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1) The city of Grigsbys Water Enterprise Fund enters into a lease agreement with Nguyen...

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Accounting

1) The city of Grigsbys Water Enterprise Fund enters into a lease agreement with Nguyen Leasing company for new computer hardware. The present value of lease payments over the life of the four-year lease is $48,000. What journal entry would Grigsby accounting personnel make in the Water Enterprise fund at the inception of the lease?

2) Which of the following items is reported in governments enterprise fund financial statements but would not be reported in a publicly traded company's financial statements?

A) Other Comprehensive Income B) Notes Payable C) Deferred inflows of resources D) Investments

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