Question #1: For each of the following transactions, prepare the necessary journal entry.؟ a. The city...

Question #1: For each of the following transactions, prepare the necessary journal entry.؟

a. The city collects $1 million of taxes for an independent fire district located within the city. Journal entry:

b. The city spends $1.2 million on street maintenance using the proceeds of a city gas tax dedicated for road and highway maintenance and improvements. Journal entry:

c. The city receives a bequest of $1.5 million. The donor’s will, requires that the principal amount be invested in perpetuity and that the earnings on the investment be used to maintain a city park to be renamed for the donor. Journal entry:

d. The city collects water and sewer fees of $4.2 million. Journal entry:

e. The city pays $4 million to a contractor for work on a new bridge. Journal entry:

f. The city receives $1.3 million to invest on behalf of the county. Journal entry:

g. The city pays its police officers wages of $325,000. Journal entry:

h. The city pays $2.2 million in bond interest on its general obligation debt. Journal entry:

I desperately need to solve the accounting entries separately

Expert Solution

ekkarill92 answered 1 year ago

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