Can you please help me solve this question?A city orders a new computer for its General...
Can you please help me solve this question?A city orders a new computer for its General Fund at an anticipated cost of $94,700. Its actual cost when received is $96,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
(A.) Fund-Based Financial Statements-General Fund
|
Debit |
Credit |
||
|
1 |
Encumbrances Control |
94,700 |
|
|
Fund Balance-Reserve for Encumbrances |
94,700 |
||
|
2 |
Expenditures – Computer |
96,880 |
|
|
Vouchers Payable |
96,880 |
||
|
3 |
Fund Balance-Reserve for Encumbrances |
94,700 |
|
|
Encumbrances Control |
94,700 |
||
|
4 |
Vouchers Payable |
96,880 |
|
|
Cash |
96,880 |
(B.) Government-Wide Financial Statements-Governmental Activities
|
Debit |
Credit |
||
|
1 |
No journal entry |
||
|
2 |
Computer |
96,880 |
|
|
Vouchers Payable |
96,880 |
||
|
3 |
Vouchers Payable |
96,880 |
|
|
Cash |
96,880 |
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