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Prepare all journal entries that Hain Township should make to record the following transactions

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Need Help with the following;12-6;Prepare all journal entries that Hain Township should make to record the following transactions;1. A ?payment in lieu of tax? of $300,000?computed at 10% of its operating income?was made from the Township?s Utilities Enterprise Fund to its General Fund.;2. Water Enterprise Fund billings to other funds for services were as follows;General Fund $600,000;Special Revenue Fund 50,000;Total $650,000;3. The Township transferred $1,800,000 from the General Fund to provide initial financing for the township?s Ray Robinson Memorial Golf Course Enterprise Fund.;4. Equipment with an original cost of $120,000 was transferred from a General Fund department to the Utilities Enterprise Fund department halfway through its useful life. Assume zero residual value.;5. Additional general government claims and judgment liabilities of $1,200,000 were recognized, of which $170,000 is due and payable.;6. A three-year, interest-free loan of $2,300,000 was made from the General Fund to the newly established Golf Course Enterprise Fund.;7. Analyses of the current year Operating Expenses account indicated that $5,000 charged to the Utilities Enterprise Fund should be charged to a Special Revenue Fund.;12-3;(Private-Purpose Trust Fund Entries) Prepare the journal entries to record the following transactions.;? 1.A cash donation of $80,000 was received by James County. The donor stipulated that the resources were to be used solely for Carolyn City 4-H purposes.;? 2.Rent for an auditorium used for a Carolyn City 4-H conference and training session was paid, $800.;? 3.Travel and registration costs for Carolyn City 4-H members and county staff to attend a regional 4-H camp were incurred and paid, $2,000.;? 4.A computer was purchased for the use of the Carolyn City 4-H coordinator and leaders, $5,000.;11-3;(Entries) Prepare journal entries to record the following transactions of an Internal Service Fund;? 1.Paid salaries of $10,000. Additional salaries accrued but not paid totaled $300.;? 2.Purchased equipment costing $50,000 by issuing a three-year, 10%, $45,000 note and making a down payment of $5,000.;467468;? 3.Billed users for services, $100,000, $90,000 was collected during the year, $10,000 is expected to be collected during the second quarter of the next fiscal year.;? 4.Incurred a probable loss from claims and judgments of $25,000. Nothing is expected to be paid for at least two years, however.;? 5.Ordered supplies with an estimated cost of $80,000.;? 6.Received half of the supplies at an actual cost of $41,000. A voucher was prepared and paid.;? 7.Supplies that cost $25,000 were used.;? 8.Depreciation for the year was $16,000 on equipment and $25,000 on buildings.;? 9.The first interest payment on the $45,000 note (item 2) is not due until the end of the first quarter of the next fiscal year. Prepare any required adjusting entry.;? 10.Sold equipment with an original cost of $28,000 for $10,000. Accumulated depreciation on the equipment was $21,000 at the date of the sale.

 

Paper#24620 | Written in 18-Jul-2015

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