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Journal Entries. Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions....

3) The city purchased new computer equipment costing $19,000 by paying $3,000 in cash and signing a long-term note payable for $16,000.

(4) The following were collected in cash: Current taxes of 400,000, delinquent taxes of 11,000, other revenues of 10,000 from a number of sources.

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. Journal Entries. Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions. Be sure to indicate to which fund your entry(ies) apply in the fund-based journal and the type of activity (GT = governmental-type activities, BT = business-type activities) in the government-wide journal. Additionally, if the entry is the same at the government-wide level, indicate this with “SAME” and if no entry applies then indicate with “NE”. If a transaction results in multiple entries, YOU SHOULD INDICATE CLEARLY WHETHER EACH ENTRY IS CHANGED, THE SAME, OR RESULTS IN NO ENTRY. (5 points each) (3) The city purchased new computer equipment costing $19,000 by paying $3,000 in cash and signing a long-term note payable for $16,000. Fund-Based Journal Government-wide Journal Fund Type: Activity Type: (4) The following were collected in cash: Current taxes of 400,000, delinquent taxes of 11,000, other revenues of 10,000 from a number of sources. Fund-Based Journal Government-wide Journal Fund Type: Activity Type:
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(5) Total payroll was 500,000. Of that amount, the following were withheld: 18,000 for employees’ FICA liability; 60,000 for employees’ federal income tax liability; and 20,000 for state tax. The balance was paid in cash. Fund-Based Journal Government-wide Journal Fund Type: Activity Type: (7). On July 1, 20x4, Brook City established an appropriate fund to handle the transactions involving the construction of a new city hall. The city approved a $3,000,000, 6 percent, ten- year general obligation serial bond issue to finance the project on July 15, 20x4. The bonds were sold for $3,136,696 on August 1, 20x4, with interest (6%) and principal ($300,000) payments beginning August 1, 20x5. The premium will be used to offset the bond principal and interest payment. [Note: You are to make only the August 1, 20x4 entr(ies). The premium is transferred to debt service fund. Effective interest rate is about 5%.] Fund-Based Journal Government-Wide Journal CPF DSF GTA
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