Make fund balance at the top of each fund template

Assignment Help Financial Accounting

Reference no: EM132773625

Several transactions of a local government appear below:

a. Bond proceeds of $4,010,000 were received by the capital projects fund with a par value of $4,000,000. The premium of $10,000 was immediately transferred to the debt service fund for eventual payment of the principal on the general obligation bonds.

b. Equipment of $2,500,000 was purchased by a city water utility.

c. The debt service fund makes the following payments on general obligation serial bonds: $500,000 in interest, and $1,000,000 in principal.

d. $2,500,000 in collections are expected to be received from property owners to pay principal and interest on debt incurred in a capital improvement assessment project, where the obligation for the special assessment debt issued is the responsibility of the affected property owners. The assessment is collected from property owners and paid out to the debtholders.

Using the attached T-account template:

Problem 1: prepare the entries necessary to record each transaction, labeling the entries "a" "b" etc.

Problem 2: Specific the proper fund balance by completing the relevant name of the fund balance at the top of each fund's template for the entries you record

Reference no: EM132773625

Questions Cloud

Prepare journal entries to record the credit sales : Prepare journal entries to record the credit sales, cash collections, and accounts receivable write offs for January

Evaluate the credit risk premium on a one-year loan : Evaluate the credit risk premium on a one-year loan with and without collateral, An increase in collateral is a direct substitute for an increase in default

Determine the impact of globalization and technology changes : Determine the impact of globalization and technology changes, strategic models, vision and mission statements, and stakeholders on a corporation's success.

Find for dollar amount of dividends for adelphi corp : Find for 2018 the dollar amount of dividends that will be distributed per Common Share. During 2018, Alpha distributed $25,000 in dividends.

Make fund balance at the top of each fund template : Specific the proper fund balance by completing the relevant name of the fund balance at the top of each fund's template for the entries you record

What is the different of objectivist and subjectivist : What is the different of objectivist and subjectivist?

Compute the annual depreciation rate : The monthly depreciation expense of $ 3.000 was recorded using the straight-line method. Compute the annual depreciation rate

How many units of sugar will domestic producers supply : The foreign supply is Q = 20,000 + 100P. How many units of sugar will domestic producers supply after the quota is imposed?

Designing a website restaurant with example : Explain in detail project execution stage for designing a website restaurant with example including time management cost.

User Account

All Pages