Top Posters
Since Sunday
5
o
5
4
m
4
b
4
x
4
a
4
l
4
t
4
S
4
m
3
s
3
New Topic  
goji.go goji.go
wrote...
Posts: 5977
9 years ago
(Basic journal entries for acquisition of capital assets through issuance of debt)

Prepare entries to record the following transactions related to acquisition of capital assets by a county. The county does not use encumbrance accounting. Identify the fund(s) used.

      a.   The county issues general obligation bonds in the amount of $900,000, receiving cash for the full face amount of the bonds. The cash will be used to buy capital assets.
      b.   The county buys a prefabricated building for $750,000, using part of the bond proceeds. The building is delivered and the invoice for the building is approved.
      c.   The invoice approved in b. is paid.
      d.   The General Fund transfers cash of $55,000 to another fund in anticipation of the payment of the first installment of interest ($30,000) and principal ($25,000) on the debt.
      e.   The first installment of debt service on bonds issued in a.    becomes due and payable.
      f.   Debt service on the bonds issued in a. is paid.
Read 230 times
3 Replies
Diesel
Replies
Answer accepted by topic starter
f_zah1f_zah1
wrote...
Top Poster
Posts: 10774
9 years ago
Sign in or Sign up in seconds to unlock everything for free
This verified answer contains over 310 words.
1

Related Topics

goji.go Author
wrote...
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
9 years ago
You're very welcome!
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  882 People Browsing
 106 Signed Up Today
Related Images
  
 728
  
 20248
  
 629
Your Opinion
How often do you eat-out per week?
Votes: 79