Chap018-baker 28

Chap018-baker 28 - Other Financing Uses – Transfer Out to...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-28 SOLUTIONS TO PROBLEMS P18-12 Adjusting Entries for General Fund [AICPA Adapted] Adjusting entries to correct the general fund: 1. No entry required. 2. Expenditures 300,000 Buildings 300,000 Correct for state grant expended for buildings. Expenditures 22,000 Capital Outlays (equipment) 22,000 Correct for expenditures for playground equipment. 3. Bonds Payable 1,000,000 Buildings 1,000,000 Correct for bonds used to construct buildings.
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Unformatted text preview: Other Financing Uses – Transfer Out to Debt Service Fund 130,000 Debt Service from Current Funds 130,000 Correct for transfer to debt service fund. 4. ENCUMBRANCES 2,800 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 2,800 Correct for unrecorded encumbrances. 5. Expenditures 4,950 Inventory of Supplies 4,950 Correct for supplies used in period. Fund Balance – Unreserved 6,500 Fund Balance – Reserved for Inventory 6,500 Correct for reserve for ending inventory....
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