To make sure you are up to date on the special guidelines th

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56. He also asked you to show him, side by side, how government accounting journal entries might differ from for-profit journal entries in these similar events.Write 500–750 words that addresses the following:When was GASB Statement No. 56 initiated?In your own words, what is the essence of the new ruling?Why did the GASB probably deem it as being necessary?How might GASB Statement No. 56 change the activities of any accountant performing governmental accounting?Create journal entries for all of the following situations.On 10/1/2010, a for-profit Company A provides $100,000 of service to Company B. Company B plans to pay their bill 90 days later.Create the journal entry when the service is provided.Create the journal entry when the cash is received.On 12/1/2010, the city’s recreation department receives a government grant of $100,000 specifically to use for next year’s park upgrades, which will begin on 1/1/2011.Create the journal entry made when the cash is received.Create the journal entry to be made on 1/1/2011.A for-profit retail store buys $200,000 of inventory on 9/1/2010.Create the proper journal entry to show purchase of this inventory.A local city park buys $200,000 of food merchandise for later resale. It uses the purchase method to account for inventory.Create the proper journal entry for when this purchase is made.A nonprofit organization receives a $250,000 donation on 12/1/2011, but the donor specifically wants it spent in 2012.Create the journal entry or entries to show the proper recording of revenue (this may require more than on journal entry).Create the subsequent journal entry to show spending of the fundBE ORIGINAL. NO PLAGIARISM. I WILL CHECK.

Answers

Related Questions

Humanities : How losing your job affects you psyc...

Original Short Answer work Please!1. Consider the following scenario: You have unexpectedly lost your job due to layoffs at your company. You are the...

Business Finance : ABC Airlines, case study help...

For this Case Study complete the three requirements below:1.ABC Airlines has determined both the fixed and variable costs per flying hour associated w...

Business Finance : Setting up a business, assignm...

Please see attachment.  If you would like I can collaborate with you on the company unless you have an idea.From the professor  "The purpose of this...

Science : Health System Issues, health and medici...

This is a 150-200 word answer.  We just need to pick one from the list below.  I will attach the reading.In this chapter the health system faced  a...

Humanities : Final Paper Outline , sociology home...

  Ashford University Assignment Submision Week 3 Assignment Final Paper Outline and Annotated Bibliography Review the assignment instructions for you...

Science : federal, state,  or local regulations...

This is a 150-200 word answer.Discuss one of the federal, state,  or local regulations that might apply to a new health care facility you are plannin...

Writing : Topics in Literature Assignment Details...

Part 1: Primary TaskWithin the Discussion Forum area write 200 words that respond to the following questions with your thoughts, ideas, and comments....

Business Finance : Theory of Constraints, managem...

Review the article on the Theory of Constraints from the following website:Tibben-Lembke, R. S. (2009). Theory of constraints at UniCo: Analysing th...

Humanities : Evaluating Quantitative Design, psyc...

A researcher must be knowledgeable of the different quantitative research designs and be able to effectively apply the best design as dictated by the...

Business Finance : The company Life is Good seeks...

Learning Activity #1 The company Life is Good seeks to encourage others to be philanthropic throughout the year to help their foundation for children....

Writing : Define key literary terms, writing home...

tion:Deliverable Length: 250-300 word minimumCourse Objectives:Define key literary terms, such as plot, character, setting, point of view, figurative...

Mathematics : Lottery Equation, algebra homework...

Many Americans dream of winning the lottery and play frequently. During this discussion, we will look at the lotteries and see if there is really a ch...

Business Finance : Discuss the influence of the i...

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance wi...

Humanities : English 2 9th grade activities help...

Complete the following review activities.Review borrowed and foreign words. Work with a partner. Read each of the borrowed words related to music belo...

Humanities : English 9th grade outline help...

To practice organizing information in an outline, complete the following activity:Here is some information a student gathered about the potato famine...

Humanities : Not enough sex education talk in sch...

My research topic is: Not enough sex education talk in schools. IntroductionFor this assignment, develop your research paper introduction to communic...

Business Finance : strategic management process,...

Write a 350- to 500-word paper in which you complete the following:Describe the primary components of a strategic management process, and indicate wh...

Writing : Health belief model was developed in 19...

Please do a paragraph about this post with this instruction . post most have  4 or more  sentences .  you also have to have a high quality post fr...

Writing : Educating is the most important step fo...

Please do a paragraph about this post with this instruction . post most have  4 or more  sentences .  you also have to have a high quality post fr...

Humanities : SERIOUS TUTORS ONLY;ABSOLUTELY NO PL...

Complete the following in preparation for your assignment:Select a movie or TV show that effectively communicates the culture, values, and norms of a...

Business Finance : Discuss the rationale for this...

Today most jurisdictions reject voluntary intoxication as a defense to general-intent crimes, but allow the defense related to whether a defendant was...

Business Finance : Research Paper...

Read the article: 7-Eleven Shifts Focus to Healthier Food Options.Using your knowledge of Supply Chain Management and your academic research skills,...

Business Finance : Training and Developement in s...

Assignment 1: Training and Development in Small BusinessesDue Week 4 and worth 240 pointsSelect a small business with which you are familiar. Imagine...

Science : Application of the Feminist Theory, cas...

Read the “Case Study Analysis.” Select one of the following theories that you feel best applies to treating the client in the case study: 1.Femini...

If you didn't find the right answer

Ask Your Questions, We'll notify you once someone answers it