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Continuous Problem

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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 ...
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