Record the purchase of vehicles

Assignment Help Accounting Basics
Reference no: EM131802505

Question - General Long-term Liability and Capital Asset Transactions. The Village of Nassau issued a 3-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Public Works Department.

Required

1. Record the issuance of the $100,000 note in the General Fund and the governmental activities general journals.

2. Record the purchase of vehicles in the amount of $100,000 in the General Fund and governmental activities general journals.

3. Explain why the accounting treatment is different in the General Fund and governmental activities general journals.

Reference no: EM131802505

Questions Cloud

Analyse and interpret financial data and information : Analyse and interpret financial data and information, evaluate relevance and validity and synthesise a range of information in context of business situations.
An assembly line has the following tasks (times shown in min : An assembly line has the following tasks (times shown in minutes).
What is total corporate value under each capital structure : If it de- creases leverage, rs will be 13%. What is the firm's WACC and total corporate value under each capital structure
Define function of the supplies or services : The contracting officer should consider whether a warranty is appropriate for a specific acquisition when there is a difficulty in detecting defects.
Record the purchase of vehicles : Record the purchase of vehicles in the amount of $100,000 in the General Fund and governmental activities general journals
Company labor hours productivity : The phones that are deemed defective provide $12 in revenue per phone. What is the company's labor hours productivity and what is the multifactor productivity?
Seldom appropriate in the competitive world of business : The habit "think win/win" is one of those that is always appropriate in our personal lives but seldom appropriate in the competitive world of business.
Importance of having business knowledge : Discuss the importance of having business knowledge above and beyond the knowledge needed to perform your job.
What are the major types of food production : What are the major types of food production? How does the reliance on food production affect the social, economic, and political organization of societies?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is your breakeven census calculating dollar amount

N-5337 Healthcare Financial Management Budget Exercise. What is your breakeven census calculating dollar amount using the information above

  A newly developed device is being considered by fairway

a newly developed device is being considered by fairway foods for use in processing and canning peaches. the device

  Which of the following answers correctly describes

The Ruiz Corporation, which owns a chain of specialty shops, has recently begun to accept credit cards.

  Account for the contracts problem

Assume that 2,20 contracts were sold in 2011 and that contract sales were made evenly over the year. Give the entries required for 2011 and 2012 to account for the 2,200 contracts.

  Howton amp howton worldwide hhw is planning its operations

howton amp howton worldwide hhw is planning its operations for the coming year and the ceo wants you to forecast the

  Review roles of management accounting within company what

review the roles of management accounting within a company. what is the most important role of management accounting?

  Suppose for an additional 5 per mailbox per month mailcom

bkfin.com provides banks access to sophisticated financial information and analysis systems over the web. the company

  Create a business letter for plants for show company

BSBITU306 - Create a business letter for Plants for Show Company about exclusive presentation of new project - Create a table in Excel.

  Prepare shetlands journal entry to record taxes

Shetland Inc. had pretax financial income of $162,420 in 2014. Prepare Shetland's journal entry to record 2014 taxes, assuming a tax rate of 30%.

  Midlands design ltd of manchester england is a company

midlands design ltd. of manchester england is a company specializing in providing design services to residential

  Why must preferred stock dividends be subtracted from net

why must preferred stock dividends be subtracted from net income in computing earnings per share? why is common stock

  Company amended its defined benefit pension plan

At the beginning of 2010, the Brent Company amended its defined benefit pension plan.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd