Refer to the transactions in the previous exercise. 1. Prepare journal entries that the city would make
Question:
1. Prepare journal entries that the city would make in its governmental funds (e.g., its general fund or a capital projects fund).
2. How would you recommend that the city maintain accounting control over the capital assets themselves—those you did not record as assets in the governmental funds?
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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