Jefferson County Had the Following Transactions in 2014

question 36

Essay

Jefferson County had the following transactions in 2014.
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.

---

Definitions:

High Quality

Pertaining to products or services that meet or exceed customers' expectations, characterized by superior materials, workmanship, performance, and durability.

Low Price

A pricing strategy where goods or services are offered to customers at a price lower than the market average or competitors' prices.

More Elastic

Describes a situation where a product or service's demand changes more significantly in response to a change in price.

Decrease Price

A pricing strategy where a company reduces the cost at which an item is sold in order to stimulate demand or gain competitive advantage.