Assume that Blackfoot County maintains its books and records in a manner that facilitates the preparation of fund financial statements. The county engaged in the following transactions during the current month. Prepare journal entries in the general fund to record these events.
a. Paid salaries to county employees, $100,000.
b. Borrowed $35,000 on a three-year note from a local bank to buy a county car.
c. Purchased the county car for $35,000.
d. Made a $7,000 payment on outstanding accounts payable.
e. Collected $3,500,000 of the current property tax levy.
f. Received a $50,000 grant from the State to support general government activities.

Question

Quizplus · Accepted Answer

The Answer of Assume that Blackfoot County maintains its books and records in a manner that facilitates the preparation of fund financial statements. The county engaged in the following transactions during the current month. Prepare journal entries in the general fund to record these events.
a. Paid salaries to county employees, $100,000.
b. Borrowed $35,000 on a three-year note from a local bank to buy a county car.
c. Purchased the county car for $35,000.
d. Made a $7,000 payment on outstanding accounts payable.
e. Collected $3,500,000 of the current property tax levy.
f. Received a $50,000 grant from the State to support general government activities.

Assume That Blackfoot County Maintains Its Books and Records in a Manner