A borough sold $4,000,000 of 6 percent construction-related bonds dated January 1 on March 1 at par.

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A borough sold $4,000,000 of 6 percent construction-related bonds dated January 1 on March 1 at par. The construction is related to governmental activities. give the capital projects fund and governmental activities fund journal

Capital projects fund:

Debit: Cash $4,000,000

Credit: other financing sources- proceeds of bonds $4,000,000

Governmental activities:

Cash: ?

Accrued interest payable (or expenses-interest on bonds)- ?

Credit: bonds payable- $4,000,000

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Financial Accounting with IFRS Fold Out Primer

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5th edition

Authors: John Wild

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Posted Date: May 10, 2019 07:26 AM

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A borough sold $4,000,000 of 6 percent construction-related bonds dated January 1 on March 1 at par.

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2 months Jan and Feb Interest will be received to offse... View the full answer

Financial Accounting with IFRS Fold Out Primer

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