Old West City Had the Following Transactions in Fiscal 2014

question 33

Essay

Old West City had the following transactions in fiscal 2014.Assume that all expenditures were properly appropriated in the fiscal 2014 budget.
1.A six-month loan was made to the special revenue fund from the general fund amounting to $28,000.
2.A purchase order for landscaping maintenance services was issued in the amount of $43,000.
3.A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding.
4.The final invoice for landscaping maintenance was received in the amount of $39,000,and it was scheduled to be paid in 30 days.
5.The city enters into a capital lease of fixed assets for the general government.The present value of the minimum lease payments equals $70,000.
Required:
Prepare the journal entries for the General Fund.

Recognize the influence of schemas and top-down processing in interpreting ambiguous sensations.

Gain insight into the effects and limitations of subliminal stimuli and priming on perception and behavior.

Understand the concept and significance of civil society in democratic systems.

Analyze the socio-economic divisions within societies, specifically the "fortunate fifth."

---

Definitions:

Flexible Budget

An adaptive financial plan that changes in accordance with variations in volume or activity rates.

Variable Cost Estimates

Projections of costs that change in relation to the level of production or sales volume.

Facility Expenses

Costs associated with the physical maintenance and operation of a business's buildings and equipment.

Tenant-Days

A measure used in the real estate and hospitality sectors, representing the total number of days that tenants occupy a property.