Preparation of journal entries to record revenues and disbursements

Provide complete answers to the following two problems:

  1. Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards.
  2. The Village of Watkins Glenn operated an educational program for at-risk middle school children.  Businesses and nonprofit organizations sponsor the children and pay the registration fee.
    1. The following cash receipts were collected:
      1. Registration 310,000
      2. Cash loan from bank       65,000
    2. The following cash disbursements were made:
      1. Payroll taxes 30,600
      2. Labor 102,800
      3. Insurance 12,400
      4. Interest 3.050
      5. Purchase school bus 62,000.

Required:

  • Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund
  • Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund.

In your analysis, include the following:

  • An introduction
  • Requirements 1 – 2
  • Conclusion.

Paper Requirements:

  • Submit your responses to the questions in a one- to two-page document in MSWord. Label each question clearly. For computations, please include them in a table.
  • For written answers, please make sure your responses are well written.
  • Follow the CSU-Global Guide to Writing & APA Requirements.
  • The required number of pages for the assignment does not include the title page and references page.

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