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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.

  1. The government sells $992,000 in bonds at face value to financeconstruction of a warehouse.

  2. A $1.14 million contract is signed for construction of thewarehouse. The commitment is required if allowed.

  3. A $164,000 transfer of unrestricted funds was made for theeventual payment of the debt in (a).

  4. Equipment for the fire department is received with a cost of$15,240. When it was ordered, an anticipated cost of $14,600 hadbeen recorded.

  5. Supplies to be used in the schools are bought for $4,200 cash.The consumption method is used.

  6. A state grant of $109,250 is awarded to supplement policesalaries. The money will be paid to reimburse the government afterthe supplement payments have been made to the police officers.

  7. Property tax assessments are mailed to citizens of thegovernment. The total assessment is $648,000, although officialsanticipate that 4 percent will never be collected. There is anenforceable legal claim for this money and the government can useit immediately.

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