The Following Are Transactions for the City of Franklin

question 50

Essay

The following are transactions for the city of Franklin.
a.Borrowed $20,000 by issuing a two-year note.
b.Purchased equipment for $6,000 cash.
c.Licenses for $700 were billed on account.
d.Accrued employee salary costs of $7,000.
e.Depreciation expense on equipment for year,$1,000.
Required:
Analyze the above transactions by using the accounting equation for a governmental fund.

---

Definitions:

Situational Influences

Situational influences refer to external factors that can affect an individual's behavior in a given context, including the physical environment, social interactions, and cultural norms.

Personal Influences

The effects that the personal characteristics, beliefs, attitudes, and actions of individuals have on their own or others' thoughts, feelings, and behaviors.

Superordinate Goals

Shared goals that override differences among people and require their cooperation.

Stereotypes

Widely held but simplified and generalized beliefs about a particular group of people or type of person.