Lewis County had the following transactions for its General Fund for the current fiscal year.(4)LEWIS COUNTYTRANSACTIONS FOR GENERAL FUNDFOR CURRENT FISCAL YEAR(1)(2)A long term note payable matured with a face amount of $400,000 plus interest of $40,000.The interest was paid but the note has not been paid.(3)(5)(6)Salaries and wages incurred during the year amounted to $325,000. Of this amount, only$295,000 were paid.Computers were purchased at a cost of $62,000. The county paid $28,000 in cash and thebalance will be paid at the end of the first quarter of the next fiscal year.Purchased office supplies for cash in the amount of $25,000. The county uses the purchasesmethod to account for inventories.Ordered office supplies costing $12,000 which have not been received yet.Determined that the Capital Projects Fund should be reimbursed $3,000 for wages thatshould have been charged to the General Fund but were paid from the Capital Projects Fund.(7) Repaid a short term note payable with a face value of $50,000 along with interest of $3,000.(8) Paid $75,000 to an enterprise fund to cover its operating deficit for the year. The GeneralFund is not going to be reimbursed for this amount.REQUIRED: Using the attached forms, prepare general journal entries, in proper form, to recordthe above transactions. Omit explanations. Use the number of the entry as the date.

Accounting for the General Fund includes recording various financial transactions that occur within…

Answered: Using the attached forms, prepare…

Using the attached forms, prepare general journal entries, in proper form, to record the above transactions. Omit explanations. Use the number of the entry as the date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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