Lisa County issued $5,000,000 of general obligation bonds at 101 to finance a capital project. The $50,000 premium was to be used for payment of interest. The transactions involving the premium should be accounted for in thea. capital projects funds, the debt service funds, and the general long-termdebt account group.b. capital projects funds and debt service funds only.c. debt service funds and the general long-term debt account group only.d. debt service funds only.

Q: ernment-wide entries in general journal form to reflect, as necessary, the following information and…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Required: 1. Prepare the entry for the preceding transaction 2. Based on the result of your audit,…

A: Bond sinking fund: Bonds sinking funds are the restricted funds that were set aside for the purpose…

Q: 6. Franklin County issued $4,300,000, 3 percent serial bonds, paying interest on January 1 and July…

A: Franklin County issued 3% serial bonds = $4300000 Number of bonds issued = $4300000/100…

Q: Craven City borrows $1,000,000 in bonds payable on January 1, 2022, and the bonds are scheduled to…

A: Debt service fund is used to repay debt.Repayment of debt include both principal plus interest.Bond…

Q: A city has financed a local project with a $600,000 bond issue with a coupon rate of 6% compounded…

A: In this question, we will find out the Periodic expense of debt . As it is also called cost of debts…

Q: Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village…

A: The final component of the balance sheet is a reconciliation statement of revenues, expenses, change…

Q: the Shannon Township Debt Service Fund accumulates resources to pay its $2 million general…

A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…

Q: On April 1, 2019, Houghton City issued 10-year, 3 percent serial, general obligation bonds at a face…

A: Here discuss about the details of the preparation of journal entries for interest expenses which are…

Q: Ted's Village has five governmental funds: a General Fund, a Debt Service Fund, and three Special…

A: As per GASB Statement no 34, all funds whose total revenues or total expenditures exceeds 10% of the…

Q: Prepare the entries that would be made in the general long-term debt account group for the following…

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: On March 2, 2018, Beloit City issued 10-year general obligation bonds at face amount, with interest…

A: Funds refers to an amount of money which is set aside or saved by individuals, government,…

Q: Match the appropriate letter indicating the recording of the following transactions:1. General…

A: Funds: Funds refers to an amount of money which is set aside or saved by individuals, government,…

Q: The pre-closing trial balance for the Annette County Public Works Capital Project Fund is provided…

A: Solution:   Annette County Public Works Capital Project Fund   Statement of revenues,…

Q: The following financial information extracted from the books of local government during the year.…

A: Formula: excess of revenue over expenditure = Revenues - expenses Deduction of expenses from…

Q: On March 2, 2018, Finch City issued 10-year general obligation bonds at face amount, with interest…

A:

Q: Vilna Ltd., during the year ended December 31, 2021, had the following transactions related to…

A: A journal entry is the first step—and an essential function—of the accounting process. Journal…

Q: Local government-issued bonds to the value of RO 500,000 to finance its general operating…

A: Proceeds from issue of bonds = RO 500000 Premium on issue of bonds = 500000 * 10% = 50000

Q: The citizens of Spencer County approve the issuance of $2,000,000 in 6 percent genneral obligtions…

A: The Statement of Revenue, Expenditures, and Changes in Fund Balance is the income statement of the…

Q: The governing board of wolekete town approved a street improvement program excepted to cost birr…

A: Solution: As per given - The governing board of wolekete town approved a street improvement program…

Q: Ont/2/ 2021, the County of Santa Teresa issued a 20-year-life serial bond with a principal of…

A: A budget helps the government to retire its borrowed funds.

Q: A government issues 10,000,00 of demand bonds and fails to obtain an acceptable takeout agreement…

A: Take-out Agreement: A take-out commitment, also known as a take-out loan or a take-out agreement,…

Q: repare journal entries to record the following transactions in the capital projects fund and the…

A: Local Government Accounting: It is based on the concept of Fund Based Accounting or on the basis of…

Q: The City of Dylan issues a 10-year bond payable of $1 million at face value on the first day of Year…

A: Debt issuance cost is expensed in the same year in which it is incurrend. It is a one time cost .…

Q: From the following information you are required t prepare Statement of revenues, expenditure and…

A: Particulars Statement        of Revenue  Statement                of Expenditure Changes in fund…

Q: A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest.…

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

Q: Craven City borrows $2,000,000 in bonds payable on January 1, 2022, and the bonds are scheduled to…

A: Amount of debt to be rapaid on december 31,2022 will include-principal repayment +interest…

Q: The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service…

A: Solution:- Preparation of journal entries under General Fund and debt service fund as follows…

Q: On March 2, 2018, Beloit City issued 10-year general obligation bonds at face amount, with interest…

A: General obligation bonds are issued by the municipality for different purpose to serve the public.…

Q: The county of Santa Clara is building a new park. The main financing source will be $1,000,000 bond…

A: Journal entries…

Q: Lincoln County retires a $50 million bond issue when the carrying value of the bonds is $48 million,…

A: Retirement of Bonds: The process of repaying the sale amount of bonds to bondholders at the time of…

Q: As of December 31, 2019, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of…

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Q: Ibri township issued the following bonds during the year.  The bond issued to purchase equipment for…

A: Note: None of the bonds mentioned in the question will be reported in general fund. These bonds are…

Q: The city of Clinton was incorporated on January 1, 2014. On December 31, 2019, a careful study of…

A: Journal entries: Result: Note: The beginning and ending entries for b) will be same and repeated…

Q: A utility district has issued bonds totaling $4.7 Million with a fixed annual coupon rate of 4.00%…

A: Amount required for coupon payment is Face value*Coupon rate And amount required to deposit is…

Q: 1. The debt limit for general obligation debt for Oak City is 1 percent of the assessed property…

A: Given, Assessed property valuation = $10,836,621,000 Approved but unissued tax-supported debt =…

Q: On 1/1/2019, the city of San Francisco issued at par $2,000,000 of 5% term bonds to renovate the…

A: Journal Entry - It is records of every business transaction whether it is economic or non economic…

Q: he Village of Hawksville issued $4,000,000 in 5 percent general obligations, tax supported bonds on…

A: Step 1 Journal is the part of book keeping.

Q: 1. The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service…

A: The transactions under the general fund and the debt service fund is prepared as follows: