Exercise 17-1

Several independent financial activities of a governmental unit are given below.

1.		Revenue from the sale of licenses and permits for the first two months totaled $17,000.
2.		Land that had been donated previously was sold for $94,000.
3.		An order was placed for the purchase of a new fire engine at a price of $120,000.
4.		Bonds with a face value of $535,000 were issued at par value to finance a new park.
5.		A $248,000 grant was received from the federal government to help improve the local schools.
6.		The new fire engine was received and accepted. The approved price, however, was $131,000 rather than $120,000.

Prepare the journal entries needed to account for each transaction in the General Fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Exercise 17-1 Several independent financial activities of a governmental unit are given below. 1. 2. 3. 4. 5. 6. Revenue from the sale of licenses and permits for the first two months totaled $17,000. Land that had been donated previously was sold for $94,000. An order was placed for the purchase of a new fire engine at a price of $120,000. Bonds with a face value of $535,000 were issued at par value to finance a new park. A $248,000 grant was received from the federal government to help improve the local schools. The new fire engine was received and accepted. The approved price, however, was $131,000 rather than $120,000. Prepare the journal entries needed to account for each transaction in the General Fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 3. 5. (To record engine received) (To remove encumbrances) SHOW LIST OF ACCOUNTS LINK TO TEXT here to search BI D