Consider the Following Events

question 19

Essay

Consider the following events:
a.The General Fund vouchered the purchase of trucks for $65,000. The purchase had been encumbered earlier in the year at $60,000.
b.Several years ago, equipment costing $15,000 was acquired with General Fund Revenues. It was sold for $5,000, with proceeds belonging to the General Fund.
c.Early in the year, a citizen donated land appraised at $100,000 to the city. She submitted plans for a new library and agreed to cover the total cost of construction, paying the company directly as work proceeds. At year end, the building was two-thirds finished, with costs to date of $300,000.
d.A snow plow was purchased with General Fund cash for $48,000, which represented a cost of $61,000 less trade-in of $13,000 for an old snow plow originally purchased for $35,000 from Special Revenue Funds. As an emergency purchase, the acquisition of the new snow plow had not been encumbered.Required:Prepare journal entries to record the events using the General Fund and the General Fixed Assets Account Group:

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Definitions:

Market Pricing

The process by which prices of goods and services are determined in a market system, based on supply and demand dynamics.

Culture Of Honour

A culture that endorses male violence as a way of addressing threats to social reputation or economic position.

Homicide Rates

measure the occurrence of homicide incidents within a particular population or geographical area, often expressed per 100,000 individuals per year.

Relative Deprivation

A sense of having less than we feel entitled to.