Question

I need help with this

Just journal entry for government funds

accounts used:

• No Journal Entry Required
• Accumulated Depreciation
• Appropriations
• Budgetary Fund Balance
• Buildings
• Capital Lease Obligations Payable
• Cash
• Construction Expenditures
• Construction Work in Progress
• Encumbrances
• Encumbrances Outstanding
• Estimated Revenues
• Expenditures—General Government
• Expenses—General Government
• Expenses—Public Safety
• Fund Balance—Assigned
• Fund Balance—Unassigned
• Gain on Sale of Machinery
• Interfund Transfers Out
• Land
• Loss on Sale of Machinery
• Machinery and Equipment
• Other Financing Sources—Capital Lease Agreements
• Other Financing Sources—Proceeds of Capital Asset Sale
• Other Financing Uses
• Program Revenues—Culture and Recreation—Capital Grants and Contributions
• Program Revenues—Public Safety—Capital Grants and Contributions
• Revenues
• Vouchers Payable

Transaction Fund General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had a fair value of $4,300,000 and was recorded on the donor's books at a historical cost of $3,600,000 General Fund Governmental Activities 2. The Public Works Department sold machinery with a historical cost of $34,200 and accumulated depreciation of $28,250 for $5,525. The machinery had originally been purchased with special revenue funds General Fund Governmental Activities 3. A car was leased for the mayor's use. Since the term of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized. The first payment was $1,100 and the present value of the remaining lease payments was $21,000. За General Fund 3b Governmental Activities Record the lease of car to the Mayor. 4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,495,000. Financing for the project came from a $8,820,000 bond issue that was sold in the prior year, and from a $675,000 federal capital grant received in the current year. Current year expenditures for the project totaled $1,086,000. The full cost is attributed to the building since it was constructed on city-owned property. 4a Capital Project FundRecord the funds received for the public safety building. 4b Record the current year's expenditure for the public safety building 4c Governmental Activities Record the funds received for the public safety building. 4d Record the current year's expenditure for the public safety building. 4e Record the transfer of the work in progress to the capital asset. 5. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1,066,000 General Fund Governmental Activities

Answer 1

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Transaction	Fund	Accounts	Debit	Credit
1	General Fund	No Entry as no flow of financial sources
	Governmental Activities	Land	$4,300,000
		Program Revenues—Culture and Recreation—Capital Grants and Contributions		$4,300,000
2	General Fund	Cash	$        5,525
		Other Financing Sources—Proceeds of Capital Asset Sale		$        5,525
	Governmental Activities	Cash	$        5,525
		Accumulated Depreciation	$     28,250
		Loss on sale of Machinery	$           425
		Machinery and Equipment		$     34,200
3	General Fund	Expenditure - General Government	$     22,100
		Other financing source- capital lease agreements		$     21,000
		Cash		$        1,100
	Governmental Activities	Machinery and Equipment	$     22,100
		Capital Lease obligation payable		$     22,100
		Capital Lease obligation payable	$        1,100
		Cash		$        1,100
4a	Capital Project Fund	Cash	$   675,000
		Revenue		$   675,000
4b	Capital Project Fund	Construction Expenditure	$1,086,000
		Cash		$1,086,000
4c	Governmental Activities	Cash	$   675,000
		Programme Revenue-Public Safety-Capital Grants and Contribution		$   675,000
4d		Construction Work in progress	$1,086,000
		Cash		$1,086,000
4e		Building	$9,495,000
		Construction Work in progress		$9,495,000
5	General Fund	No Entry as no flow of financial sources
	Governmental Activities	Expenses - General Government	$1,066,000
		Machinery and Equipment		$1,066,000