Problem gf - 80 gold citygold city was organized january 1, Ask an Expert

Accounting

Problem GF - 80: Gold City

Gold City was organized January 1, 1990 and adopted the following accounting procedures for its General Fund:

All transactions of $1,000 or more with non-City entities, which will not be paid within 30 days, must be encumbered.

All transactions with outside (non-City) entities must be processed through the voucher system.

Budgets will tie entered into the accounts.

The City's fiscal year will be the calendar year.

The City will take maximum advantage of discounts offered; otherwise, the City will pay its bills on the dates due.

Required:

Prepare Gold City's General Fund (GF) (only) general ledger control account journal entries in professional form, for the independent events (unless otherwise noted) shown on each of the following dates. Note carefully the date when money actually moves. Use account titles used in the Lecture Notes. Do not abbreviate. Use accounting paper. Reference each journal entry to the corresponding typical journal entry listed in the Lecture Notes for Topic GF.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92264279

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