During 2017, the City of Party Beach was involved in the following transactions:
1. A b...
Business, 19.05.2020 18:58, rose200215
During 2017, the City of Party Beach was involved in the following transactions:
1. A budget consisting of estimated revenues of $1,500,000 and appropriations for expenditures of $1,550,000 was approved by the city council.
2. Statements of property tax assessments totaling $1,100,000 were mailed to property owners. Experience indicates that 2% of assessed taxes will be uncollectible.
3. Equipment costing $85,000 was purchased (no funds had been previously encumbered for this purpose), and old equipment was sold for $15,000 at the end of its estimated useful life.
4. The city manager signed a contract to purchase a machine costing $25,000.
5. The city received a statement from the state indicating that the city's portion of the state sales tax is $50,000.
6. The machine ordered in (4) above is delivered and accepted. The invoice in the amount of $26,000 was approved for payment.
Required:
Prepare the journal entries needed to account for the preceding transactions.
Answers: 3
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