Classify and journalize the different transactions in the corresponding fund
Exercise 1
The City maintains its books and records in a manner that facilitates the preparation of the financial statements of the fund. The city maintains a general fund, a capital projects fund, and a special revenues fund.
After studying the transactions in which the city participated, use the Excel template to record each of these based on:
a) the fund financial statement and identifies the fund into which the entry is made, and
b) in governmental activities.

1. The city sold bonds, face value $26 million, at par to finance the construction of a new city hall.
2. The city purchased two new police cars at a total cost of $50,000.
3. The city collected $8,000 in taxes for the eradication of noxious weeds.
4. The city spent $6,000 on pesticides for noxious weeds.
5. The city purchased a new tractor for $80,000. The city paid $20,000 in cash and signed a promissory note that is due in three years.
6. During the year city employees earned $10 million in wages. At the end of the year, employees had been paid all but $1 million.
7. During the year, the city purchased $500,000 worth of materials and supplies.
8. The city paid $360,000 for a three-year insurance policy to cover some assets used in general government activities.
9. The city purchased four trucks for general government activities. The trucks cost $100,000 in total.
10. At the beginning of the year, the city leased some office equipment for use in the administrative offices. The lease qualified as a capital lease. The present value of the minimum lease payments is $96,000.

After recording the transactions and activities related to the City's general fund in its fiscal year ending June 30, 20X3, prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents its income by sources and its expenses by function. The transactions and activities are:

Property-tax revenues                                                 $3,000

Utilities                                                                             50

Wages and salaries                                                          900

Transfer to debt service fund                                          100

Estimated revenues                                                     3,500

State grant                                                                        800

Annual insurance premium                                              200

Proceeds of long-term debt                                        1,000

General administration                                                1,200

Charges for current services                                            600

Public safety                                                                2,000

Reimbursement from capital projects fund                     100

Fund balance, beginning of year                                20,000

Other taxes                                                                       750

Sanitation                                                                         500

Sale of capital assets                                                        400

Question

Classify and journalize the different transactions in the corresponding fund
Exercise 1
The City maintains its books and records in a manner that facilitates the preparation of the financial statements of the fund. The city maintains a general fund, a capital projects fund, and a special revenues fund.
After studying the transactions in which the city participated, use the Excel template to record each of these based on:
a) the fund financial statement and identifies the fund into which the entry is made, and
b) in governmental activities.

1. The city sold bonds, face value $26 million, at par to finance the construction of a new city hall.
2. The city purchased two new police cars at a total cost of $50,000.
3. The city collected $8,000 in taxes for the eradication of noxious weeds.
4. The city spent $6,000 on pesticides for noxious weeds.
5. The city purchased a new tractor for $80,000. The city paid $20,000 in cash and signed a promissory note that is due in three years.
6. During the year city employees earned $10 million in wages. At the end of the year, employees had been paid all but $1 million.
7. During the year, the city purchased $500,000 worth of materials and supplies.
8. The city paid $360,000 for a three-year insurance policy to cover some assets used in general government activities.
9. The city purchased four trucks for general government activities. The trucks cost $100,000 in total.
10. At the beginning of the year, the city leased some office equipment for use in the administrative offices. The lease qualified as a capital lease. The present value of the minimum lease payments is $96,000.

After recording the transactions and activities related to the City's general fund in its fiscal year ending June 30, 20X3, prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance. The Main City presents its income by sources and its expenses by function. The transactions and activities are:

Property-tax revenues $3,000

Utilities 50

Wages and salaries 900

Transfer to debt service fund 100

Estimated revenues 3,500

State grant 800

Annual insurance premium 200

Proceeds of long-term debt 1,000

General administration 1,200

Charges for current services 600

Public safety 2,000

Reimbursement from capital projects fund 100