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A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $91,300.
A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $91,300. Its actual cost when received is $93,680. 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. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made
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