Middlefield County Incurred the Following Transactions During 2014

question 40

Essay

Middlefield County incurred the following transactions during 2014:
1.The county authorized a new general obligation bond issue of $5 million par to construct an office building with a contract price of $4,975,000.The bonds were issued for $4,980,000.
2.The county levied real property taxes of $10,000,000.Eighty-five percent of the net taxes were collected immediately.Two percent of the total levy was estimated to be uncollectible.
3.The office building was completed and the county paid the contract price to the contractor.
4.The General Fund transferred $500,000 to the Debt Service Fund.
5.The county paid $200,000 for interest on the bonds from the Debt Service Fund.
Required:
Prepare journal entries for each of the above transactions.Identify the appropriate fund or funds used by Middlefield County.

Understand the factors critical to successful community treatment and reintegration of mentally ill individuals.

Identify community resources and the role of community mental health nurses in facilitating access to these resources.

Understand the impact of mental illness stigma on patients and their care.

Recognize the importance of patient-centered case management in mental health.

---

Definitions:

Credit Period

The amount of time allowed by a seller to a buyer to pay for the goods or services purchased on credit, usually described in days.

Highly Perishable

Describes goods or products that have a short shelf life and require immediate consumption, sale, or processing to avoid spoilage or loss of value.

High Cost Item

Products or services that require a significant amount of money to purchase or maintain, often reflecting quality or luxury status.

Competition

The rivalry between businesses or sellers in the same market, aiming to achieve higher sales, profits, and market share.