This topic contains a solution. Click here to go to the answer

Author Question: The work sheet is not considered a part of the formal accounting records. a. True b. False ... (Read 110 times)

mrsjacobs44

  • Hero Member
  • *****
  • Posts: 500
The work sheet is not considered a part of the formal accounting records.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

(Journal entries - interfund transactions)
 
  Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly.
 
  The Enterprise Fund provides bus service both to the public and to government agencies. Prepare entries to record these transactions. Indentify the funds involved in each case.
   a. The Enterprise Fund bills the Special Revenue Fund 15,000 for bus service provided to the elderly.
   b. The General Fund receives an electricity bill for 20,000 and prepares a voucher to pay the bill. The General Fund then bills the Special Revenue Fund for 3,000, representing the portion of the electricity bill applicable to the senior citizens building.
   c. The Enterprise Fund is short of cash to pay its bills. The General Fund lends the Enterprise Fund 50,000 in cash, which will be repaid before the end of the year.
   d. The General Fund pays cash of 100,000 to the Enterprise Fund as a subsidy to help meet the operating costs of the Enterprise Fund.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Bigfoot1984

  • Sr. Member
  • ****
  • Posts: 321
Answer to Question 1

True

Answer to Question 2

a. Enterprise fund
Due from Special Revenue Fund 15,000
Revenues - bus services 15,000

Special revenue fund
Expenditures - bus services 15,000
Due to Enterprise Fund 15,000

b. General fund
Expenditures - utilities 20,000
Vouchers payable 20,000

Due from Special Revenue Fund 3,000
Expenditures - utilities 3,000

Special revenue fund
Expenditures - utilities 3,000
Due to General Fund 3,000

c. General fund
Due from Enterprise Fund 50,000
Cash 50,000

Enterprise fund
Cash 50,000
Due to General Fund 50,000

d. General fund
Transfer out to Enterprise Fund 100,000
Cash 100,000

Enterprise fund
Cash 100,000
Transfer in from General Fund 100,000




mrsjacobs44

  • Member
  • Posts: 500
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it


strudel15

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

For a complete list of videos, visit our video library