What journal entry would have been recorded


The General fund entered into the following transactions during the fiscal year:

1. Levied property taxes of $10,000,000 with 5% estimated uncollectible and collected 98%. 2.Paid salaries and wages of $6,000,000

2. Compensated absences related to salaries and wages of $200,000 current: $800,00 non-current

3. Transferred $300,000 to Debt service fund for bond repayment

4. Purchased office equipment for $700,000 with 7-year useful life (city uses straight-line depreciation)

5. Purchased water and sewer service from the Enterprises fund for $200,000

6. Contributed $200,000 to start up a new Internal service fund

7. Sold fully depreciated computer equipment for $1000 for scrap: original cost $20,000

8. Paid expenditures for utility bills of $1,000,000

9. Received judgment for lawsuit of police brutality for $200,000 to be paid during next fiscal year

a. What journal entry would have been recorded for each of these transactions in the General fund?

b. Prepare closing entries and a preliminary trial balance

c. Set up a conversion worksheet using the preliminary trial balance, prepare and post the reconciling adjustments, if any and carry amounts into the government-wide financial statement columns.Please provide correct information and for those providing information just trying to get points please do not waste mine or your time.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What journal entry would have been recorded
Reference No:- TGS0692186

Expected delivery within 24 Hours