On July 12, 2018, Fred City Ordered a New Computer

question 29

Essay

On July 12, 2018, Fred City ordered a new computer at an anticipated cost of $114,400.The computer was received on July 16, 2018 with an actual cost of $116,220.Payment was subsequently made on August 15, 2018.
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:

Concussion

A type of traumatic brain injury caused by a blow to the head or body, a fall, or another injury that jars or shakes the brain inside the skull.

Leaded Gasoline

A type of gasoline that contains lead compounds, which were used to improve engine performance but have been largely phased out due to health and environmental concerns.

Alzheimer's Disease

A progressive neurological disorder that causes memory loss, cognitive decline, and eventually loss of bodily functions, leading to death.

Biomarkers

Biological molecules found in blood, other body fluids, or tissues which are a sign of a normal or abnormal process, or of a condition or disease.