Text Problem Sets- Accounting

acc_548_week3_template.xls

Copley 5-7A

Copely 5-7A		Your Name			44	Possible points
	Prepare Journal Entries in General Journal form to record the events in the Debt Service Fund:
	You don't need any Dates. Just enter the Account Names & amounts in the yellow cells below.
	To assist you, please refer to the Illustrative Case – Regular Serial Bonds in Chapter 5 starting on page 13.
	Please note that a Fiscal Agent is not used.
	Debit Account Name	Credit Account Name	Debit	Credit
	2011
1					2
					2
2					2
					2
					2
					2
3					2
					2
					2
	2012
4					2
					2
					2
					2
					2
5					2
					2
					2
					2
6					2
					2
					2
					2
					44

Copely 5-7B		Your Name	13	Possible points
	Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the
	Debt Service Fund for the Year Ended December 31, 2011.
	To assist you I refer you to Illustration 5-4 on pages 142-143.
		VILLAGE OF HARRIS
		Debt Service Fund
		Statement of Revenues, Expenditures and Changes in Fund Balance
		For the Year Ended JUNE 30, 2011
	Revenues:
			1
	Debt Service Expenditures:
			2
			2
			1
			1
	Other Financing Sources (Uses):
			2
			1
		Net Change in Fund Balance	1
		Fund Balance – January 1, 2011	1
		Fund Balance – December 31, 2011	1
			13

Copley 5-7C		Your Name	13	Possible points
	Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the
	Debt Service Fund for the Year Ended December 31, 2009.
	To assist you I refer you to Illustration 5-4 on pages 142-143.
		VILLAGE OF HARRIS
		Debt Service Fund
		Statement of Revenues, Expenditures and Changes in Fund Balance
		For the Year Ended JUNE 30, 2012
	Revenues:
			1
	Debt Service Expenditures:
			2
			2
			1
			1
	Other Financing Sources (Uses):
			2
			1
		Net Change in Fund Balance	1
		Fund Balance – January 1, 2012	1
		Fund Balance – December 31, 2012	1
			13

Copley 5-10A		Your Name	Dan Arnell Belarmino	12	Possible points
	Assuming the agreement meets the criteria for a Capital Lease under the provisions of
	SFAS #13, make the entries required in (1) the Capital Projects Fund on July 1, 2011
	and (2) in the Debt Service Fund on July 1, 2012.
	See page 131 of Chapter 5
		CITY OF GENOA
		Capital Projects Fund
1				2
				2
				2
		Record the Capital Lease of Computer Equipment
	See page 135 of Chapter 5
		CITY OF GENOA
		Debt Service Fund
2				2
				2
				2
		Record the Lease Payment		12

Copley 6-3			Your Name			5	Possible points
	Why might it be desirable to operate Enterprise funds at a profit?
					5	Possible points
			Your Scores
		C 5-7a	44	Points	44	Possible points
		C 5-7b	13	Points	13	Possible points
		C 5-7c	13	Points	13	Possible points
		C 5-10a	12	Points	12	Possible points
		C 6-3	5	Points	5	Possible points
		C 6-10	72	Points	72	Possible points
		C 7-6a	70	Points	70	Possible points
		Total	229	Points	229	Total Possible Points
					7.00%	Percentage of the Grade in the Course
			0.03%		0.03%	Percentage of the Grade in the Course per Point
			7.00%		229	Points
					7.00%	Proof

Copely 6-10A		Your Name			72	Possible points
	Prepare the journal entries (including closing entries)
	to record the transactions
		TOWN OF FROSTBITE
		RISK MANAGEMENT FUND
		GENERAL JOURNAL
		2012
	Debit Account Name	Credit Account Name	Debit	Credit
1					2
					2
					2
2					2
					2
3					2
					2
4					2
					2
5					2
					2
6					2
					2
7					2
					2
8					2
					2
9					2
					2
10					2
					2
11					2
					2
12					2
					2
13					2
					2
	CLOSING ENTRIES
					2
					2
					2
					2
					2
					2
					2
					2
					2
					72

Copley 7-6A		Your Name			70	Possible points
	Prepare Journal Entries in General Journal form to record the events & transactions
	that occurred during the Fiscal Year Ended June 30, 2012.
	General Journal for the Belvedere Community Trust Fund:
	Debit Account Name	Credit Account Name	Debit	Credit
1					2
					2
		Record Initial Contribution
2					2
					2
					2
		Record Investment in XYZ Bonds
3					2
					2
		Record Investment in ABC Stock
4					2
					2
					2
		Record Semi-Annual Interest Payment
5					2
					2
		Record Dividend Payment Received
6					2
					2
					2
		Record Sale of ABC Stock
					2
					2
		Record Purchase of DEF Stock
7					2
					2
		Record Second Semi-Annual Interest Payment
8					2
					2
		Record Distribution to Community Organizations
9					2
					2
		Record Administrative Expenses
10					2
					2
		Record Accrued Interest
11					2
					2
					2
		Record Adjustment for Fair Value of Investments
12					2
					2
					2
					2
					2
					2
					2
		Record Closing Entries			70