Indicate the fund affected and prepare the journal entry required in the fund financial statements.

Indicate whether the transaction is considered a governmental or business-type activity in the government-wide financial statements and prepare the journal entry required in the government-wide financial statements.

Instructions:

If an item is not reported in a fund statement and/or in the government-wide statements, select Not applicable and No entry.

4. Equipment with original cost of $300,000 is sold for $40,000. The equipment had a 5-year life when purchased, and was sold after 4 years. The county uses straight-line depreciation when appropriate. The equipment was used in general government operations.

4.A

description debit credit

Fund financial statements

Which fund is the transaction recorded in? (Capital projects fund/custodial fund/debt service fund/general fund/pension trust fund/ special revenue fund/NA)

Journal Entries

Description Debit Credit

4.B

Government-wide statements:

Item(s) is/are reported as (business type/government type/NA)

Journal Entries

Description Debit Credit

Cash Answer

Answer

Answer

Answer

Answer

To recategorize net position.

Accounts are listed below I tend to get answers not including these accounts so I am reposting question:

Additions, bond proceeds, bonds payable, capital assets net, cash, deductions, expenditures - capital outlay, expenditures: interest, gain on sale of capital assets, interest expense, investments, liabilty to town for property taxes, loss on sale of capital assets, net investment in capital assets, proceeds from sale of capital assets, revenues, restricted net position, unrealized gains on investments, unrestricted net postion, no entry