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Review Ch7 textbook entries & Problem 8-4

Review Ch7 textbook entries & Problem 8-4 -...

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file:////home/vdimitrov/26187/931a7b4b38acd0dd8db0ab61661ce8a33c95027d.xls/Water Fund Journal Entries 08/02/2011  See notes on separate tab   Chapter 7 Water Fund Revenue Entries (like a T-account)   Debits   1. Reverse 12/31/10 Accrual (pg 276)   SALES OF WATER   14,800   ACCRUED UTILITY REVENUES   3. Record Billings to External and Internal Customers (pg 276)   CUSTOMER ACCOUNTS RECEIVABLE   696,000   DUE FROM GENERAL FUND   30,000   SALES OF WATER   17. Year-end Entries (pg 280)   UNCOLLECTIBLE ACCOUNTS   3,980   ACCRUED UTILITY REVENUES   15,920   ACCUMULATED PROVISON FOR UNCOLLECTIBLE ACCOUNTS   SALES OF WATER   Sales of Water for Financial Statements   1  Reverse prior year accrual  14,800   3   Billings   (726,000)  17   Accrual year-end   (15,920)  Total Sales of Water account for year ended 12/31/11   (727,120)  Less: Uncollectible Accounts   3,980   Revenues per financial statements on pg 283   (723,140)  General Ledg Funds
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file:////home/vdimitrov/26187/931a7b4b38acd0dd8db0ab61661ce8a33c95027d.xls/Water Fund Journal Entries 08/02/2011  Credits   14,800   726,000   3,980   15,920  note that this equals the amount in the closing entry #20 pg 280 note that this equals the amount in the closing entry #20 pg 280 ger Proprietary  s (3) 
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file:////home/vdimitrov/26187/931a7b4b38acd0dd8db0ab61661ce8a33c95027d.xls/Ch 7 Comparison Ledgers 08/02/2011  Chapter 7 Proprietary vs Governmental   Debits   Credits   5. Purchases (Assume that the Materials & Supplies Account is the equivalent of a holding account waiting   for the correct account coding and that it would be used in all funds; see Note 3 below)   MATERIALS & SUPPLIES (CLEARING ACCOUNT)  138,000   ACCOUNTS OR VOUCHERS PAYABLE   138,000   7. Construction Costs Recorded (pg 277 part of the entry) 
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