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h . The first $ 5 , 0 0 0 of the state grant received in ( g ) is expended as intended. LO 1
h The first $ of the state grant received in is expended as intended.
LO
eXcel
Prepare journal entries for a local government to record the following
transactions, first for fund financial statements and then for governmentwide
financial statements.
a The government sells $ in bonds at face value to finance the
construction of a new warehouse.
b A $ million contract is signed for construction of the warehouse. The
commitment is reported, if allowed.
c The government transfers cash of $ in unrestricted funds for the
eventual payment of the debt in
d The government receives equipment for the fire department with a cost of
$ When ordered, an anticipated cost of $ was recorded.
e Supplies to be used in the schools are bought for $ cash. The consumption
method is used.
The state awards a grant of $ to supplement police salaries. The money
will be paid to reimburse the government but only after the supplement
payments have been made.
g The government mails property tax assessments to its citizens. The total
assessment is $ although officials anticipate that percent will never be
collected. The government holds an enforceable legal claim to this money. It
can be spent immediately.
of Copeland.
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