Bacons County engaged in the following transactions. Assume that the county maintains its books and records in a manner that facilitates the preparation of fund financial statements.

Prepare the appropriate journal entries for the countys General Fund. If no entry is appropriate, write No entry required.

a) The county purchased three dump trucks paying $75,000 for each one.

b) The county sold a police car for $3,000 that had been purchased four years ago at a cost of $30,000. The city had estimated that the police car had a useful life of five years and a salvage value of $5,000 when it purchased the vehicle.

c) During the year, the county spent $14 million to construct a third lane on both sides of the major north-south highway through the county.

d) The county traded in a pickup truck used in general government operations for a new pickup truck and paid a difference of $18,000. The old pickup truck was purchased four years ago at a cost of $22,000. At that time, the county had estimated a useful life of five years and an estimated salvage value of $6,000 for the truck. At the time of the trade, the old truck had a fair value of $10,000 and the new truck had a sticker price of $29,000.

e) During the year, the county began constructing a new county office building. By year-end, the county had made progress payments to the contractor totaling $3.5 million.

f) The county received a gift of land from a citizen. The citizen designated that the land is to be used for a County Park. The land had been in the donors family since it was homesteaded and had a fair value of $4 million when the contribution was made.

a. Debit ________________________________ Amount $____________

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b. Debit ________________________________ Amount $____________

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c. Debit ________________________________ Amount $____________

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d. Debit ________________________________ Amount $____________

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e. Debit ________________________________ Amount $____________

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f. Debit ________________________________ Amount $____________

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