Question Details

(Solved) (Latest ver. Aug 2020) - Non-profit accounting

Brief item decscription


Item details:

Question:

Kendal County engaged in the following transactions. For each, prepare an appropriate journal entry and indicate the type of fund in which it would most likely be recorded.

It levied and collected $1 million in taxes and dedicated to the repayment of outstanding general obligation bonds.
It billed sponsors of a charity bicycle ride $5,000 for providing police patrols during the ride.
It recognized $60,000 of cash dividends on investments dedicated to the support of a county arts center.
It recognized $70,000 of cash dividends on investments dedicated to scholarships for needy county residents.
It incurred $6 million in construction costs to complete a new county jail. The new jail was funded entirely by the proceeds of long-term bonds.
It transferred $400,000 of unrestricted funds to an appropriate fund to be invested and eventually used to repay the principal on the long-term jail bonds (entries in two funds required).
It recognized depreciation of $100,000 on equipment in a vehicle repair center that services all county departments that have motor vehicles.
It collected $30,000 in parking fees at the county-owned garage.
It issued $8 million in bonds to improve the county-owned electric utility.
It distributed $1 million in taxes that were collected on behalf of school districts located within the county.

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 16, 2020

PRICE: $11.5

Solution~00011247.zip (18.37 KB)

Buy this answer for only: $11.5

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.
SiteLock

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now