Question: Prepare entries in the general fund for the following transactions

Prepare entries in the general fund for the following transactions that represent outflows of financial resources to the city of Cedar Creek in 2018:
1. Vouchers are prepared for the following items and amounts:
Salaries . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . $100,000
Repairs and maintenance . . . . .. . . . . . .. . . . . 50,000
Inventory of supplies . .. . . . . . .. . . . . . .. . . . . 45,000
Capital equipment. . . .. . . . . . .. . . . . . .. . . . . 125,000
Tax anticipation notes:
Principal. . . . . . . . . .. . . . . . .. . . . . . .. . . . . 200,000
Interest . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . 13,000
2. A transfer of $50,000 is made to the debt service fund.
3. There was no inventory of supplies at the start of the year. The inventory of supplies at year-end is $2,000.


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  • CreatedApril 13, 2015
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