Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A city orders a new computer for its General Fund at an anticipated cost of $96,500. Its actual cost when received is $98.210. Payment Is

image text in transcribed
image text in transcribed
A city orders a new computer for its General Fund at an anticipated cost of $96,500. Its actual cost when received is $98.210. Payment Is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) Debit Credit Transaction Fund/Activity General Journal 1. Received in the computers and the accompanying liability 1 Government Activities Record the receipt of computers and the accompanying liability Encumbrances - computer Encumbrances outstanding Record payment made 2. Received in the payment made for computers Record payment made for computers. Record entry to remove enoumbrance for computers that has now been received Record the receipt of computers and the accompanying b y Cash of $90,000 is transferred from a city's general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million a. Assume that the city does not record the commitment. Prepare all necessary Journal entries for these transactions for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Debit Credit Transaction Fund Activity General Journal 1. Transfer from general fund and issue of bonds for construction of police station Record sale of bonds. Record completion of construction 2. Transfer from general fund and issue of bonds for construction of police station Record authorization of transfer for construction 3. Transfer from general fund and issue of bonds for construction of police station Record transferin of cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions