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(solution)- I am looking for accounting help


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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.

 


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Solution #000261043843

(solution)- I am looking for accounting help.zip

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xxxxxxxxx xx xxxxxxx xxxxxx compare and contrast xxx xxxxxxxxxxxx are controlled in the general xxxx xxx in xxxx service xxxxxx Explain xxx differences xxxxx xxxxxx

 

 

Answer:

 

xxxxxxx xxxx ? This xxxx?is xxx basic xxxxxxxxx xxxx and it xxxxxxxx for xxxxxxxxxxx those are not accounted for in other xxxxxx xxx expenditures incurred xxx of this xxxx xxx xxx xxxxxxxxxx to xxx specific xxxxxxxx

 

 

xxxx xxxxxxx xxxxx ? These funds xxxxxxxx for the xxxxxxxxx of xxxxx The expenditures to be incurred xxxx xxxx xxxx xxx xxxxxxxxxx to debt xxxxxxxxx and xxxxxxxxx xxxxxxxxxxx For example, repayments are xxxx xxxxxxx xxxx service xxxxx xxxx Government uses bonds to xxxxxxx major xxxxxxxxxxxx xxxxxxxxx

 

 

xx nut shell, xxxxxxxxxxxx xxx controls xxx stiffer in debt service xxxx as xxxxxxxx xx general xxxxx

 

 

xxxxxxx xxxxxxxxxxxx xxxxxxx xxxxxxxxxx xxxxxxxxxxxxxx for monitoring xxx xxxxxxxx These xxx the various xxxxx xxxxx are needed to be presented fairly and require xxxx xxxxxxxxxxxxx Due xx all this xxxxxxx xxxxxxxxxxx xxxxx xxxxxx

 

 

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xxxxxx

 

 

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xx

 

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xx

 

 

xx

 

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xx

 

xx

 

 

xxx

 

xx

 

 

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Entries For xxxx Accounting
S.#Particulars Debit xxxxxx
1xxxxxxxxx xxxxxxx x 1,200,000
Fund xxxxxxx for library * 1,200,000
xx record xxxxxxx revenue xxxxxxxxxx
2 xxxxxxx Fund ( other financing uses)x xxxxxxx
Fund Balance for library ( other financing uses) x xxxxxxx
3 xxxx Balancex 2,000,000
xxxxxxxxxxxxxxxxxxxxxxxx 2,000,000
xx record xxxxxxxx xx budget xxx xxx library
4xxxx* 1,300,000
xxxxx financing xxxxxxx * 1,200,000
xxxx balance x 100,000
xx record xxxxxxxx xx xxxxx

 

 

 

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This paper was answered on 19-Jul-2017

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