C 5_7a - Table 1 - Table 1 - TaC 5_10a - Table 1 - Table 1 - TC 6_3 - Table 1 - Table 1 - TabC 6_10 - Table 1 - Table 1 - TaC 7_6a - Table 1 - Table 1 - TaC 5_7aPage 1Copley 5-7(a) Prepare Journal Entries in General Journal form to document the happening in the Debt Service Fund:You do not require any Dates. Only enter the Account Names & amounts in the yellow cells below.To help you, please refer to the Illustrative Case – Regular Serial Bonds in Chapter 5 beginning on page 130.Village of Harris – General Journal2008Debit Account Name Credit Account Name Debit1 Cash 50,000Other Financing Sources - Transfers in Premium transferred to the Debt Service Fund2 Cash 150,000Other Financing Sources - Transfers in Received from the General FundExpenses - Interest 150,000CashRecord the First Interest Payment3 Other Financing Sources - Transfers in 200,000Expenses - InterestFund Balances - Reserved for Debt ServicesRecord the 2008 Closing Entry20094 Cash 350,000Other Financing Sources - Transfers in Received from the General FundExpenses - Interest 150,000Expenses - Principal 250,000CashRecord the Principal & Interest Payment5 Cash 142,500Other Financing Sources - Transfers in Received from the General FundExpenses - Interest 142,500CashRecord the First Interest Payment6 Other Financing Sources - Transfers in 492,500Fund Balance - Reserved for Debt Service 50,000Expenses - InterestExpenses - PrincipalRecord the 2009 Closing EntryC 5_7aPage 2To help you, please refer to the Illustrative Case – Regular Serial Bonds in Chapter 5 beginning on page 130.Credit50,000150,000150,000150,00050,000350,000400,000142,500142,500292,500250,000C 5_10aPage 3Copley 5-10(a) Preuming the deal satisfies the requirements for a Capital Lease under the rulesof SFAS No. 13, make the entries needed in 1) the capital projects fund, and 2) the Debt Service Fund on July 1, 2011, and July 1, 2012. See page 149 in Chapter VCITY OF GENOACapital Projects Fund July 1, 20111 Expenses – Capital OutlayOther Financing Sources – Capital LeaseCashRecord the Capital Lease of Computer Equipment CITY OF GENOADebt Service Fund July 1, 20122 Expenses – InterestExpenses – PrincipalCashRecord the Lease PaymentC 5_10aPage 454,55242,55212,0002,1289,87212,000C 6_3Page 5Copley 6-3Why could it be desirable to operate Enterprise funds at a profit?When referencing Copley (page 162-3) an Enterprise Fund is meant to be an income generatingfund which enhances Net Assets. It seeks to gain operating finances for commercial organizations as well as offer expansion for factories to produce a service to the public. Any extra money is used for repairs, and expansion as well as functioning expenditures.C 6_3Page 6fund which enhances Net Assets. It seeks to gain operating finances for commercial organizations as well asC 6_10Page 7Copley 6-10 1 Cash 2 Prepaid Insurance 3 Office machines 4 Investments 5 Due From Other Funds 6 Cash 7 Cash 8 Operating Expenditures 9 Operating Expenditures-Insurance Claims 10 Operating Expenditures-Wear and tear 11 Operating ExpendituresC 6_10Page 812 Investments 13 Operating Expenditures-Insurance Claims Closing EntriesOperating Incomes-Charges for ServicesNon-Operating Incomes-Investment IncomeNon-Operating IncomesNet Rise in FMV InvestmentsTransfers InC 6_10Page 9VILLAGE OF FROSTBITERISK MANAGEMENT FUNDGENERAL JOURNAL2012 750,000Long Term Advance From Enterprise FundTransfer In 200,000Cash10,000 Cash450,000Cash630,000Operating Incomes-Charges for Services375,000 Due from Other Funds 27,000 Non-Operating Income: Investment Income200,000 Cash 150,000 Cash2,000 Accumulated Wear and tear-Office machines190,000C 6_10Page 10Prepaid Insurance6,000 Non-Operating IncomesNet Rise in FMV Investments90,000Accrued Debts 525,00027,000 6,000500,000Operating Expenses-Personnel ServicesOperating Expenditures-Contracted ServicesOperating Expenditures-Wear and tearOperating Expenditures-Insurance ClaimsNet AssetsC 6_10Page 11250,000 500,000 20000010,000 450,000630,000375,000 27,000 200,000 150,000 2,000C 6_10Page 12190,000 0 6,00090,000$200,000$190,000$2,000$225,000$441,000C 7_6aPage 13Copley 7-6(a)Prepare Journal Entries in General Journal form to document the happenings & dealswhich happened during the Financial Year Ended June 30, 2009. General Journal for the Belvedere Community Trust Fund:Debit Account Name1 Cash2 Investment in XYZ Company BondsAccrued interest Receivable 3 Investment in ABC Stock4 Cash5 Cash6 CashInvestment in DEF Stock7 Cash8 Deductions - Distribution to Community NFP Companies9 Deductions – Administrative Expenditures10 Accrued Interest Receivable11 Investment in XYZ Company BondsC 7_6aPage 14Additions - Investment Incomes - Fair Value12 Additions - ContributionsAdditions - Investment Incomes - InterestAdditions - Investment Incomes - DividendsAdditions - Investment Incomes - Fair ValueC 7_6aPage 15Prepare Journal Entries in General Journal form to document the happenings & dealsCredit Account Name Debit Credit3,000,000Additions - Contributions 3,000,000Record Initial Contribution2,000,00030,000Cash 2,030,000Record Investment in XYZ Bonds950,000Cash 950,000Record Investment in ABC Stock60,000Accrued Interest Receivable 30,000Additions – Investment Incomes – Interest 30,000Record Semi-Annual Interest Payment38,000Additions – Investment Incomes – Dividends 38,000Record Dividend Payment Received960,000Investment in ABC Stock 950,000Additions – Investment Incomes – Fair Value 10,000Record Sale of ABC Stock965,000Cash 965,000Record Purchase of DEF Stock60,000Additions – Investment Incomes – Interest 60,000Record Second Semi-Annual Interest Payment104,000Cash 104,000Record Distribution to Community Companies12,000Cash 12,000Record Administrative Expenditures30,000Additions – Investment Incomes – Interest 30,000Record Accrued Interest2,000C 7_6aPage 163,000Investment in DEF Stock 5,000Record Adjustment for Fair Value of Investments3,000,000120,00019,0007,000Deductions – Administrative Expenditures 12,000Deductions – Distribution to NFP Orgs. 95,000Net Assets held in Trust for NFP Orgs. 3,039,000Record Closing