Due Friday 21st, October 750 words and journal entries
Please use internet sources only so that I may verify information. Thank you!
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.
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.