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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....

On February 16, 20x5, the contractor's bill for $750,000 was received based on certification that the work was one-fourth completed. The contractor was paid for one-fourth of the contract less a 6% percent retained percentage to ensure performance.

On July 6, 20x5, the General Fund transferred $480,000 to the fund responsible for servicing the serial bonds which will be used with the premium to pay for the first interest and principal payment in August.

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) (9). On February 16, 20x5, the contractor's bill for $750,000 was received based on certification that the work was one-fourth completed. The contractor was paid for one-fourth of the contract less a 6% percent retained percentage to ensure performance. Fund-Based Journal Government-Wide Journal CPF GTA
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