Answer:
<h3>Journal Entries:</h3>
1. Funds Financial Statements:
b. Debit Cash Account $
Credit Bonds Payable
To record the issue of bonds to fund construction of a new municipal building.
g. Debit Motor Pool $
Credit General Fund $
To record the transfer of money to permanently finance this facility.
2. Government-wide Financial Statements:
b. Debit Cash Account $
Credit Bonds Payable
To record the issue of bonds to fund construction of a new municipal building.
d. Debit Computer( Equipment) $
Credit Suppliers Payable $
To record the receipt of a computer.
e. Debit Suppliers Payable $
Credit Cash Account $
To record the payment on account.
g. Debit Motor Pool $
Credit General Fund $
To record the transfer of money to permanently finance this facility.
h. Debit Property Taxes Receivable $
Credit Property Taxes $
To record the levying of property taxes.
i. Debit Cash Account $
Credit State Grants $
To record the collection of grants.
j. Debit Police Salaries $
Credit Cash Account $
To record the payment of salaries.
Explanation:
a) The Funds Financial Statements (FFS) report more detailed information about the major funds individually and about non-major funds in the aggregate for governmental and proprietary fund types.
b) A government-wide financial statement is a detailed summary of all the major government funds, spending in each type of governmental activities, and the surplus or deficit.
The government-wide statements bring the financial activities together in one place, by reporting economic resources-based information on the accrual basis, and organizing the information by whether it relates to governmental activities or business-type activities.
