Q&A Hero

Question

Willborough County had the following transactions in 2012.

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