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Question: Prepare journal entries for the City of


Prepare journal entries for the City of Pudding’s governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements.
a. A new truck for the sanitation department was ordered at a cost of $94,000.
b. The city print shop did $1,200 worth of work for the school system (but has not yet been paid).
c. An $11 million bond was issued at face value to build a new road.
d. The city transfers cash of $140,000 from its general fund to provide permanent financing for a municipal swimming pool that will be maintained as an enterprise fund.
e. The truck ordered in (a) is received but at an actual cost of $96,000. Payment is not made at this time.
f. The city transfers cash of $32,000 from its general fund to a capital projects fund.
g. The city receives a state grant of $30,000 that must be spent to promote recycling by the citizens.
h. The first $5,000 of the state grant received in (g) is expended as intended.

2.99

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