On July 12, 2021, Carbondale City Ordered a New Computer

question 81

Essay

On July 12, 2021, Carbondale City ordered a new computer at an anticipated cost of $126,200. The computer was received on July 16, 2021 with an actual cost of $129,450. Payment was subsequently made on August 15, 2021.Required:(A) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the governmental fund financial statements.(B) Prepare all the required journal entries to be recorded for the government-wide financial statements.

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Definitions:

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare, including which group - consumers or producers - ultimately bears the cost of the tax.

Suppliers

Suppliers are individuals or companies that provide goods or services to other entities, often playing a key role in the supply chain.

Excise Tax

A tax levied on the sale of particular goods or services, such as alcohol and tobacco, usually with the intent of reducing their consumption through higher prices.

Excise Tax

A specific tax levied on the sale of a particular good or service, often included in the price of items such as tobacco or alcohol.