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Other Interfund Transactions: Debt Refunding

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5 years ago

Other Interfund Transactions: Debt Refunding

Transactions:

The City of Armona has decided to refinance $8,000 of par value, general government, general obligation bonds outstanding. The bonds had a related unamortized bond premium of $200. The city issues $6,000 of refunding bonds at par and transfers $2,700 from the General Fund to the Debt Service Fund. The city paid $8,700 from the Debt Service Fund into an irrevocable trust to cover future payments on the original bonds.

Requirement: Prepare the general journal entries using standard fund-type terminology, identifying the fund or nonfund accounts for which the entry is being prepared. Appropriate abbreviations are acceptable (e.g., GF, SRF, CPF, DSF, GCA, GLTL, OFS, or OFU). If no entry is required, write “No Entry Required” and briefly explain why. Do not include formal entry explanations or dates, but include any important assumptions made and all calculations.

Textbook

Governmental and Nonprofit Accounting

Edition: 11^th

Authors: Freeman, Shoulders, McSwain, Scott

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derro Author

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5 years ago

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Thanks

ealvino1610

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

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