Question: . A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators

. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan to repay this note within three months with tax revenues.

8a Capital Projects Fund Record the issuance of Notes payable

8b Governmental Activities Record the issuance of Notes payable

9. A county secures a bond anticipation note in the amount of $500,000 to pay initial expenses for construction of a convention center. The board of county commissioners recommended that the finance department refinance the bond anticipation note by issuing a construction bond when construction activity begins.

9a Capital Projects Fund Record the issuance of Bond anticipation note

9b Governmental Activities Record the issuance of Bond anticipation note

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Below are a number of unrelated transactions for the Village of Centervile, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet...

Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, along village oceanfront. The finance department has discussed...

Below are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet....

Prepare in general journal for the necessary entries in the governmental activities and appropriate fund journals for each transaction of no entry is required for a transaction levent select Journal...

Prepare journal entries for capital projects fund and the government-wide governmental activities general journal for each of the following unrelated transactions. (The General Fund should not be...

Please help! 16 Exercise 6-19 (Static) Long-term Liability Transactions [LO 6-5] 0.57 points Below are a number of unrelated transactions for the Village of Centerville, some of which affect...

Please help me solved all these steps to get to the correct answer/ journsl entries trying to understand this more Below are a number of unrelated transactions for the Village of Centerville, some of...

6. A $5,000,000 issue of construction bonds was sold at par by the capital projects fund. Debt issuance costs included administrative fees of $45,000 and prepaid insurance costs of $5,000. Capital...

What are the five steps involved with the use of preliminary analytical procedures?

Philo T. Farmsworth is a corn farmer with a 40-acre tract of land. Each acre can produce 100 bushels of corn. The cost of planting the tract in corn is $20,000, and the cost of harvesting the corn is...

A firm's earnings before interest and taxes ( EBIT ) is constant, and is not affected by the use of debt. Stocks and bonds are traded in perfect markets, such that there are no transaction ( or...

On February 1, a customer's account balance of $2,700 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance...

Which aluminum bolts are packaged? Use the following self-assessment exercises to improve your knowledge of and power over English grammar, mechanics, and usage. Review all of Section 1.1 in the...

After three years of declining sales, the board fired the CEO and hired a replacement from Google. Use the following self-assessment exercises to improve your knowledge of and power over English...

Please send the Joneses a dozen of each of the following: stopwatches, canteens, headbands, and wristbands. For the following items, underline the subjects and circle the objects. Use the following...