3. Assume that Blackfoot County maintains its books and records
in a manner that facilitates the preparation of fund financial statements. The county engaged in the following
transactions during the current month.
Prepare journal entries in the general fund to record these events.
a.
Paid salaries to county
employees, $100,000.
Borrowed $35,000 on a three-year note from a local bank to buy
a county car.
Purchased the county car for $35,000.
Made a $7,000 payment on outstanding accounts payable.
Collected $3,500,000 of the current property tax levy.
Received a $50,000 grant from the State to support general
government activities.
4. Kayla Township
issued the following bonds during the year:
ΓΒ·
Ten-year bonds to acquire
equipment for a data
processing service reported in an internal service fund $2,000,000
ΓΒ·
Bonds to construct a new police
station $9,000,000
ΓΒ·
Bonds to increase the capacity
of the water treatment
plant reported in an enterprise fund $4,800,000
a. The
amount of debt reported in the TownshipΓ’ΒΒs general fund is:
1.
$0
2.
$9,000,000
3.
$11,000,000
4.
$15,800,000
b. The
township should report depreciation expense on related new capital assets in:
1.
General fund
2.
Enterprise fund
3.
Enterprise and internal service
funds
4.
Capital projects fund
c. The
bonds issued to construct the new police station should be reported as:
1.
Debt proceeds in the general
fund
2.
Long-term debt in a debt
service fund
3.
Debt proceeds in a capital
projects fund
4.
None of the above
d. In
accordance with bond covenants the township sets aside $1,000,000 to help
ensure that it is able to meet its first payment of principal and interest on
the police station debt due one year from the date the bonds were issued. The amount of liability that the township
should report in its debt service fund is:
1.
$0
2.
$1,000,000
3.
$9,000,000
4.
$8,000,000
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