Question

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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