Asked by Jayvion Pitts on Jun 26, 2024
Verified
On June 14, 2021, Carbondale City agreed to transfer cash of $74,000 from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund. The cash was transferred on June 30, 2021.Required:(A) Prepare all the required journal entries and identify the fund in which each entry was recorded for the fund financial statements.(B) Prepare all the required journal entries and identify the type of activity for the government-wide financial statements.
Enterprise Fund
A fund typically used by government entities to account for operations financed by fees and charges for services provided.
Fund Financial Statements
Financial reports that focus on the assets, liabilities, revenues, and expenses of governmental funds, proprietary funds, or fiduciary activities managed by a government or nonprofit organization.
- Hone your skill in documenting and managing journal entries for transactions specific to governmental and enterprise funds.
- Shed light on the varying types of fund financial statements and compare them with those that are applicable government-wide.
- Comprehend the significance and recording procedures of transfers and interfund activities.
Verified Answer
Learning Objectives
- Hone your skill in documenting and managing journal entries for transactions specific to governmental and enterprise funds.
- Shed light on the varying types of fund financial statements and compare them with those that are applicable government-wide.
- Comprehend the significance and recording procedures of transfers and interfund activities.
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