Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Review View Help Layout References Mailings Rom 14 - AAA-EEEE AT - x x A-D-A-EEEE - - - AaBbcode AaBbcode AaBbc AaBbcc AaB Aabba 1

image text in transcribed

Review View Help Layout References Mailings Rom 14 - AAA-EEEE AT - x x A-D-A-EEEE - - - AaBbcode AaBbcode AaBbc AaBbcc AaB Aabba 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtit Paragraph Styles . . 6 Font T . . . Among the activities of Calabash County for the fiscal year beginning July 1, 2005, and ending June 30, 2006, were the following: 2005 July 1 Approved the annual budget for the Gasoline Tax Special Revenue Fund as follows: Appropriations, $600,000. estimated revenues, $640,000, July 5 Executed a contract for the construction of a new public library at a total cost of $5 million Aug. 1 Authorized a special assessment of $400,000 on residents of the North Sub- division for construction of sidewalks. The special assessment, which was payable in five annual installments of $80.000 beginning October 1, 2005, with interest at 9% a year on the unpaid installments, was to be accounted form the Special Assessment Special Revenue Fund. Sept.1 Acquired from proceeds of general tax revenues equipment costing $20,000 (the related purchase order was for $19,600). The equipment was to be used by the general government of Calabash County, which does not depreciate plant assets, in the voluntarily maintained General Capital Assets Account Group. The county uses encumbrance accounting Instructions: 1. Prepare journal entries for the fiscal year ended June 30, 2006, for the foregoing transactions or events of Calabash County. 2. Identify the funds or account groups in which the journal entries are recorded. english (United States) Focus 30 - w EN NS $ . SONY

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Accounting Course 2

Authors: Claudia B. Gilbertson

9th Edition

053844827X, 9780538448277

More Books

Students also viewed these Accounting questions

Question

=+ Is the information up to date?

Answered: 1 week ago