CHAPTER 5 Solution Problem 5-3

CHAPTER 5 Solution Problem 5-3 - 30,550 CAPITAL LEASE...

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CHAPTER 5: ACCOUNTING FOR GENERAL CAPITAL ASSETS AND CAPITAL PROJECTS 5-3. CITY OF FORDACHE Debits Credits 1. General Fund: THERE WOULD BE NO ENTRY SINCE THERE IS NO FLOW OF FINANCIAL  RESOURCES. Governmental Activities : LAND 5,200,000 PROGRAM REVENUE—PARKS AND  RECREATION—CAPITAL GRANTS AND CONTRIBUTIONS 5,200,000 2. General Fund: CASH 6,400 OTHER FINANCING SOURCES—PROCEEDS OF CAPITAL ASSET SALE 6,400 Governmental Activities   CASH 6,400 ACCUMULATED DEPRECIATION 28,700 MACHINERY AND EQUIPMENT 35,100 3. General Fund: EXPENDITURES—GENERAL GOVERNMENT 30,550 OTHER FINANCING SOURCES—CAPITAL  LEASE AGREEMENTS 30,000
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CASH 550
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Ch. 5, Solutions, 5-3 (Cont’d)            Debits Credits Governmental Activities :
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Unformatted text preview: 30,550 CAPITAL LEASE OBLIGATIONS PAYABLE 30,550 CAPITAL LEASE OBLIGATIONS PAYABLE 550 CASH 550 4. Capital Projects Fund: CASH 720,000 REVENUE 720,000 CONSTRUCTION EXPENDITURES 1,176,000 CASH 1,176,000 Governmental Activities : CASH 720,000 PROGRAM REVENUEPUBLIC SAFETY CAPITAL GRANTS & CONTRIBUTIONS 720,000 CONSTRUCTION WORK IN PROGRESS 1,176,000 CASH 1,176,000 BUILDING 9,720,000 CONSTRUCTION WORK IN PROGRESS 9,720,000 Ch. 5, Solutions, 5-3 (Contd) Debits Credits 5. General Fund: THERE WOULD BE NO ENTRY SINCE THERE IS NO FLOW OF FINANCIAL RESOURCES. Governmental Activities: EXPENSESGENERAL GOVERNMENT 1,156,000 MACHINERY & EQUIPMENT 1,156,000...
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CHAPTER 5 Solution Problem 5-3 - 30,550 CAPITAL LEASE...

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