Chapter 7: The Governmental Fund Accounting Cycle

Metro also pays cash for land costing $100,000 and a building costing $900,000 to house its repair activity. c. On July 1, Metro invests $200,000 of unused cash in a Certificate of Deposit (CD). d. Metro pays cash of $50,000 to acquire an inventory of repair parts. e. Metro collects bus fares of $900,000, which it deposits in the bank. f. ................
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