Various General Fund Transactions) Prepare the general journal entries required for the
following transactions of the Farmer County General Fund during 20X6. Also, use transaction
analysis to show any effects on the GCA-GLTL accounts.
Taxes collected before the due date totaled $7,500,000 of current taxes and $320,000 of
20X5 and other prior year taxes.
Purchased equipment costing $198,659, which was vouchered.
Issued a nine-month, 10% note to Jones National Bank on September 30, 20X6, to raise
$300,000 to provide for a temporary cash shortfall in the General Fund.
Internal Service Fund. Repayment is required in four years.
$100,000, while at the beginning of the year they were $75,000.
distribution lines installed by the county’s Water Department, which provides services for
a fee that is intended to recover the costs of providing the services.
General Fund resources had been used to pay a bill of the Economic Development Fund
earlier in the year. General Fund expenditures were recorded when the bill was paid.
general administration of the county.