Which of the following is false with regard to bond refundings?

Required:  The following transactions occurred in the General Fund of Pallet Town in 20X2.   Insert a table (use the formatting below as a guide) to prepare the necessary journal entry(ies) required in the General Fund for each item below. The total estimated revenue budget for 20X2 is $11,000,000 and the total appropriations are $9,500,000.  Total planned transfer to debt service funds is $800,000. Property taxes of $7,000,000 were levied for Pallet Town.  Assume that 1.5% of these taxes are estimated to be uncollectible due to local economic conditions. Pallet Town was able to get a tax anticipation note that was secured by the Town’s power to tax.  The Town borrowed $500,000 and planned to repay the loan as tax collections begin to exceed current disbursements for the year. The Town issues a purchase order for $40,000 to Pokemart, Inc. for supplies. Pallet Town received a $980,000 advance funded grant from the federal government to provide for general government activities. The Town collected property taxes of $6,500,000. The Town repays the principal tax anticipation note above plus $12,600 in interest. Pokemart, Inc. delivered the supplies order by the Town and bills the Town for $42,000.  The Town accepts delivery and prepares a voucher for the full amount of the bill.  The Town uses the purchases method to account for supplies inventory. Based on tax assessment appeals, the Town reduces taxes for several taxpayers by a total of $125,000.  These taxpayers had already paid $25,000 of this amount prior to winning the appeals. Upon examining the revenues and expenditures to date, the Town’s governing board decided to amend the budget.  The revenue budget needs to be increased by $85,000 and the appropriations should be increased by $65,000. Pallet Town incurred and paid $430,000 of qualifying expenditures using the funds received from the advance funded grant above. The Town’s General Fund receives a bill from the Town’s Water Utility Fund for $6,000 for water used by the City.  This amount will not be paid until next year. At year end, the Town declares all unpaid property taxes (and the associated allowance account) to be delinquent.  Interest and penalties of $5,000 (and an associated allowance of 10%) are assessed against delinquent taxpayers and is considered available. A year-end review of the Property Tax Receivable subsidiary ledger indicates the following: $225,000 would be received within 30 days after year-end $110,000 would be received between 30 and 60 days after year-end $45,000 would be received between 60 and 90 days after year-end $20,000 would be received between 90 and 120 days after year-end The Town’s employees earned salaries of $450,000 during 20X2, with $400,000 paid during the year.  The remaining amount was earned during the last week of December 20X2 and will be paid during the first week of January 20X3. The Town files a tax lien against one of its delinquent taxpayers.  The taxpayer is past due on $40,000 of property taxes and owes penalties and interest of $4,000 on delinquent taxes. Be sure to label each entry using the lettering above (A-P). Journal entry formatting guide: Debit account 1 Debit amount 1 Debit account 2 Debit amount 2 Credit account 1 Credit amount 1 Credit account 2 Credit amount 2

The General Fund of Celadon City has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 20X1.  The following information regarding its General Fund activities is available. The balance sheet of Celadon City showed $100,000 of inventory on December 31, 20X1. The highest level of decision-making authority for the City (the City Council) passed an ordinance that any royalty payments received from oil production on city property must be used for city park maintenance. At year-end, the city had not spent $220,000 of the oil royalty proceeds that it had received. The General Fund made a long-term loan of $60,000 to the Civic Center Capital Projects Fund during 20X1. None had been repaid by December 31, 20X1, and none is expected to be repaid until 20X3.  The City Council of Celadon City approves its 20X2 budget in December 20X1. It appropriates $110,000 of the December 31, 20X1 fund balance to eliminate an anticipated General Fund budget deficit in the 20X2 budget. The General Fund receives a grant from a local foundation that must be used for tree maintenance. The grant had no time restrictions.  At year-end, the General Fund had unspent resources of $10,000.  The City decided to account for this in the General Fund because it is considered immaterial and most of the grant proceeds had been spent in 20X1. Required: Based on the information above, prepare the fund balance section of the City’s General Fund Balance Sheet.

A city paid $40,000 for police cars with the expectation that they would have a useful life of 4 years. After 3 years, the city sold the cars for $3,000. How should the city account for the sale in the General Fund?

How should a long-term lease agreement be recorded in a General Fund?

The Cerulean City Debt Service Fund accumulates resources to pay its $2 million general obligation debt (originally issued at face value on January 1, 20X1).  The debt is payable in equal annual installments of principal over 10 years with 5% interest on the unpaid principal (interest is paid annually on December 31).  The entire fund balance is classified as assigned.  Required:  Insert a table (use the formatting below as a guide) to prepare the necessary 20X1 journal entry(ies) required to record the following transactions in the Debt Service Fund. On January 1, 20X1, the City receives a transfer from the General Fund for $400,000. On March 1, 20X1, the City invests $150,000 in Misty Corporation stock. On October 15, 20X1, the City receives a $1,000 dividend from Misty Corporation. On December 31, the debt service payments (both the principal and interest for the year) become due and payable.  The debt service payments are not paid until January 20X2. The City pays 20X1 fiscal agent fees of $5,000. The books are closed for 20X1. Be sure to label each entry using the lettering above (A-F). Journal entry formatting guide: Debit account 1 Debit amount 1 Debit account 2 Debit amount 2 Credit account 1 Credit amount 1 Credit account 2 Credit amount 2

A city uses the consumption method of accounting for supplies in the General Fund. How should the General Fund record a purchase of supplies?

When using a butterfly needle for venipuncture on dorsal hand veins, which of the following actions should the phlebotomist take?a. Position the needle at a 45 angle to the skinb. Apply the tourniquet at the antecubital areac. Instruct the patient to hold the collection tubesd. Hold the needle by the wings of the butterfly

A phlebotomist is performing a venipuncture on a patient who is allergic to alcohol. Which of the following is an appropriate antiseptic to use in place of the alcohol?a. Sterile waterb. Chlorhexidinec. Antiseptic foamd. Saline

Which of the following cleansing agents should a phlebotomist use when collecting a sample for a blood alcohol concentration?a. Hand sanitizerb. Soap and waterc. 70% isopropyl alcohold. 5.25 % sodium hypochlorite