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Prepare joumal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The
Prepare joumal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. The government sells $1,064,000 in bonds at face value to finance the construction of a new warehouse. b. A $1.22 million contract is signed for construction of the warehouse. The commitment is reported, if allowed. c. The government transfers cash of $222,000 in unrestricted funds for the eventual payment of the debt in (a). d. The government receives equipment for the fire department with a cost of $18,905. When ordered, an anticipated cost of $18,200 was recorded. e. Supplies to be used in the schools are bought for $4,550cash. The consumption method is used. f. The state awards a grant of $93,500 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 $602,000, although officials anticipate that 5 percent will never be collected. The government hoids an enforceable legal claim to this money. It can be spent immediately. a. The governmert selis $1,084,000 in bonds at face value to finance the construstion of a new warehouse. a. Riocoud sale of bonds. 0. A \$t. 22 millon contract is signed for construction of the warehouse. The commtenent is reported. 1 alowed. b. Record contract for conswuction of warehouse. Q. The government transfers oash of $222,000 in unrestricted funds for the eventual payment of the debt in (a) c. Geners fund d. The governmart receves equipment for the fre department with a cost of \$18. W05. When ordered an anticipated cost of \$18.200 was tecorded d. f. The state awards a grant of $33.500 to supplement police salaries. The money wil be pad to reimburse the poverriment but only after the supplement payments have been mase. f. Fecod the grart revenue fund. percent will never be collected. The government holds an enforceable legal claim to this monvy. It can be spent immediatoly. 9. Recond property tax assessments
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