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a. The government sells $990,000 in bonds at face value to finance construction of a warehouse. b. A $1.24 million contract is signed for construction
a. The government sells $990,000 in bonds at face value to finance construction of a warehouse. b. A $1.24 million contract is signed for construction of the warehouse. The commitment is required if allowed. C. A $158,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). d. Equipment for the fire department is received with a cost of $14,005. When it was ordered, an anticipated cost of $13,400 had been recorded. e. Supplies to be used in the schools are bought for $3,150 cash. The consumption method is used. f. A state grant of $104,750 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. g. Property tax assessments are mailed to citizens of the government. The total assessment is $738,000, although officials anticipate that 2 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately Complete this question by entering your answers in the tabs below. FUND FIN STMT GOVT WIDE FIN STMT . Prepare journal entries for a local government funds to record the 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 The government sells $990,000 in bonds at face value to finance construction of a warehouse. Record sale of bonds. b. A $1.24 million contract is signed for construction of the warehouse. The commitment is required if allowed. b Record contract for construction of warehouse. c. A $158,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Record transfer of unrestricted fund. d. Equipment for the fire department is received with a cost of $14,005. When it was ordered, an anticipated cost of $13,400 had been recorded. d Record receipt of equipment e. Supplies to be used in the schools are bought for $3,150 cash. The consumption method is used. Record supplies purchased for cash. e f. A state grant of $104,750 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. f Record the grant revenue. g. Property tax assessments are mailed to citizens of the government. The total assessment is $738,000, although officials anticipate that 2 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately. g Record property tax assessments
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