During Fiscal Year 2017,the Town of Tonawanda Issued Purchase Orders

question 60

Essay

During fiscal year 2017,the Town of Tonawanda issued purchase orders to various vendors in the amounts shown for the following functions of the town:
What is the fund balance as of June 30,2017,after all closing entries have been made? Show your work.
a.Prepare a summary journal entry in the General Fund general journal to record the issuance of purchase orders during fiscal year 2017. (Subsidiary detail may be omitted.)
b.Prepare summary journal entries in the General Fund general journal to record the receipt of and payment for goods during fiscal year 2017.(Subsidiary detail may be omitted.)

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Definitions:

Direct Placements

Private investment transactions involving the sale of securities directly to specific investors rather than through public offerings.

Rights Offer

A public issue of securities in which securities are first offered to existing shareholders. Also called a rights offering.

Price Greater Than Zero

A condition where the cost or value assigned to a product or service is above zero, indicating that it is not free.

Overprice

A scenario where the market price of an asset is higher than its intrinsic value due to speculation, misinformation or other factors.