Hello everyone. I really need assistance on this assignment. I included the attachment of my first submission of the assignment. The professor stated that I was missing about 15 different journal entries for problems 1 and 2. Below are the questions that I need assistance with. I will also include my incorrect response to the questions in the attachmentso that I could be receive some guidance. Thank you very much!

Problem 1

The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15. The phone system's actual cost upon review of the invoice when received on September 30 is $100,250. The invoice was paid on October 4.

Using the information above, prepare all the required journal entries for the general fund and the government-wide financial statements.

Problem 2

Below are some transactions that have occurred for the City of New Haven. Prepare the journal entries (government-wide financial statements only) for each transaction:

1. The City of New Haven pays $75,000 for a work of art to display in the local library. Currently, the work of art is not for sale, but it could be sold at a later date. All funds received from the sale will go to the unrestricted fund. The work of art will be depreciated over 25 years using straight-line depreciation.
2. At the beginning of the year, the City of New Haven added street lights at a total cost of $325,000 to a new housing development. The lights are expected to last for 10 years. During the year, the City of New Haven spends $52,300 to maintain the street lights. In addition, it costs $128,700 to construct new street lights to replace ones that were outdated or broken in other areas of the city. Assume the infrastructure assets are capitalized using the modified approach.

Cornelius Spearman Dr. Henry Weber Advance Accounting Class MBA-FP6152 Assessment 6-1 Class Problem 1 The City of Newport orders a new phone system (General Fund) with a quoted price of September 15. The phone system's actual cost upon review of the invoice when receive is $100,250. The invoice was paid on October 4. General Fund Journal Entries Date Name of Account Debit Credit Expenditure- Phone Systems A/c $ 100,250.00 30-Sep To the Accounts Payable $ 100,250.00 Once the invoice was recieved on 9/30, the cost of purchasing the new phone system was $100,250. 4-Oct Accounts payable Cash to Bank A/c The invoice on the phone system was paid in the full amount of $100,250 on October 4. $ 100,250.00 $ 100,250.00 with a quoted price of $101,300 on invoice when received on September 30 Problem 2 Below are some transactions that have occurred for the City of New Haven. Prepare the journal entries (g transaction: 1. The City of New Haven pays $75,000 for a work of art to display in the local library. Currently, the wo date. All funds received from the sale will go to the unrestricted fund. The work of art will be depreciated 2. At the beginning of the year, the City of New Haven added street lights at a total cost of $325,000 to a n last for 10 years. During the year, the City of New Haven spends $52,300 to maintain the street lights. In lights to replace ones that were outdated or broken in other areas of the city. Assume the infrastructure ass Date General Wide Financial Statement Details Amount of money Assets Adding street lights $ 325,000.00 Minus 10 year depreciation = -(325,000* 10%) $ (32,500.00) Add maintenace cost $ 52,300.00 Add replacement cost $ 128,700.00 Total Cost $ 473,500.00 Inventories Adding Price of the work of art $ Minus the 25 year depreciation = -(75,000*4%) $ Total cost $ 75,000.00 (3,000.00) 72,000.00 pare the journal entries (government-wide financial statements only) for each library. Currently, the work of art is not for sale, but it could be sold at a later of art will be depreciated over 25 years using straight-line depreciation. otal cost of $325,000 to a new housing development. The lights are expected to intain the street lights. In addition, it costs $128,700 to construct new street ume the infrastructure assets are capitalized using the modified approach