Journal entries for government based on production

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Reference no: EM13146735

Conrad Thamm, a citizen of Basking Knoll, donated comon stock valued at $22,000 to the city under a trust agreement. Under the terms of the agreements, the principle amount is to be kept intact; use of revenue from the stock is restricted to financing academic college scholorships for needy students.

On December 14, 1981, dividends of $1,100 were received on the stock received donated by Mr. Thamm.

Prepare Journal Entries for the government based on the production of fund-based financial statements. Than prepare JE entries in anticipation of preparing governement-wide financial statements. Before each JE state which fund the JE is recorded in.

Reference no: EM13146735

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