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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 $15,000. 2. Land that had been donated previously was sold for $101,000. 3. An order was placed for the purchase of a new fire engine at a price of $123,000. 4. Bonds with a face value of $541,000 were issued at par value to finance a new park 5. A $273,000 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 $132,000 rather than $123,000. 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 o for the amounts.) 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 o for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5. 6. (To record engine received) (To remove encumbrances) List Of Accounts Exercise 17-1 Accounts Receivable Allowance for Uncollectible Taxes Appropriations Bond Issue Proceeds Cash Certificates of Deposit Contracts Payable Due from Federal Government Due from Internal Service Fund Due from State Due from Trust Fund Due from Water Fund Due from Others Funds Due to Debt Service Fund Due to Enterprise Fund Due to Other Funds Encumbrances Estimated Revenue Estimated Uncollectible Property Tax Expenditures - Current Year Expenditures - Prior Year Fund Balance - Assigned Fund Balance - Nonspendable Fund Balance - Unassigned Inventory Miscellaneous Revenue No Entry Property Tax Receivable Revenue Supplies Inventory Transfer from Debt Service Fund Transfer from Other Funds Transfer from Water Fund Transfer to Debt Service Fund Transfer to Other Funds Transfer to Water Fund Vouchers Payable