Purchase Solution

Government Accounting for Transactions

Not what you're looking for?

Ask Custom Question

During the fiscal year ended 6/30/05, the City of Hartsville engaged in the following transactions.

Required: Assuming the city maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, prepare all necessary journal entries that the City should make for each transaction. Clearly indicate in which fund the entry is being made. If no entry is required, write "No Entry Required."

a) In July 2004, the City issued $20 million in 6% general obligation term bonds to finance construction of a new building to house City offices. The bonds were issued at a premium of $200,000.

b) In September 2004, the City transferred $1 million from the General Fund to cover the $.6 million principal and $.4 million interest payments due that month on debt issued in previous years.

c) In September 2004, the City paid the principal and interest due from (b).

d) In June 2005, the City transferred $2 million from the General Fund to cover the $1.2 million interest payment and the $.8 million principal payment due in July 2005 on the bonds issued in (a).

Purchase this Solution
Solution Summary

Government accounting for transactions of City of Hartsville is examined.

Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

View More Free Quizzes
Related BrainMass Solutions

  • Revenue for Government, Not-for-Profit; Method of Accounting

    The purpose of government accounting is different from accounting of for-profits and non-profits and hence a different accounting system is used.

  • Transparency of the government

    When we include the fact that the government does maintain a very large budget, and this is true even for local government entities, transactions become 'lost' in the process, which makes it more difficult for these types of organizations to maintain

  • Charitable Contributions/Debt: St. Jude and Universal Health Services

    The Government Accounting Standards Board does not require that disclosures be made for transactions between affiliates. Charitable contributions and debt for St. Jude and Universal Health Services are examined.

  • Private, Investor Owned and Public Schools

    As International Journal of Government Auditing (2011) said "setting of standards is not new." These governing bodies have existed for some time - since accounting or financial record keeping became a necessity of running a business.

  • GASB Accounting

    259930 GASB Accounting 1) What are some examples of government/not-for-profit organizations? How do proprietary businesses measure success following the FASB accounting guidelines?

  • Recording Property Tax Revenue in the General Fund

    In the period in which they are conusmed Governmental Accounting Standards Board Statement No. 33 (Accounting and Financial Reporting for Nonexchange Transactions - Issued 12/98) defines imposed nonexchange revenues, as non-exchange revenues which result

  • explain each step of the accounting cycle

    It's also done first for government so the equation will be slightly altered to reflect the uniqueness of accounting for governmental funds.

  • Important of GAAP and accounting principles

    Board (or FASB) while for government entities by the Government Accounting Standards Board (or GASB).

  • Gov and NPO Accounting

    Revenues recognized for government-mandated nonexchange transactions and voluntary nonexchange transactions when all eligibility requirements have been met or when cash is received, whichever occurs first.

  • Funds & Accounting

    200916 Government and not-for-profit accounting Please assist in answering the following questions. 1. Distinguish between funds as the term is used in government and not-for-profit accounting as contrasted with business accounting. 2.

View More Related Solutions