Record the following transactions in General Ledger accounts of the General Fund of Fergieville. 1.. 1 answer below »


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 purchases method of accounting for inventory. 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 six-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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