Prepare journal 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 $1,058,000 in bonds at face value to finance construction of a warehouse.

b. A $1.20 million contract is signed for construction of the warehouse. The commitment is required if allowed.

c. A $224,000 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 $19,460. When it was ordered, an anticipated cost of $19,000 had been recorded.

e. Supplies to be used in the schools are bought for $3,900 cash. The consumption method is used.

f. A state grant of $104,500 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.

g. Property tax assessments are mailed to citizens of the government. The total assessment is $770,000, although officials anticipate that 2 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 fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit Credit a. The government sells $1,058,000 in bonds at face value to finance construction of a warehouse. Capital projects fund Record sale of bonds. Cash Other financing sources - bond proceeds a. b. b. A $1.20 million contract is signed for construction of the warehouse. The commitment is required if allowed. Capital projects fund Record contract for construction of warehouse. Encumbrances - warehouse Encumbrances outstanding C. C. A $224,000 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 d. Equipment for the fire department is received with a cost of $19,460. When it was ordered, an anticipated cost of $19,000 had been recorded. d. General fund Record encumbrances outstanding. Encumbrances outstanding Encumbrances - equipment Record receipt of equipment. Expenditures control - machinery and equipment Vouchers payable e. e. Supplies to be used in the schools are bought for $3,900 cash. The consumption method is used. General fund Record supplies bought for cash. Inventory of supplies Cash f. f. A state grant of $104,500 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 Grant receivable Unavailable grant revenue g. g. Property tax assessments are mailed to citizens of the government. The total assessment is $770,000, although officials anticipate that 2 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately. General fund Record property tax assessments. Taxes receivable Allowance for uncollectible current taxes Revenues - property taxes FUND FIN STMT GOVT WIDE FIN STMT Prepare journal entries for a local government funds to record the government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit Credit a. The government sells $1,058,000 in bonds at face value to finance construction of a warehouse. Record sale of bonds. a b. A $1.20 million contract is signed for construction of the warehouse. The commitment is required if allowed. Record contract for construction of warehouse. b c. A $224,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Record transfer of unrestricted fund. d. Equipment for the fire department is received with a cost of $19,460. When it was ordered, an anticipated cost of $19,000 had been recorded. d Record receipt of equipment. e. Supplies to be used in the schools are bought for $3,900 cash. The consumption method is used. Record supplies purchased for cash. e f. A state grant of $104,500 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. Record the grant revenue. g. Property tax assessments are mailed to citizens of the government. The total assessment is $770,000, although officials anticipate that 2 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately. Record property tax assessments. g