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I Nedd the solutions for the problems in Continuous City of Monroe. Gave this work last week and the tutor did nothing yet I paid him.
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It has been a pleasure working with you. These are the solutions to chapter 3 of city of monroe
3-c a and b combined
Attached.
Continuous Problem – City of Monroe
Chapters 3 & 4
3-c a and b combined
4–C. part 1
a)
4-C part 2
a) The Ledger Entries :
Debit
1) Accounts Receivable
$1,072,000
Credit
Capital
$1,072,000
2) Cash
$985,000
Accounts Receivable
$985,000
3) Accounts Receivable
$1,062,000
Capital
$1,062,000
4) Expenses
$1,030,500
Accounts Payable
$1,030,500
5) Cash
$5,120
Revenue
$5,120
6) Accounts Payable
$923,000
Cash
$923,000
7)appropriations
$4,500
Cash
$4,500
b) Closing Entries
Cash
Debit
Credit
985,000
923,000
5,120
4500
Total Cash
990120
923,000
Net Cash
62620
Accounts Receivable
Net Position
Debit
Credit
1,072,000
985,000
=1,072,000-985,000=87000
Accounts Payable
Debit
Credit
923,000
1,030,500
1,030,500-923,000=107500
c) Statement of Revenues, Expenditure s
Revenue
Expenses
5,120
1,030,500
Net Income
=5,120-1,030,500=-1025380
d)Balance Sheet
Asset
Liabilities
Cash
62620
Accounts Payable
107500
Appropriations
4500
Net Income
-1025380
Accounts Receivable
87000
Capital
1,072,000
Total
154120
5–C. Part 1
154120
b)
c)
5c part 2
a)
b)
5 -c part 3
CITY HALL ANNEX DEBT SERVICE FUND
Date
Details
Jan-01 Cash
Other Financing Sources- Transfers in
( Being the receipt of premium on issue of Bonds
from Capital Projects Fund)
Jun-30 Cash
Other Financing Sources- Transfers in
(Being Cash received from General Fund)
Jun-30 Cash With Fiscal Agent
Cash
(Being Cash received from General Fund and
transferred to Fiscal Agent)
Jul-01 Expenditure - Bond Interest
Cash Fiscal Agent
Journal
Ref
1
Debits Credits
200,000
200,000
2
160,000
160,000
3
160,000
160,000
4
16,000
16,000
(Being the Bond Interest mailed to Bond Holders)
Dec-31 Cash
5
Other Financing Sources- Transfers in
(...
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