The School System Had Some Booklets Printed by a Local

question 32

Essay

The school system had some booklets printed by a local print shop on September 22, 2011. The school system was charged $1,560 for the printing, but the bill is not due until October.
Required:
(A) Prepare the required journal entry in the General Fund for the Fund-Based Financial Statements.
(B) Prepare the required journal entry for the Government-Wide Financial Statements.

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Definitions:

Credit Union

A financial institution owned and controlled by its depositors, who usually have a common employer, profession, trade group, or religion.