Set up a conversion worksheet using the preliminary trial

Assignment Help Accounting Basics

Reference no: EM13586372

The General fund entered into the following transactions during the fiscal year:

1. Levied property taxes of $10,000,000 with 5% estimated uncollectible and collected 98%. 2.Paid salaries and wages of $6,000,000

2. Compensated absences related to salaries and wages of $200,000 current: $800,00 non-current

3. Transferred $300,000 to Debt service fund for bond repayment

4. Purchased office equipment for $700,000 with 7-year useful life (city uses straight-line depreciation)

5. Purchased water and sewer service from the Enterprises fund for $200,000

6. Contributed $200,000 to start up a new Internal service fund

7. Sold fully depreciated computer equipment for $1000 for scrap: original cost $20,000

8. Paid expenditures for utility bills of $1,000,000

9. Received judgment for lawsuit of police brutality for $200,000 to be paid during next fiscal year

a. What journal entry would have been recorded for each of these transactions in the General fund?

b. Prepare closing entries and a preliminary trial balance

c. Set up a conversion worksheet using the preliminary trial balance, prepare and post the reconciling adjustments, if any and carry amounts into the government-wide financial statement columns.Please provide correct information and for those providing information just trying to get points please do not waste mine or your time.

Reference no: EM13586372

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