Question
Prepare journal entries for the GENERAL FUND for the following expenditures/resource outflows: a. During March 20x8, the general fund transferred $150,000 to a capital projects
Prepare journal entries for the GENERAL FUND for the following expenditures/resource outflows:
a. During March 20x8, the general fund transferred $150,000 to a capital projects fund to help pay for the construction of a new police station.
b. During August 20x7, the general fund ordered computer equipment at $200,000 estimated cost. The equipment arrived in September 20x7, and a $202,000 invoice was paid.
c. In November 20x7, the city authorized the establishment of an internal service fund for the maintenance of city-owned vehicles. The general fund was authorized to transfer $500,000 to the internal service fund in late November. Of this amount, the internal service fund will repay $200,000 in two years and the remaining $300,000 represents a permanent transfer to the internal service fund.
d. During the year ended June 30, 20x8, the general fund received a bill from the city's water department totaling $12,000.
e. During the year ended June 30, 20x8, the city paid salaries and wages of its employees totaling $900,000
f. During the year ended June 30, 20x8, the general fund acquired supplies for $35,000. The general fund uses the purchase method of accounting for supplies.
g. At June 30, 20x8, unused supplies in the general fund amounted to $5,000. There were no supplies available at June 30, 20x7.
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