Prepare journal entries for all the funds and General Capital Assets and General Long-Term Liabilities accounts affected by the following transactions.Identify the fund and the impact on the fund balance or net assets. State the dollar amount

( 3 pts each )

1. Salaries paid to a city's general government employees totaled $3,000,000

for the year.Accrued salaries at the end of the year were $150,000.There

were no accrued salaries at the beginning of the year.

2.A government electric utility purchased transmission equipment during

the year at a cost of $5,000,000.One million dollars was paid in cash and

the government borrowed the balance on a two-year, 8% note payable.

3.The equipment purchase in transaction 2 has a 20-year estimated useful

life and no residual value.The purchase occurred at the beginning of the

year. Record depreciation for the year.

4.Benton County issued $8,000,000 of ten-year, 6% bonds at par on July 1,

20X8.The bonds were issued to finance construction of a high school

gymnasium/office building complex.Interest on the bonds is paid semi-

annually.

5.Benton County paid $3,200,000 during the year to the contractor for the

project in transaction 4.