User Account

All Pages

Prepare journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM132709606

Question - 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.

Reference no: EM132709606

Questions Cloud

Describe how teachers can collaborate with families : For this assignment, elect a grade level Pre-K to 3rd grade and develop three learning centers with a wide range of developmentally, culturally, and linguistica
Calculate the future value at the end of year four : Calculate the future value at the end of year 4. Calculate the total interest earned. Calculate the maturity value at the end of year 1.
How will Fox Net Income impact Owl books : Fox declared no dividends but did report Net Income of $750,000 for the year. How will Fox's Net Income impact Owl's books
What would be the interest rate on a two-year security : What is the adjusted forward rate for one-year Canada bonds one year out? What would be the interest rate on a two-year security?
Prepare journal entries to record the transactions : Ms. Nash-Haruna makes a $5,000 contribution to the fund. Prepare journal entries to record transactions for the city's Permanent Fund
Should client use the equation to predict next year : The output of a regression analysis showed, Should client use the equation (Y = $126,078 + $122.12X) to predict next year's R & M costs?
Behavior of people in organizations : By making reference to published research, critically analyze the extent to which technology has impacted behavior of people in organizations.
Understanding of incentives and values in workplace : What are the biggest challenges to motivating employees in public sector (government)?
Handle cultural issues related to the integration : Mergers and acquisitions are seen with many companies today. Assume that a company just purchased by a rival company. Someone has been placed on the integration

Reviews

Write a Review

Accounting Basics Questions & Answers

  At the end of the year actual manufacturing overhead costs

at the end of the year actual manufacturing overhead costs were 170000 and applied manufacturing overhead costs were

  Report detailing the steps-evidence and protecting company

Only one other person has access to the accounting program. Jonathan calls you to investigate. How would you proceed? Write a one page report detailing the steps Jonathan needs to take to obtain the necessary evidence and protect his company?

  How do provide journal entry necessary to account

Provide the journal entries necessary to account for transactions and events at the 1 July 2020 and 30 June 2020 and 1 July 2019.

  Journalize the entries required

Vincent Corporation has 100,000 share of $100 par common stock outstanding. On June 30, Vincent Corporation declared a 5% stock dividend to be issued July 30 to stockholders of record July 15. The market price of the stock was $132 a share on June..

  What was sarasota corps times interest earned

In a recent year Sarasota Corp. had net income of $159000, interest expense of $31100, What was Sarasota Corp.'s times interest earned (rounded) for the year

  Prepare the journal entry to record issuance of the stock

The land is valued at $232,000 and the building at $365,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building

  Balance sheet should include a liability for coupons

The Salty Chip Company includes one coupon having no expiration date with its deluxe snack pack. Upon return of 10 coupons

  Prepare statement of revenues and change in fund net balance

Prepare a Statement of Revenues, Expenditres, and Changes in Fund Net Balance, Prepare in good form a Statement of Fund Net Position as of June 30, 2015.

  How much cash was provided by operating activities

There was also a loss on the sale of equipment of $2,000. How much cash was provided by operating activities

  What are the equivalent units for material costs for month

Chevon Corporation uses the weighted-average method, What are the equivalent units for material costs for the month in the first processing department?

  Compute the gross profit percentage for each year

Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction, rounding to the nearest percentage. Do t..

  What is the total amount of interest paid

Sleet Company has proposed a bond offering of $5,000,000 at a contract rate of interest of 6%. What is the total amount of interest paid during the entire life

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd