Reference no: EM133110481
Questions -
Q1. Recording the Budget - The City of Pleasant Ville has the following estimates for its General Fund operations in 2023. It will generate $5,000,000 from Property Taxes; generate $30,000 from sale of surplus and old equipment ; Its appropriations based on these two sources of Reveue is $4,800,000. In addition it recognizes that it must pay $10,000 legal suit, which is an Estimated Other Financing Uses.
a. Prepare General Journal Entries to record the Budget for 2023.
Q2. Joe Goodman is a wealthy business person decided to give the Library of his 7th Ward Residents $800,000 to enhance variety of books provided by the Ward Library. This money is to be held in trust. Only the interest earned by the money will be used at the discretion of the Board of Trustees of the Fund.
a. Prepare the General Journal Entries to record the receipt of the money by the 7th Ward Library.
b. Should this Fund be presented City Wide Financial Reporting in a blended Report? If yes, Justify your answer. If No also justify your answer.
Q3. The City of Rose Town contracted to buy 10 buses for $500,000 from Ford Motor Company before the end of the fiscal year 2022. This contract was signed November 12, 2022.
a. Provide the general journal entries to record the encumbrance for the order.
Q4. On December 26, 2022, the vehicles arrived with a price tag of $520,000 and freight charge for delivery of $20,000.
a. Provide the necessary general journal entries to record the receipt of the orders. You may use Vouchers Payable or Accounts Payable.
b. Prepare the Payment of the cost of the buses and the Freight charges.
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