5 Homework Topic Two b. Prepare a balance sheet and a statement of revenues and expenditures for the eneral fund. c. Prepare a government wide statement of net poution (balance Sheet) and statement of activities These should be on a full accrual basis. Assume that the capital assets have useful life of the years and that no depreciation is to be charged on the computer that was destroyed, apoly Government wide statements report on assets and Mobilities that are denied recognition on funds statements Entrepreneurs Consultants, a state agency, was established to provide Consulting Services to small businesses. It maintain only a single gel fund and accounts for its activities on a modified accrual basis, During its first month of operations, the association engaged in, or was affected by the following transactions and events 1. It received an unassigned front of $100.000 2. It purchased five computers at $2,000 each 3. It paid wages and stories of $6,000. 4. It borrowed $24,000 from a bank to enable it to purchase an automobile. It gave the bank a long term note 5. It purchased the automobile for $24,000 6. It made its fiest payment on the note interest of $200 1. It destroyed one of its computers in an accident. The computer was not intured Required Pre journal entries in the reneral Fund to record each of the transactions or other events Homework 1 - Topic2 Protected view) - Word netnet can contain viruses. Unless you need to edit it's safe to stay in Protected View Enable Editing Homeworldt1- Topic Two I P. 2-1 b. Prepare a balance sheet and a statement of revenues and expenditures for the general fund. c. Prepare a government - wide statement of net position (balance sheet) and statement of activities. These should be on a full accrual basis. Assume that the capital assets have a useful life of five years and that no depreciation is to be charged on the computer that was destroyed. Government wide statements report on assets and Mobilities that are denied recognition on funds statements. Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modified accrual basis. During its first month of operations, the association engaged in, or was affected by the following transactions and events: 1. It received an unassigned grant of $100,000 2. It purchased five computers at $2,000 each. 3. It paid wages and salaries of $6,000 4. It borrowed $24,000 from a bank to enable it to purchase an automobile. It gave the bank a long-term note. End of document 5. It purchased the automobile for $24,000 6. It made its first payment on the note-interest of $200. 7. It destroyed one of its computers in an accident. The computer was not insured, Required: a. Prepare journal entries in the general fund to record each of the transactions or other events 21131