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General Fund Journal Entries
Several independent financial activities of a governmental unit are given below.
1. Revenue from the sale of licenses and permits for the first two months totaled $15,000.2. Land that had been donated previously was sold for $100,000.3. An order was placed for the purchase of a new fire engine at a price of $130,000.4. Bonds with a face value of $500,000 were issued at par value to finance a new park.5. A $250,000 grant was received from the federal government to help improve the local schools.6. The new fire engine was received and accepted. The approved price, however, was $140,000 rather than $130,000.
Required:Prepare the journal entries needed to account for each transaction in the General Fund.
Digregory makes all purchases on account, subject to the following payment pattern: If purchases for January, February, and March were $206,000, $186,000, and $236,000, respectively, what were the firm's budgeted payments in March?
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