This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The work sheet is not considered a part of the formal accounting records. a. True b. False ... (Read 86 times)

mrsjacobs44

  • Hero Member
  • *****
  • Posts: 500
on: Jul 5, 2018
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
Reply #1 on: Jul 5, 2018
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
Gracias!

ecabral0

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Circumduction Circumduction–Moving a body part in a circular motion. Circumduction Circumduction–Moving a body part in a circular motion.
Recent history of biochemistry shown by the introduction of new techniques. (part 2) Recent history of biochemistry shown by the introduction of new techniques. (part 2)
How to convert units of any rate to another (Part 2) How to convert units of any rate to another (Part 2)
How to convert verbal statements into algebraic equations (Part 3) How to convert verbal statements into algebraic equations (Part 3)
Breast-Feeding at Work Can Work Breast-Feeding at Work Can Work
All human organ systems and their functions (Part 1) All human organ systems and their functions (Part 1)
Video: Multiple Sclerosis Animation

For a complete list of videos, visit our video library