Prepare journal entries to reflet the transactions in an

Reference no: EM13589556

General capital assets are accounted for differently in fund governmental-wide financial statements.

A city engaged in the following transactions during a year.
a. it acquired computer equipment at a cost of $40,000.
b. it completed construction of a new jail, incurring $245,000 in new costs. in the previous year, th city had incurred $2.5 millin construction costs. the project was accounted for in a capital project fund.
c. it sold for $16,000 land that it had acquired three years earlier for $28,000.

1. Prepare journal entries to reflet the transactions in an appropriate governmental fund (e.g., a gneral fund, or a capital projects fund).
2. Prepare journal entries to reflect the transactions in the city's government-wide statements.

Reference no: EM13589556

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