Accounting Teachers ONLY

profilejugxyaev

Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:


•The budget for the library  

•The payment and receipt of funds from the general fund  

•The issuance of the bonds ◦Assume that the premium remained in the capital projects fund.  


◦Identify all of the funds required for these entries.  ◦Discuss how the bond premium could be disposed.    In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.

    • 6 years ago
    • 10
    Answer(3)

    Purchase the answer to view it

    blurred-text
    • attachment
      Onepagedisc1.xlsx

    Purchase the answer to view it

    blurred-text
    NOT RATED
    • attachment
      gvttttt.docx

    Purchase the answer to view it

    blurred-text
    NOT RATED
    • attachment
      acountingsolution.docx