Running Head: ACCOUNTING

Accounting
Students Name
Institution Affiliation

ACCOUNTING

Problem 8-10
CITY OF SOUTH PITTSBURGH
WORKSHEET ENTRIES
Debits
1.

Cash

150,000

Inventories

425,000

Capital Assets

2.

1,200,000

Accumulated Depreciation-Capital Assets

600,000

Accounts Payable

150,000

Bonds Payable

500,000

Net Assets

525,000

Interest Expense

15,000

Net Assets
3.

Credits

Net Assets

15,000
40,000

Expenditures-General Government

20,000

Expenditures-Public Safety

10,000

Expenditures-Culture and Recreation

10,000

ACCOUNTING

Problem 9-5
Southern State University
Statement of Net Position
As of the December 30, 2015
Asset
Current and accrued assets:
Cash
Customer Accounts Receivable
Less Accumulated Provision for Uncollectible Accounts
Due from Other Funds
Inventory of Supplies
Total current and accrued assets
Restricted assets:
Cash
Utility Plant
Utility Plant in Service
Less Accumulated Depreciation
Utility plant-net
Construction Work in Progress

$572,268
$299,49
0
5,820

293,670
40,000
202,546
$907,384
58,460
29,902,9
90
4,392,28
6
0
987,300
24,532,9
40
24,993,7
40

Net utility plant

Total Asset
Liabilities
Current and Accrued Liabilities:
Vouchers Payable
Accrued Interest Payable
Total Current and Accrued Liabilities
Liabilities Payable from Restricted Assets: Customer
deposits

94,020
434,200

Long-Term Debt: Revenue bonds, 6%

24,470,0
00

Less Unamortized Bond Discounts on Revenue Bonds

Payable
Total Liabilities

528,220
58,460

62,940

24,407,0
60
24,993,7
40

Net Position
Net invested in capital assets
Unrestricted

2,090,94
4
379,264

ACCOUNTING
Total net position

$758,528

ACCOUNTING

Problem 10-8

WORKSHEET ENTRIES
Debits
A.

Deferred Revenues-Property Taxes

200,000

Revenues-Property Taxes
B.

Revenues Property Taxes

200,000
187,000

Net Assets
C.

Compensated Absences Expense

187,000
68,000

Compensated Absences Payable

D.

Transfers In
Transfers Out

Credits

68,000
670,000
670,000

ACCOUNTING

References
Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia.
Edwards, J. R. (2013). A History of Financial Accounting (RLE Accounting) (Vol. 29).
Routledge.
Glaum, M., Baetge, J., Grothe, A., & Oberdrster, T. (2013). Introduction of International
Accounting Standards, disclosure quality and accuracy of analysts' earnings forecasts.
European Accounting Review, 22(1), 79-116.
Pratt, J. (2013). Financial accounting in an economic context. Wiley Global Education.