Review Ch7 textbook entries & Problem 8-4

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

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Unformatted text preview: 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 Fund 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 ds (3) 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) Proprietary Fund (Water Uitility Enterprise Fund):...
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This note was uploaded on 08/01/2011 for the course ACCT 434 taught by Professor Mcclellan during the Spring '11 term at National.

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

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