Question

A basic government financed the purchase of a fire truck for $100,000. 1. Prepare the journal...

A basic government financed the purchase of a fire truck for $100,000.

1. Prepare the journal entries for the governmental activities general journal (full accrual):

a. Issuance of $100,000 note. b. Purchase of fire truck.

2. Prepare the journal entry for the General Fund (modified accrual):

a. Issuance of $100,000 note. b. Purchase of fire truck.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2019 fiscal year...
Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2019 fiscal year end. When the budget was prepared, the city actuary advised the finance commissioner that the required pension contribution for the year, based on actuarial standards and GASB requirements, would be $60,000.  However, the amount appropriated was only $49,000.  The city does not intend to increase the appropriation.  A check for $49,000 is sent to the city’s pension fund. Governmental Fund: Pension Expenditure $49,000       Cash $49,000 Government wide:...
Use the information below to prepare the journal entries requested. Record your answers in the Worksheet...
Use the information below to prepare the journal entries requested. Record your answers in the Worksheet tab. On April 1, 20X4, Rojas purchased land by giving $100,000 in cash and executing a $400,000 note payable to the former owner. The note bears interest at 10% per annum, with interest being payable annually on March 31 of each year. Rojas is also required to make a $100,000 payment toward the note's principal on every March 31 . (a) Prepare the appropriate...
I'm getting confused on how to post to the government activities general journal Cash was received...
I'm getting confused on how to post to the government activities general journal Cash was received during the year in the total amount of $3,399,599 for collections from the following receivables and cash revenues, as indicated:                         Current Property Taxes                                      $1,561,535                         Delinquent Property Taxes                                      235,000                         Interest and Penalties Receivable on Taxes              34,270                         Due from State Government                                    165,000                         Revenues: (total: $1,403,794)                               Licenses and Permits                                         601,314                               Fines and Forfeits                                              410,660                               Intergovernmental                                             160,000                               Charges for...
Characteristics of Proprietary Funds. (LO7-1) For each of the phrases below, indicate whether the statement is...
Characteristics of Proprietary Funds. (LO7-1) For each of the phrases below, indicate whether the statement is consistent with an Enterprise Fund (“EF”), an Internal Service Fund (“ISF”), both (“B”), or neither (“N”). _____1. Uses accrual accounting. _____2. Uses modified accrual accounting. _____3. Generally reported within the Business-type activities column of the government-wide statement of net position. _____4. Generally reported within the Governmental Activities column of the government-wide statement of net position. _____5. Required by the GASB to prepare a statement...
A city orders a new computer for its General Fund at an anticipated cost of $88,000....
A city orders a new computer for its General Fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. 1. Record the receipt of computers and the accompanying liability – Governmental Activities 2.Record payment made - Governmental Activities 3.Record payment made for computers - General Fund. 4.Record entry to remove encumbrance for computers that has now been received -...
•ABC Realty Corp. purchased a truck for $100,000 on 1/1/2014. •On 6/30/16 when the accumulated depreciation...
•ABC Realty Corp. purchased a truck for $100,000 on 1/1/2014. •On 6/30/16 when the accumulated depreciation was $40,000 it was sold for $80,000. •Question: 1.Present the journal entries recorded by the company for the truck purchase in 2014. 2.What is the gain or loss on the sale? 3.Present the journal entry to record the sale and gain/loss of the truck.  
Prepare the journal entries at the time of issuance, at the end of years 1, 2,...
Prepare the journal entries at the time of issuance, at the end of years 1, 2, and 3 for the issuance of a three year bond. The bond has the face value of $1,000,000, a stated coupon rate of 5% and a market rate of 3%. Cash coupon interest payments are made at the end of years 1, 2, and 3. Debit Credit a. (6 points) Journal entry at issuance b. (6 points) Journal entry at end of year 1...
REQUIREMENTS: 1. Prepare Journal Entries in the General Journal and post to the General Ledger. 2....
REQUIREMENTS: 1. Prepare Journal Entries in the General Journal and post to the General Ledger. 2. Prepare adjusting entries in the General Journal and post to the General Ledger. 3. Prepare an Income Statement, Equity Statement, and Balance Sheet 4. Prepare closing entries in the General Journal for the month of October. Note: If you are using the Journal Forms provided in Excel, you will only need to enter your transactions in the journal. The General Ledger and the Financial...
Prepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first...
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 $94,000. b.The city print shop did $1,200 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 $140,000 is transferred from the general fund to...
Prepare journal entries to record the following production activities. Purchased $30,000 of raw materials on credit....
Prepare journal entries to record the following production activities. Purchased $30,000 of raw materials on credit. Used $17,000 of direct materials in the Roasting department. Used $21,500 of indirect materials in production. Journal entry worksheet Record materials purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Journal entry worksheet Record direct materials used in production. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Journal entry worksheet Record indirect materials used in production....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT