Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses. It maintains only a single general fund and acounts for its activities on a modified accrual basis. During its first month of operations, the association engaged in, or was affected by, the following transactions and events:
It received an unassigned grant of $100,000
It purchased five computers at $2,000 each
It paid wages and salaries of $6,000
It borrowed $24,000 from a bank to enable it to purchase an automobile. It gave the bank a long-term note
It purchased the automobile for $24,000
It made its first payment on the note- interest of $200
It destroyed one of its computers in an accident. The computer was not insured
Prepare journal entries in the general fund to record each of the transactions or other events.
Prepare a balance sheet and a statement of revenues and expenditures for the general fund.
Prepare a government- wide statement of net position (balance sheet) and statement of activities. These should be on fill accrual basis. Assume that the capital asses