Unit3­IndividualProject AssignmentDetails AssignmentDescription TomakesureyouareuptodateonthespecialguidelinestheGASBhasdeclared,yourmanageraskedyoutoresearchGASBStatementNo.56.Healsoaskedyouto...

Unit3­IndividualProject AssignmentDetails AssignmentDescription TomakesureyouareuptodateonthespecialguidelinestheGASBhasdeclared,yourmanageraskedyoutoresearchGASBStatementNo.56.Healsoaskedyouto showhim,sidebyside,howgovernmentaccountingjournalentriesmightdifferfromfor­profitjournalentriesinthesesimilarevents. Write500–750wordsthataddressesthefollowing: WhenwasGASBStatementNo.56initiated? Inyourownwords,whatistheessenceofthenewruling? WhydidtheGASBprobablydeemitasbeingnecessary? HowmightGASBStatementNo.56changetheactivitiesofanyaccountantperforminggovernmentalaccounting? Createjournalentriesforallofthefollowingsituations. 1. On10/1/2010,afor­profitCompanyAprovides$100,000ofservicetoCompanyB.CompanyBplanstopaytheirbill90dayslater. Createthejournalentrywhentheserviceisprovided. Createthejournalentrywhenthecashisreceived. 2. On12/1/2010,thecity'srecreationdepartmentreceivesagovernmentgrantof$100,000specificallytousefornextyear'sparkupgrades,whichwillbeginon 1/1/2011. Createthejournalentrymadewhenthecashisreceived. Createthejournalentrytobemadeon1/1/2011. 3. Afor­profitretailstorebuys$200,000ofinventoryon9/1/2010. Createtheproperjournalentrytoshowpurchaseofthisinventory. 4. Alocalcityparkbuys$200,000offoodmerchandiseforlaterresale.Itusesthepurchasemethodtoaccountforinventory. Createtheproperjournalentryforwhenthispurchaseismade. 5. Anonprofitorganizationreceivesa$250,000donationon12/1/2011,butthedonorspecificallywantsitspentin2012. Createthejournalentryorentriestoshowtheproperrecordingofrevenue(thismayrequiremorethanonjournalentry). Createthesubsequentjournalentrytoshowspendingofthefunds. Pleasesubmityourassignment. Yourassignmentwillbegradedinaccordancewiththefollowingcriteria.Clickheretoviewthegradingrubric. Forassistancewithyourassignment,pleaseuseyourtext,Webresources,andallcoursematerials. ReadingAssignment ACCT445Unit3AIULibraryGuide AssignmentObjectives Understandaccountingandreportingrequirementsforgovernmentalentities Identifyspecifictransactionsrelatedtogovernmentalentities Improveresearchandoralandwrittencommunicationskills,andreinforceethicalandprofessionalbusinessconduct