e transa of Kinlaw County in its General Ledger. Also, use transaction analysis

Question

e transa of Kinlaw County in its General Ledger. Also, use transaction analysis to show any effects on t GCA-GLTL accounts. 1. Payroll was approved and paid, $630000 2. Materials and supplies were purchased for the Fire Department on account. $13200. 3. Recreational equipment was purchased on account for $77.856. 4. The General Fund was billed $700 by the Electric Utility Enterprise Fund for electricity k the month. 5. Payments were approved and made for the recreational equipment and the electricity $78,550. 6. Accrued, unpaid payroll at year end amounted to $2700.

Explanation / Answer

You first question's half part is not visible. So i am only answering second part

Revenue recognition

When a property tax assessment is made, it is to finance the budget of a particular period, and the revenue produced from any property tax assessment should be recognized in the period for which it was levied provided the "available" criteria of Interpretation 5 are met as shown in the paragraph below.

"Available" means collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period. Such time thereafter shall not exceed 60 days. If, because of unusual circumstances, the facts justify a period greater than 60 days, the governmental unit should disclose the period being used and the facts that justify it."

1. a) Yes

b) No

c) Yes

D)No

E) Yes

F) No

2. Yes along with the interest

3. a) No

b) Yes

C) No

4. Yes along with interest for the year

5. Yes for both a and b

6. Yes

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