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Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. The government sells $992,000 in bonds at face value to finance construction of a warehouse. A $1.14 million contract is signed for construction of the warehouse. The commitment is required if allowed. A $164,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Equipment for the fire department is received with...
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 $1,098,000 in bonds at face value to finance construction of a warehouse. b. A $1.18 million contract is signed for construction of the warehouse. The commitment is required if allowed. c. A $210,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a) d. Equipment for the fire...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. The government sells $1,004,000 in bonds at face value to finance construction of a warehouse. A $1.04 million contract is signed for construction of the warehouse. The commitment is required if allowed. A $149,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). Equipment for the fire department is received with...
for the first and second part to this question to record fund financial statements and government wide , we use these accounts for journal entries allowance for uncollectible current taxes bonds payable cash deferred revenues encumbrances encumbrances-equipment encumbrences- warehouse encumbrences outstanding expenditure control- machinery and equip fund balance - reserved for encumbrances grant recievable inventory supplies machinery and equip other financing sources- bond proceeds other financing sources - transfers in other financing uses - transfers out revenues- property taxes taxes...
39. 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 $900,000 in bonds at face value to finance construction of a warehouse. b. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed. c. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). d. Equipment for the...
Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) a. The government sells $1,048,000 in bonds at face value to finance construction of a warehouse. b. A $1.09 million contract is signed for construction of the warehouse. The commitment is...
Please note I have the answer. I am interested in knowing why this problem or at least the question (c) is treated as an intra-activity transfer? 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 $900,000 in bonds at face value to finance construction of a warehouse. b. A $1.1 million contract is signed for construction of the warehouse. The commitment is...
A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund financial statements and then for government-wide financial statements. a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected. b. A bond is issued at face value to fund the construction of...
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 $105,250. b. The city print shop did $1,800 worth of work for the school system (but has not yet been paid). c. An $15 million bond was issued to build a new road. d. Cash of $179,000 is transferred from...
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 new truck for the sanitation department was ordered at a cost of $113,000. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). An $10 million bond was issued to build a new road. Cash of $193,000 is transferred from the general fund to...