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goji.go goji.go
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9 years ago
Ledford County issued $2,000,000 of general obligation bonds for the construction of a new recreation center. The bonds were sold at a 1% discount and the county incurred $150,000 in underwriter's fees, both of which were withheld from the settlement proceeds. The journal entry required in the Capital Projects Fund for the issuance of the bonds would be

      Debit   Credit
A.   Cash
   Other Financing Sources   $2,000,000   
$2,000,000
B.   Cash
   Other Financing Sources   $1,830,000   
$1,830,000
C.   Cash
Expenditures
   Other Financing Sources – Bonds
   Other Financing Sources – Discount   $1,850,000
150,000   

$1,980,000
20,000
D.   Cash
Expenditures – Underwriter Fees
Other Financing Uses – Discount
   Other Financing Sources – Bonds    $1,830,000
150,000
20,000   


$2,000,000
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
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#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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