ACT 6692 Mod 21 Assignment

ACT 6692 Mod 21 Assignment - ACT 6692 Problem 21-1 Module...

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ACT 6692 Module 21 – Assignment (Problems) Problem 21-1 Describe the three basic fund types and account groups and explain what changes, if any, the adoption of GASB standard #34 has made on these classifications? Problem 21-2 The following transactions were made by Cape City: August 1, 20X9 A wealthy business person donates a downtown office building to Cape City. Its fair market value is $2,500,000. The city intends to sell the building. August 15, 20X9 The city purchases a warehouse to be used for storage and pays $1,500,000 from the General Fund. September 1, 20X9 The donated office building is sold for $2,600,000. Required: Make the journal entries necessary to record the transactions in the General Fund and in the General Fixed Assets Account Group. Problem 21-3 Place a check mark in the appropriate column to indicate in which of the following funds and accounts groups the given accounts would commonly be found: Funds Debt Capital Account Title General Service Projects Enterprise
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This note was uploaded on 02/22/2011 for the course MBA 6692 taught by Professor Lewis during the Spring '11 term at Troy.

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ACT 6692 Mod 21 Assignment - ACT 6692 Problem 21-1 Module...

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