Continuous City of Monroe, Accounting assignment help

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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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