d $300,000 of interest on general government bonds.   The government entered a capital lease for equipment with a capitalizable cost of $700,000. A $150,000 initial рауment was made   The govern ment pui chased new computer equipment for the police department at a cost of $43,000. please avoid handwritten solution thanks

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Prepare journal entries for all the funds AND IDENTIFY THEM and the General Capital Assets and General Long-Term Liabilities accounts affected by the following transactions

The government paid $605,000 from the General Fund to the fund used to service its general government bonds.

 

The government issued bonds of $13,000,000 at par. The bonds are to be used to finance construction of a major public park.

 

The government paid $400,000 of principal and $300,000 of interest on general government bonds.

 

The government entered a capital lease for equipment with a capitalizable cost of $700,000. A $150,000 initial рауment was made

 

The govern ment pui chased new computer equipment for the police department at a cost of $43,000.

please avoid handwritten solution thanks

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Capital Gains and Losses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education