[Solved] Old West City Had the Following Transactions in Fiscal 2011

Question 25

Old West City had the following transactions in fiscal 2011.Assume that all expenditures were properly appropriated in the fiscal 2011 budget.
1.A six-month loan was made to the special revenue fund from the general fund amounting to $28,000.
2.A purchase order for landscaping maintenance services was issued in the amount of $43,000.
3.A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding.
4.The final invoice for landscaping maintenance was received in the amount of $39,000, and it was scheduled to be paid in 30 days.
5.The city enters into a capital lease of fixed assets for the general government.The present value of the minimum lease payments equals $70,000.
Prepare the journal entries for the General Fund.

10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes.


Explore our library and get Accounting Homework Help with various study sets and a huge amount of quizzes and questions


Study sets





Upload material to get free access

Upload Now Upload Now
Upload Now

Invite a friend and get free access

Upload NowInvite a friend
Invite a friend

Subscribe and get an instant access

See our plansSee our plans
See our plans