Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A local government has the following transactions during the current fiscal period. a. The budget for the police department, ambulance service, and other ongoing activities

image text in transcribed

A local government has the following transactions during the current fiscal period. a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected. b. A bond is issued at face value to fund the construction of a new municipal building. c. The government orders a computer for the tax department. d. The computer is received. e. The invoice for the computer is paid. f. The city council agrees to transfer money from the general fund as partial payment for a special assessments construction project, but the funds have not yet been transferred. The city will be secondarily liable for any money borrowed to finance this construction. g. The city council creates a motor pool to service all government vehicles. Money is transferred from the general fund to permanently finance this facility. h. Property taxes are levied. Although officials believe that most of these taxes will be collected during the current period, they anticipate that a small percentage will be uncollectible. i. The city collects grant money from the state that must be spent to supplement the salaries of the police force. The city has not yet made any journal entry. Appropriate payment of the supplement is viewed as an eligibility requirement. j. A portion of the grant money in (i) is properly spent. 1. Prepare journal entries without dollar amounts for fund financial statements. 2. Prepare journal entries without dollar amounts for government-wide financial statements. Complete this question by entering your answers in the tabs below. 2. Prepare journal entries without dollar amounts for government-wide financial statements. (If no entry is irequired for a transaction/event. select "No journal entry required" In the first account field for both the debit side and crectit side.)

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

The Outsourcing Dilemma Whats Best For Internal Auditing

Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell

1st Edition

0894133845, 978-0894133848

More Books

Students also viewed these Accounting questions