P 2-1a. entrepreneurs consultants, | Accounting homework help

P 2-1a. Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses.  It maintains only a single general fund and accounts for its activities on a modified accrual basis.  Prepare journal entries in the general fund to record each of the transactions or other events:

1. It received an unassigned grant of $100,000

2. It purchased five computers at $2,000 each

3. It paid wages and salaries of $6,000

4. It borrowed $24,000 from a bank to enable it to purchase an automobile.  It gave the bank a long-term note

5. It purchased the automobile for $24,000

6. It made its first payment on the note – interest of $200

7. It destroyed one of its computers in an accident.  The computer was not insured

 

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer