05 Jun Question 12-6 Prepare all journal entries that Hain Townsh
Question
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.
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.
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