Question: please solve this question, write the journal entries, be specific and explain everything. there is no additional information. 39- Preparejournal entries for a local government

please solve this question, write the journal entries, be specific and explain everything. there is no additional information.

please solve this question, write the journal entries, be specific and explain

39- Preparejournal entries for a local government to record the following transactions, rst for fund nancial statements and then for governmentwide nancial statements. a. b. The government sells $900,000 in bonds at face value to nance construction of a Warehouse. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a). . Equipment for the re department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded. . Supplies to he used in the schools are bought for $2,000 cash. The consumption method is used. A state grant of $90,000 is awarded to supplement police salaries. The moneyr will be paid to reimburse the government after the supplement payments have been made to the police officers. . Property tax assessments are mailed to citizens of the government. The total assessment is $600, 000, although ofcials anticipate that 4 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!