Old West City had the following transactions in fiscal 2011.Assume that all expenditures were properly appropriated in the fiscal 2011 budget.
1.A six-month loan was made to the special revenue fund from the general fund amounting to $28,000.
2.A purchase order for landscaping maintenance services was issued in the amount of $43,000.
3.A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding.
4.The final invoice for landscaping maintenance was received in the amount of $39,000,and it was scheduled to be paid in 30 days.
5.The city enters into a capital lease of fixed assets for the general government.The present value of the minimum lease payments equals $70,000.
Required:
Prepare the journal entries for the General Fund.

Question

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The Answer of Old West City had the following transactions in fiscal 2011.Assume that all expenditures were properly appropriated in the fiscal 2011 budget.
1.A six-month loan was made to the special revenue fund from the general fund amounting to $28,000.
2.A purchase order for landscaping maintenance services was issued in the amount of $43,000.
3.A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding.
4.The final invoice for landscaping maintenance was received in the amount of $39,000,and it was scheduled to be paid in 30 days.
5.The city enters into a capital lease of fixed assets for the general government.The present value of the minimum lease payments equals $70,000.
Required:
Prepare the journal entries for the General Fund.

Old West City Had the Following Transactions in Fiscal 2011