View the step-by-step solution to:

AC460 Examination 1, Part 2 Problem 1 (15 points) Amber City maintains a general fund, a capital projects fund, and a special revenue fund. During...

This question was answered on Jan 29, 2013. View the Answer
Amber City maintains a general fund, a capital projects fund, and a special revenue fund. During 2005, the City engaged in the following transactions.
AC460 Examination 1, Part 2 Problem 1 (15 points) Amber City maintains a general fund, a capital projects fund, and a special revenue fund. During 2005, the City engaged in the following transactions. Required : Record all transactions in both the appropriate fund journal and the governmental activities journal, as necessary. Be sure to clearly indicate the fund in which the entry is made. a. The City sold bonds, face value $26 million, at par to finance the construction of a new city hall. b. The City purchased two new police cars at a total cost of $50,000. c. The City collected $8,000 in taxes dedicated for the eradication of noxious weeds. d. The City spent $6,000 on pesticides for noxious weeds. e. The City acquired a new tractor for $75,000. The City paid $20,000 in cash and signed a note that is due in three years. AC460 Examination 1 Page 1
Background image of page 1
Problem 2 (13 points) Assume that the City of Pasco maintains its books and records in a manner that facilitates preparation of the fund financial statements. The City engaged in the following transactions related to its general fund during the current fiscal year. The City formally integrates the budget into the accounting records. The City does not maintain an inventory of supplies. All amounts are in thousands. Required : Prepare, in summary form, the appropriate journal entries. a. The City Council approved a budget with revenues estimated to be $600 and expenditures of $590. b. The City ordered supplies at an estimated cost of $25 and equipment at an estimated cost of $20. c. The City incurred salaries and other operating expenses during the year totaling $550. The City paid for these items in cash. d. The City received the supplies at an actual cost of $23. e. The City collected revenues of $595. AC460 Examination 1 Page 2
Background image of page 2
Show entire document
Sign up to view the entire interaction

Top Answer

Here is the solution... View the full answer

8425209.doc

AC460 Examination 1, Part 2
Problem 1 (15 points)
Amber City maintains a general fund, a capital projects fund, and a special revenue fund.
During 2005, the City engaged in the following...

This question was asked on Jan 27, 2013 and answered on Jan 29, 2013.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • -

    Flashcards

    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards