revenue-General government $8,100 To record services revenue 9 CPF Cash $5,000,000 Other financing sources-6% Bond Proceeds $5,000,000 To record 6% bonds issued Encumbrances $4,500,000 Outstanding encumbrances $4,500,000 To record encumbrances GA Cash $5,000,000 6% Bonds payable $5,000,000 To record 6% bonds issued 10 GF Encumbrances $32,000 Outstanding encumbrances $32,000 To record encumbrances Outstanding encumbrances $32,000 Expenditures $31,900 Encumbrances $32,000 Cash $31,900 To record cash payment and reverse encumbrances GA Equipment $31,900 Cash $31,900 To record cash payment

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