Reference no: EM131748114

Hello everyone. I really need assistance on this assignment. I included the attachment of my first submission of the assignment. The professor stated that I was missing about 15 different journal entries for problems 1 and 2. Below are the questions that I need assistance with. I will also include my incorrect response to the questions in the attachment so that I could be receive some guidance. Thank you very much!

Problem 1

The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15. The phone system's actual cost upon review of the invoice when received on September 30 is $100,250. The invoice was paid on October 4.

Using the information above, prepare all the required journal entries for the general fund and the government-wide financial statements.

Problem 2

Below are some transactions that have occurred for the City of New Haven. Prepare the journal entries (government-wide financial statements only) for each transaction:

The City of New Haven pays $75,000 for a work of art to display in the local library. Currently, the work of art is not for sale, but it could be sold at a later date. All funds received from the sale will go to the unrestricted fund. The work of art will be depreciated over 25 years using straight-line depreciation.

At the beginning of the year, the City of New Haven added street lights at a total cost of $325,000 to a new housing development. The lights are expected to last for 10 years. During the year, the City of New Haven spends $52,300 to maintain the street lights. In addition, it costs $128,700 to construct new street lights to replace ones that were outdated or broken in other areas of the city. Assume the infrastructure assets are capitalized using the modified approach.