Question

1) Prepare the general journal entry for the City ofMiddleberry, using standard fund-type terminology, identifying thefund or list for which the entry is being prepared. Appropriateabbreviations are acceptable (e.g., GF, SRF, CPF, DSF, GCA, GLTL,OFS, OFU). . Do not include formal entry explanations or dates.

A computer has been leased for the City for its accounting andpayroll operations. The lease has a fair market value (and a netpresent value) of $200. The lease will be serviced through theGeneral Fund.   1.   A computer has been leasedfor the City for its accounting and payroll operations. The leasehas a fair market value (and a net present value) of $200. Thelease will be serviced through the General Fund. (2transactions).