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Prepare entries to record the following transactions related to acquisition of capital assets by a county. The county does not use encumbrance accounting. Identify the
Prepare entries to record the following transactions related to acquisition of capital assets by a county. The county does not use encumbrance accounting. Identify the funds used. Record journal entries for all funds, and label the fund name for each journal entry. Also record the required journal entries for the government wide financial statements.
a The city issues general obligation bonds in the amount of $ receiving cash for the fullface amount of the bonds. The cash will be used to buy capital assets.
b The city buys a fire trucks for $ using part of the bond proceeds. The fire trucks are delivered and the invoice for the trucks approved.
c The invoice approved in b is paid.
d The General Fund transfers cash of $ to another fund in anticipation of the payment of the first installment of interest $ and principal $ on the debt.
e The first installment of debt service on bonds issued in a becomes due and payable.
f Debt service on the bonds issued in a is paid.
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