Write journal entries for general fund and government-wide

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Reference no: EM13907063

Write journal entries for general fund and government-wide.

1. The City adopted a General fund budget for the year which included estimated revenues of $700,000, estimated other financing sources of $50,000 and appropriations of $670,000.

2. Supplies for Public Safety purposes were purchased for $260,000 on account.

3. The City issued a purchase order for new office equipment expected to cost $43,000.

4. A local art gallery donated a large painting recently appraised at $175,000 to the city for the lobby. The city will not capitalize or depreciate the painting.

5. A new police car for the Public Safety Department was acquired on the last day of the year using a capital lease with a present value of $68,000.

Reference no: EM13907063

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