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Problem 16-38 (LO 16-2,16-4,16-7, 16-8,16-11) Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements
Problem 16-38 (LO 16-2,16-4,16-7, 16-8,16-11) Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. a. A new truck for the sanitation department was ordered at a cost of $115,750 b. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). c. An $11 million bond was issued to build a new road d. Cash of $210,000 is transferred from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund. e. The truck ordered in (a) is received at an actual cost of $119,350. Payment is not made at this time. f. Cash of $36,000 is transferred from the general fund to the capital projects fund g. A state grant of $40,000 is received that must be spent to promote recycling. h. The first $7,200 of the state grant received in (g) is appropriately expended
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