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Prepare journal entries for a local government to record the following transactions, first for fund financial...

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Accounting

Prepare journal entries for a local government to record thefollowing transactions, first for fund financial statements andthen for government-wide financial statements.

A.The government sells $900,000 inbonds at face value to finance construction of a warehouse.

B. A $1.1 million contract is signedfor construction of the warehouse. The commitment is required, ifallowed.

C. A $130,000 transfer of unrestrictedfunds was made for the eventual payment of the debt in(a).

D. Equipment for the fire departmentis received with a cost of $12,000. When it was ordered, ananticipated cost of $11,800 had been recorded.

E. Supplies to be used in the schoolsare bought for $2,000 cash. The consumption method is used.

F. A state grant of $90,000 is awardedto supplement police salaries. The money will be paid to reimbursethe government after the supplement payments have been made to thepolice officers.

G.Property tax assessments are mailedto citizens of the government. The total assessment is $600,000,although officials anticipate that 4 percent will never becollected. There is an enforceable legal claim for this money andthe government can use it immediately.

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