Reference no: EM132826935

Problem 1: Show the entry or entries made by the General Fund and the Governmental Activities of the government-wide for the transactions:

1. The county courthouse, an activity accounted for in the General Fund, used $500 of car services from the City Motor Pool, an internal service fund.

2. To cover a temporary short-fall, the General Fund borrowed money from the City Water Fund, an enterprise fund. The General Fund repaid the $1,000 loan, plus $15 of interest. (repayment part)

3. The General Fund purchased $500 of supplies during the year (it used the consumption method). They used $470 of supplies during the year and started the year with $50 of supplies. Show the adjusting entry (or entries) made at the end of the year.

4. The General Fund adopted a budget for Est Rev of $10,000 and Appropriations of $9,500. The actual revenues were $11.000, OFS-bond proceeds $500, and Expenditures of $12,000. Show the closing of the budget at the end of the year (only that part).

5. The General Fund collect $1,000 of Delinquent Taxes during the 2020 year (the taxes were due in 2019). None of the taxes were expected to be collected within 60 days of the end of fiscal year 2019.