Identify all of the funds required for these entries

Assignment Help Accounting Basics
Reference no: EM131523806

Discussion: Journal Entery

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

o Assume that the premium remained in the capital projects fund.
o Identify all of the funds required for these entries.
o 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.

Reference no: EM131523806

Questions Cloud

Describe your organizations mission and vision and values : Describe your organizations mission and vision and values.Assess marketing concepts and situations from an entrepreneurial manager's point of view.
How do researchers typically operationalize your variables : What variables are included in the theory? How has it evolved? How do researchers typically operationalize your variables
Cover your tuition for 4 years : How much would you have to deposit in a fund earning 6% annually to cover your tuition for 4 years?
Discuss cost-to-loss ratio problem : Cost-to-loss ratio problem. Consider the decision problem shown in Figure. This basic decision tree often is called a cost-to-loss ratio problem.
Identify all of the funds required for these entries : Assume that the premium remained in the capital projects fund. Identify all of the funds required for these entries. How the bond premium could be disposed?
Identify applicable trends that are statistically supported : Identify at least two significant factors for each of the 4 SWOT components. Identify applicable trends that are statistically supported.
Explain how sensitivity analysis could be used : The cost-to-loss ratio problem continued. The cost-to-loss ratio problem as shown in Figure 5.26 may be considered a simplified version of the actual situation.
What is global stratification : What is Global Stratification? Compare and contrast World System Theory with Neocolonialism
Which alternative would you suggest the grower take : An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd