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:

Swift Trucking Company

A transportation and logistics company, typically involved in the movement of freight across various distances.

Rot In Transit

Refers to the deterioration or spoiling of goods, especially perishable items, while being transported from one location to another.

Warehouse Receipt

A document certifying the storage of goods in a warehouse, serving as proof of ownership or a means to transfer ownership.

Irrigation Pumps

mechanical devices used to move water from one location to another for the purpose of agricultural irrigation.