Jefferson County Had the Following Transactions in 2012

question 25

Essay

Jefferson County had the following transactions in 2012.
1.$27,000 in membership fees was collected at the municipal pool.
2.A county collects $130,000 in sales taxes on behalf of the cities within its boundaries.
3.A $500,000 bond offering was issued at 102 to fund the construction of a new city hall.The premium on the bonds was transferred to the Debt Service Fund(nonreciprocal).
4.A private foundation contributes a stock portfolio with a fair value of $100,000 to the county.A trust agreement specifies the earnings on the fund is to be used by the local park which is owned and operated by a private foundation,and the principal is to be held intact indefinitely.
5.The county sends bills out for water and sewer provided to residents,amounting to $340,000.
Required:
Prepare the necessary journal entries for each of the above transactions for all funds affected.Be sure to identify the fund type for each entry.

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Definitions:

Individual Contributions

The unique inputs or efforts provided by each person within a group or organization, contributing to the achievement of collective goals or outcomes.

Cooperative Behaviors

Actions that involve working together in a supportive manner to achieve a common or mutual benefit.

Work Teams

Groups of individuals working collaboratively towards a common goal, leveraging diverse skills and expertise for collective success.

Competitive Behaviors

Actions undertaken by individuals or groups aimed at outperforming others to achieve their objectives, often in a competitive environment or platform.