8. Old West City had the following transactions in fiscal 2014. Assume that all expenditures were properly appropriated in the fiscal 2014 budget. . . . . . . A six-month loan was made to the special revenue fund from the general fund amounting to $28,000. A purchase order for landscaping maintenance services was issued in the amount of $43,000. A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding. 1. 2. 3. 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. Required: Prepare the journal entries for the General Fund.

8. Old West City had the following transactions in fiscal 2014. Assume that all expenditures were properly appropriated in the fiscal 2014 budget. . . . . . . A six-month loan was made to the special revenue fund from the general fund amounting to $28,000. A purchase order for landscaping maintenance services was issued in the amount of $43,000. A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding. 1. 2. 3. 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. Required: Prepare the journal entries for the General Fund.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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