Dr Nick

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About Dr Nick

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

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Teaching Since: May 2017
Last Sign in: 342 Weeks Ago, 5 Days Ago
Questions Answered: 19234
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Education

  • MBA (IT), PHD
    Kaplan University
    Apr-2009 - Mar-2014

Experience

  • Professor
    University of Santo Tomas
    Aug-2006 - Present

Category > Accounting Posted 07 Jun 2017 My Price 13.00

Your city has decided to build a new library.

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.

Answers

Dr Nick
(4)
Status NEW Posted 07 Jun 2017 04:06 PM My Price 13.00

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