Willborough County Had the Following Transactions in 2014

question 27

Essay

Willborough County had the following transactions in 2014.
1.A central motor pool was established with a $200,000 nonreciprocal transfer from the General Fund.
2.The water and sewer authority,which provides services to residents for a fee,issued a bond offering at $750,000 par.Bonds proceeds are restricted to renovating the treatment facility.
3.Willborough received a grant from the state to be used for renovation of the courthouse amounting to $800,000.The General Fund will temporarily provide $100,000 cash,because the grant is set up on a reimbursement basis and will not be distributed until proper expenditures are documented.
4.Willborough's central motor pool bills out automobile usage to various government agencies amounting to $42,000.
5.The General Fund transfers $67,000 out of the operating budget to fund the county employees' pension plan.
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:

Income Effect

The change in consumption resulting from a change in real income, typically due to a change in prices, that can increase or decrease purchasing power.

Affordable Consumption Options

Choices of goods and services that are within the financial reach of a consumer, considering their income and expenses.

Inferior Goods

Goods whose demand decreases when consumer income rises, opposite of normal goods.

Normal Goods

Goods for which demand increases as the income of consumers increases.