Question
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. (If no
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) |
a. | The government sells $1,048,000 in bonds at face value to finance construction of a warehouse. |
b. | A $1.09 million contract is signed for construction of the warehouse. The commitment is required if allowed. |
c. | A $148,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). |
d. | Equipment for the fire department is received with a cost of $12,310. When it was ordered, an anticipated cost of $12,000 had been recorded. |
e. | Supplies to be used in the schools are bought for $3,000 cash. The consumption method is used. |
f. | A state grant of $94,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers. |
g. | Property tax assessments are mailed to citizens of the government. The total assessment is $706,000, although officials anticipate that 3% will never be collected. There is an enforceable legal claim for this money and the government can use it immediately. |
FUND FINANCIAL STATEMENTS |
GOVERNMENT-WIDE FINANCIAL STATEMENTS |
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