Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

City of Brownsville engaged in transactions given.; REQUIRED:; Supposing that City maintains its books and records in manner which facilitates preparation of fund financial statements, make the suitable journal entries in General Fund.; If no entry is required, prepare "No Entry Required."

a) City purchased for cash three dump trucks at unit cost of $70,000 each.

b) City sold for $3,000, a police car that had been purchased four years ago at cost of $30,000.; At the time of acquisition, City estimated that police car had useful life of five years and salvage value of $5,000.

c) During year, the City spent $12 million to build third lane on both sides of major north-south highway through town.

d) City traded in pickup truck used in general government operations for new pickup truck, paying difference of $16,000.; Old pickup truck was bought four years ago at the cost of $21,000.; At the time it had the estimated useful life of five years, and evaluated salvage value of $6,000.; At the time of the trade, the old truck had a fair value of $10,000.; New truck has sticker price of $27,000.;

e) In the year City began construction of a New City Hall.; By year-end, City had made progress payments to  contractor of $2 million

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917851

Have any Question? 


Related Questions in Accounting Basics

Stellar stores is a new company that started operations on

Stellar Stores is a new company that started operations on March 1, 2014. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. 1 Stellar Stores purchase ...

Compare all three balance sheets on the basic grounds of

Compare all three balance sheets on the basic grounds of accounts and differences. 1. HDFC 2. Infosys and 3. Tata Steel. Balance sheets - https://www.dropbox.com/s/0zf1xlialpx54vs/Balance%20Sheets.rar?dl=0.

Project instructions-you have just been contracted as a

PROJECT INSTRUCTIONS- You have just been contracted as a budget consultant by LBJ Company, a distributor of bracelets to various retail outlets across the country. The company has done very little in the way of budgeting ...

Practice questionscompare and contrast marginal costing and

Practice questions: Compare and contrast marginal costing and throughput accounting.

Accountingratios1 pick a ratio and describe how it is

Accounting Ratios 1. Pick a ratio and describe how it is figured. Then discuss what this ratio tells us about an organization. Financial Statement Analysis author's Corners Video 2. What are the main objectives of ratio ...

Questionwhat are the main reasons why individuals and

Question: What are the main reasons why individuals and organisations should plan and control their cash flows?

Environmental and sustainability reporting is now a major

Environmental and sustainability reporting is now a major issue around the world. There are even global guidelines for sustainability reporting (the Global Reporting Initiative--GRI). However, there is considerable varia ...

Practice questionswhat influences have encouraged new

Practice questions: What influences have encouraged new developments in management accounting?

Are you agree or disagree regarding the paragraph on

Are you agree or disagree regarding the paragraph on payroll which is a part of auditing-Monetary compensation is a leading cause for the common practice of verifying total officers' compensation even when the tests of c ...

Accounting management and cost decisionsproduct costing

Accounting, Management, and Cost Decisions Product Costing Systems For the list of product manufacturers below, indicate whether a job-cost system (J) or a process cost system (P) would be most  appropriate. a. Chemicals ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate