Homework SourseAs of July 1 2017 the Village of Boiling Springs decided to
As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred:
A permanent contribution of $600,000 was received from the general fund.
Revenue bonds were sold at par in the amount of $1,200,000.
Several items were purchased for cash, with a cost breakdown as follows: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; and supplies, $150,000.
Charges for services amounted to $600,000, all received in cash.
Cash expenses included salaries of $200,000; utilities of $100,000; and interest of $72,000.
Supplies were consumed in the amount of $120,000.
Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000.
The books were closed. Close all accounts to net position.
Required:
Record the above transactions in general journal form (on the books of the swimming pool fund)
As of July 1, 2017, the Village of Boiling Springs decided to purchase a privately operated swimming pool and to create a swimming pool (enterprise) fund. During the year, the following transactions occurred:
A permanent contribution of $600,000 was received from the general fund.
Revenue bonds were sold at par in the amount of $1,200,000.
Several items were purchased for cash, with a cost breakdown as follows: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; and supplies, $150,000.
Charges for services amounted to $600,000, all received in cash.
Cash expenses included salaries of $200,000; utilities of $100,000; and interest of $72,000.
Supplies were consumed in the amount of $120,000.
Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000.
The books were closed. Close all accounts to net position.
Required:
Record the above transactions in general journal form (on the books of the swimming pool fund)
A permanent contribution of $600,000 was received from the general fund.
Revenue bonds were sold at par in the amount of $1,200,000.
Several items were purchased for cash, with a cost breakdown as follows: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; and supplies, $150,000.
Charges for services amounted to $600,000, all received in cash.
Cash expenses included salaries of $200,000; utilities of $100,000; and interest of $72,000.
Supplies were consumed in the amount of $120,000.
Depreciation was recorded as follows: building, $20,000, land improvement, $20,000; and equipment, $20,000.
The books were closed. Close all accounts to net position.
Required:
Record the above transactions in general journal form (on the books of the swimming pool fund)
Solution
Village of Boiling Springs
SWIMMING POOL FUND
General Journal
