Question

The City of Bellevue has one Permanent Fund, which it uses to account for the activities...

The City of Bellevue has one Permanent Fund, which it uses to account for the activities of its perpetual care cemetery. Earnings from investments maintained in the fund are used to maintain and make improvements to the cemetery. Bellevue is still seeking gifts for the fund because current earnings on the $3,000,000 endowment are not sufficient to maintain the cemetery in the long term. Prepare journal entries to record the following transactions for the city’s Permanent Fund during calendar year 2019.

1. Ms. Nash-Haruna makes a $5,000 contribution to the fund.

2. Bellevue makes investments in the amount of $2,000,000.

3. During the year, Bellevue receives $80,000 cash from investment earnings.

4. At year-end, another $10,000 in interest is due to Bellevue from the investments.

5. The fund pays $4,000 in operating expenditures for administration during the year.

6. The Permanent Fund owes the General Fund $50,000 at year-end for maintenance done by city park personnel for the cemetery. The work by city park personnel previously was recorded as an operating expenditure in the General Fund.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The General Fund of the City of Davis Fort has a total fund balance of $1,000,000...
The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2019. Please review the following additional information regarding its General Fund activities and determine how much fund balance should be classified as nonspendable, restricted, committed, assigned, and unassigned. Show the calculations necessary for making the fund balance determinations. 1. The balance sheet of the City of Davis Fort showed $100,000 of inventory on December 31, 2019. 2....
Journal entries for a Debt Service Fund The City of Bloomington establishes a Debt Service Fund...
Journal entries for a Debt Service Fund The City of Bloomington establishes a Debt Service Fund to accumulate resources to service its 2018 general obligation bonds. Voters approve an additional property tax that can only be used to pay the debt service on the bonds. The city finances the remainder of the debt service through a transfer of general fund resources. Prepare journal entries to record the following transactions for the city’s Debt Service Fund during calendar year 2019. No...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The...
Question #1: Matching Fund Types with Transactions New York City maintains the following funds: General Special...
Question #1: Matching Fund Types with Transactions New York City maintains the following funds: General Special revenue Capital projects Debt service Enterprise Investment trust Permanent Agency For each of the following transactions, indicate which fund would most likely be used to report the transaction (this part was answered during class) and prepare the necessary journal entry. ____8______The city collects $1 million of taxes for an independent fire district located within the city. Journal entry: ____2______The city spends $1.2 million on...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 6,324,000 Estimated Other Financing Uses 2,826,000 Estimated Revenues $ 8,097,000 Encumbrances 0 Expenditures 6,292,000 Other Financing Uses 2,820,000 Revenues 8,080,000 Budgetary Fund Balance 1,053,000 Fund Balance—Nonspendable—Inventory of Supplies 143,900 Fund Balance—Unassigned 1,993,000 The City of Columbus uses the purchases method of accounting for its inventory of...
On the following questions, indicate which fund or funds would typically be used to record each...
On the following questions, indicate which fund or funds would typically be used to record each of the following transactions/events for the City of Morgantown. please use the codes shown below. Capital Project Fund (CPF) Custodial Fund (CF) Debt Service Fund (DSF) Enterprise Fund (EF) General Fund (GF) Internal Service Fund (ISF) Investment Trust Fund (ITF) Pension Trust Fund (PTF) Permanent Fund (PF) Private Purpose Trust Fund (PPTF) Special Revenue Fund (SRF) (Hint: The transactions below may involve one, two...
For each of the items below, identify which fund(s) would be used to account for the...
For each of the items below, identify which fund(s) would be used to account for the item and provide a justification for your answer. A city government issued general obligation bonds to finance the construction of a new jail. A tax of $1.00 per residential phone number is collected by a city government from the phone company. This amount is required by state law to be used for the operation of the 911 emergency phone system. A county government expended...
1.Assume that the general fund of the city of Troy gives $200,000 to the City’s debt...
1.Assume that the general fund of the city of Troy gives $200,000 to the City’s debt service fund, to let the debt service fund pay for a principal payment on a long-term bond. There is no expectation that the money will ever be paid back to the general fund. The journal entry for the general fund would include a credit to cash, and a debit to a Receivable from debt service fund b Principal payment expense c Principal payment expenditure...
Inglis City had a beginning cash and cash equivalents balance in its internal service fund of...
Inglis City had a beginning cash and cash equivalents balance in its internal service fund of $895,705. During the current year, the following transactions occurred: Interest received on investments totaled $42,420. The city acquired additional equity investments totaling $75,070. A grant was received from the state in the amount of $50,000 for summer interns. Receipts from sales of goods or services totaled $2,915,530. Payments for supplies were made in the amount of $1,642,180. Payments to employees for salaries amounted to...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT