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For years beginning January 1 , 2 0 1 , the City of Hope will finance its parks and recreation activities with a special property
For years beginning January the City of Hope will finance its parks and
recreation activities with a special property tax levy and it will account for resources
related to parks and recreation in a special revenue fund. During it engaged in
the following transactions:
The parks and recreation employees earned $ million in wages and salaries.
Of this amount, the city paid $ million in and will pay the balance
sometime in
Parks and recreation employees earned $ million in vacation leave and
were paid for $ million. The city estimates that it will pay the entire
balance in early
During the city received in parks and recreation supplies $ million,
used $ million and paid $ million. The city uses the consumption
method to account for supplies inventory
In January the city purchased $ million in parks and recreation
equipment. It paid $ million in cash and gave an installment note for the
balance. The first payment on the note $ million plus interest of $
million is due on January
Required:
Demonstrate how Wages and Salaries is recorded in Journal Entry under
Governmental Fund vs GovernmentWide Financial Statement respectively?
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