Prepare the entries necessary to record each transaction

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Reference no: EM132779473

Question - 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 debt holders.

Required - Using the attached T-account template:

Prepare the entries necessary to record each transaction, labeling the entries "a" "b" etc.

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: EM132779473

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