On July 12, 2018, Fred City ordered a new computer at an anticipated cost of $114,400.The computer was received on July 16, 2018 with an actual cost of $116,220.Payment was subsequently made on August 15, 2018.
Required:
(A) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the governmental fund financial statements.
(B) Prepare all the required journal entries to be recorded for the government-wide financial statements.

Question

Quizplus · Accepted Answer

The Answer of On July 12, 2018, Fred City ordered a new computer at an anticipated cost of $114,400.The computer was received on July 16, 2018 with an actual cost of $116,220.Payment was subsequently made on August 15, 2018.
Required:
(A) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the governmental fund financial statements.
(B) Prepare all the required journal entries to be recorded for the government-wide financial statements.

On July 12, 2018, Fred City Ordered a New Computer