Problem 1510 LO 5 7 Journal entries capital assets Prepare journal entries to record Mmmmm Required

the following events using the general fund and the general fixed assets account group:

a. The general fund vouchered the purchase of trucks for $75,000. The purchase had been encumbered earlier in the year at $70,000.

b. Several years ago, equipment costing $15,000 was acquired with general fund revenues. It was sold for $5,000, with proceeds belonging to the general fund.

c. Early in the year, a citizen donated to the city land appraised at $100,000. She submitted plans for a new library and agreed to cover the total cost of construction, paying the company directly as work proceeded. At year-end, the building was two-thirds finished, with costs to date of $300,000. The expenditures are recorded in a capital projects fund.

d. A snow plow was purchased with general fund cash for $68,000, which represented a cost of $80,000 less trade-in of $12,000 for an old snow plow originally purchased for $35,000 from special revenue funds. As an emergency purchase, the acquisition of the new snow plow had not been encumbered.

Was this article helpful?

0 0
Credit Repair Strategies Revealed

Credit Repair Strategies Revealed

Are you falling off in Debt? Stuck in a bad Credit? Undergoing much hassle with those hard & frequent Credit Calls? … Or maybe you are just now experiencing hard time to secure any loans for yourself? - Then this may be the most important letter you'll ever read for today... Discover The Insider Secret Manual That Allows You to Repair Credit score, Enjoy Your Freedom To Get Approved On Any Loans You Wants Even If You Have No Credit Building Experience Or Suffering From Deep Negative Credit History!

Get My Free Ebook


Post a comment