Phillie City issued $2 million in general obligation bonds to acquire a fleet of vehicles for...

 

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Phillie City issued $2 million in general obligation bonds to acquire a fleet of vehicles for the Central Motor Pool Internal Service Fund. At the date of issue, the appropriate journal entry in the Internal Service Fund is a $ 2 million debit to cash and a $2 million credit to a) Bonds Payable b) Capital Contribution; AND Show $2 million as an addition to the Off-Balance-Sheet Schedule of Long- Term Debt c) Other Financing Sources - Bond Proceeds; AND Show $2 million as an addition to the Off-Balance-Sheet Schedule of Long- Term Debt d) Other Financing Sources - Bond Proceeds Phillie City issued $2 million in general obligation bonds to acquire a fleet of vehicles for the Central Motor Pool Internal Service Fund. At the date of issue, the appropriate journal entry in the Internal Service Fund is a $ 2 million debit to cash and a $2 million credit to a) Bonds Payable b) Capital Contribution; AND Show $2 million as an addition to the Off-Balance-Sheet Schedule of Long- Term Debt c) Other Financing Sources - Bond Proceeds; AND Show $2 million as an addition to the Off-Balance-Sheet Schedule of Long- Term Debt d) Other Financing Sources - Bond Proceeds

Answer rating: 100% (QA)

Answer C Other financing Re... View the full answer