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
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