Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements.

1. The government sells $954,000 in bonds at face value to finance construction of a warehouse.

2. A $1.15 million contract is signed for construction of the warehouse. The commitment is required if allowed.

3. A $211,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a).

4. Equipment for the fire department is received with a cost of $22,205. When it was ordered, an anticipated cost of $21,600 had been recorded.

5. Supplies to be used in the schools are bought for $3,350 cash. The consumption method is used.

6. A state grant of $100,500 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.

7. Property tax assessments are mailed to citizens of the government. The total assessment is $722,000, although officials anticipate that 5 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately

FUND FIN STMT GOVT WIDE FIN STMT Prepare journal entries for a local government funds to record the fund financial statements. (Select the appropriate fun situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first ac Debit Credit Transaction Fund/Activity General Journal a. The government sells $954,000 in bonds at face value to finance construction of a warehouse a. Capital projects fund Record sale of bonds. Cash Other financing sources - bond proceeds ols b. A $1.15 million contract is signed for construction of the warehouse. The commitment is required if allowed. b. Capital projects fund Record contract for construction of warehouse. Encumbrances X Fund balance - reserved for encumbrances c. A S211,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). General fund Record transfer of unrestricted fund. Other financing uses - transfers out Cash Debt service fund Record transfer of unrestricted fund. Cash Other financing sources - transfers in O d. Equipment for the fire department is received with a cost of $22.205. When it was ordered, an anticipated cost of $21,600 had been recorded. d. General fund Record encumbrances outstanding. Fund balance - reserved for encumbrances x Encumbrances X Record receipt of equipment. Expenditures control - machinery and equipment Vouchers payable Olo e. Supplies to be used in the schools are bought for $3.350 cash. The consumption method is used. General fund Record supplies bought for cash. Inventory of supplies Cash Olo f. A state grant of $100,500 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. Special revenue Record the grant revenue fund. fund Cash x Deferred revenues f. g. Property tax assessments are mailed to citizens of the government. The total assessment is $722.000, although officials anticipate that 5 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately 9 General fund Record property tax assessments. Taxes receivable Revenues - property taxes Allowance for uncollectible current taxes Debit Credit Transaction Fund/Activity General Journal a. The government sells 5954.000 in bonds at face value to finance construction of a warehouse Capital projects fund x Record sale of bonds. Cash Bonds payable b. A $1.15 million contract is signed for construction of the warehouse. The commitment is required if allowed. b General fund Record contract for construction of warehouse. No journal entry required c c. A S211,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). General fund Record transfer of unrestricted fund. Machinery and equipment x Vouchers payable d. Equipment for the fire department is received with a cost of $22,205. When it was ordered, an anticipated cost of $21,600 had been recorded Capital projects fund x Record receipt of equipment. Machinery and equipment Vouchers payable e. Supplies to be used in the schools are bought for $3.350 cash. The consumption method is used. General fund * Record supplies purchased for cash. Inventory of supplies Cash 00 f. A state grant of $100,500 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. Debt service fund Record the grant revenue. Cash x Deferred revenues x f g. Property tax assessments are mailed to citizens of the government. The total assessment is $722.000, although officials anticipate that 5 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately. 9 Debt service fund > Record property tax assessments. Taxes receivable Revenues - property taxes Allowance for uncollectible current taxes olo