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Identify the fund affected by the forging transactions

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Reference no: EM132600206

Question - Instruction: Consider the following cases and transactions separately and answer each questions based on the instructions:

The Green River town is constructing municipal complex that is financed by $ 10,000,000 par value term bond issued at $ 10,250,000 at the beginning of the current year. Any premium is appropriated for Debt service fund. The construction is accounted for in capital project fund. After six months, capital project fund has transferred the amount of premium on bonds issued to Debt service fund. Records show that costs incurred in the current year for construction amounted to $ 4,200,000. The project is expected to complet after a year.

Instructions - Identify the fund affected by the forging transactions and prepare the necessary entries in these funds.

Reference no: EM132600206

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