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Journal Entries: Rainbow County General Fund

Among the journal entries prepared by the inexperienced accountant of Rainbow County General Fund for the fiscal year ended June 30, 2006, were the following:


July 1 Accounts Receivable 800,000
Cash 800,00
To recored nonreturnable transfer of cash to Internal Service Fund to
provide working capital for that fund.

Sept 1 Equipment 120,000
Vouchers Payable 120,000
To recored acquisition of equipment having a 10-year economic life and no residual value.

Prepare the journal entries for Rainbow County General Fund as they should have been recorded.

Solution Summary

Journal entries as requested.