Acctg for state & Local Govt

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The following selected events occurred in the City of Canterbury a. On December 31, 20X7, $250,000 was transferred from the General Fund to establish a central garage to service the city’s vehicles. Of this amount, $150,000 was spent on January 2, 20X8, to acquire a building with an estimated life of 25 years, $30,000 was spent for the acquisition of land, and $60,000 was paid for equipment with an estimated life of 10 years. b. During the six months of operation to June 30, 20X8, the garage billed the General Fund for $24,000 and Enterprise Funds for $50,000. Except for S$8,000 still due from Enterprise Funds, the balance is collected. c. Canceled checks revealed the following payments for garage activities: Salaries (ignore deductions and taxes) $31,000 Parts and supplies (perpetual system) 19,000 Service provided by the city-owned utility 2,000 Total Payments $52,000 d. At fiscal year end, the following adjustments were related to garage operations: Inventory of parts and supplies on hand $7,000 Depreciation To be computed.
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