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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

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