Accounting for expenditures. Prepare entries in the general fund for the following transactions that represent outflows of financial resources to the city of Greene in 20X4: Vouchers are prepared for the following items and amounts:
|
Salaries |
$120,000 |
|
Repairs and maintenance |
60,000 |
|
Inventory of supplies |
45,000 |
|
Capital equipment |
125,000 |
|
Tax anticipation notes: |
|
|
Principal |
200,000 |
|
Interest |
13,000 |
2. A transfer of $57,000 is made to the debt service fund.
3. There was no inventory of supplies at the start of the year. The inventory of supplies at yearend is $2,500.