The General fund entered into the following transactions during the fiscal year:
1. Levied property taxes of $10000000 with 5% estimated uncollectible and collected 98%.
2.Paid salaries and wages of $6000000
2. Compensated absences related to salaries and wages of $200000 current: $80000
non-current
3. Transferred $300000 to Debt service fund for bond repayment
4. Purchased office equipment for $700000 with 7-year useful life (city uses straight-line
depreciation)
5. Purchased water and sewer service from the Enterprises fund for $200000
6. Contributed $200000 to start up a new Internal service fund
7. Sold fully depreciated computer equipment for $1000 for scrap: original cost $20000
8. Paid expenditures for utility bills of $1000000
9. Received judgment for lawsuit of police brutality for $200000 to be paid during next
fiscal year
a. What journal entry would have been recorded for each of these transactions in the General
fund?
b. Prepare closing entries and a preliminary trial balance
c. Set up a conversion worksheet using the preliminary trial balance prepare and post the
reconciling adjustments if any and carry amounts into the government-wide financial statement columns.
Please provide correct information and for those providing information just trying to get points please do not waste mine or your time. Thank
you.