ACCT 360 Week 5 Accounting Assignment Help 2 | Franklin University
- Franklin University / ACCT 360
- 25 Jan 2019
- Price: $10
- Other / Other
ACCT 360 Week 5 Accounting Assignment Help 2 | Franklin University
E6-3 (Various Entries)
Record the following transactions in General Ledger accounts of the General
Fund of Fergieville.
1. Incurred salaries of
$300,000, $280,000 of which was paid.
2. A long-term note ($400,000
face value) matured. The interest of $40,000 was paid but the principal was
not.
3. Purchased computers with a
cost of $45,000; $22,000 was paid; the balance is due and is expected to be
paid at the end of the first quarter of the next fiscal year.
4. Purchased materials for cash,
$19,000. Assume use of the purchases method of accounting.
5. Received bill from the water
and sewer department for services, $7,500; $4,000 was paid.
6. Ordered, but have not yet
received, materials costing $70,000.
7. Paid required annual
contribution to pension plan, $250,000.
8. Determined that the Capital
Projects Fund should be reimbursed $3,000 for wages that should have been
charged to General Fund departments but were paid from the Capital Projects
Fund.
9. Repaid a 6-month note (face
value, $50,000) and interest on the note ($2,500).
10. Paid $75,000 to the Golf
Course Enterprise Fund to cover its operating deficit for the year.
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