The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15. The phone system’s actual cost upon review of the invoice when received on September 30 is $100,250. The invoice was paid on October 4. Using the information above, prepare all the required journal entries for the general fund and the government-wide financial statements. Problem 2 Below are some transactions that have occurred for the City of New Haven. Prepare the journal entries (government-wide financial statements only) for each transaction:
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The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15.
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