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Prepare the journal entries required in the General Capital Assets and General Long-Term Liabilities accounts...

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Accounting

Prepare the journal entries required in the General Capital Assets and General Long-Term Liabilities accounts of Percy County to record the following transactions. Indicate whether any gains and losses are to be reported in the government-wide financial statements.

Computer equipment was ordered for General Fund departments. The estimated cost was $48,000.

1. The computer equipment was received by the county. The actual cost was $47,750. The county had paid $42,000 to the vendor by year end.

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