Prepare the journal entries for 2, 4, 6, 8, 12 and 14 using the following information 6%
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Question:
Prepare the journal entries for 2, 4, 6, 8, 12 and 14 using the following information
- 6% bonds $1200000 par value payable in 5 years were issued for cash at 108, any premium is to be transferred to the debt services fund—prepare the journal entry for the capital projects fund
- $160000 was appropriated—prepare the journal entry for the general fund
- Contribution of $400000 principal must be kept intact- prepare the journal entry for the trust fund
- Water utility purchased cost the city $500000 ($300000 assigned to building and the remainder to land)- prepare the journal entry for the enterprise fund
- Property taxes collected were $275000- prepare the journal entry for the debt services fund
- Taxes collected were $170000 - prepare the journal entry for the general fund
- Payment of $240000 was made to the contractor- prepare the journal entry for the capital projects fund
- Interest of $30000 was paid- prepare the journal entry for the enterprise fund
- Bond proceeds were $800000- prepare the journal entry for the capital projects fund
- Salaries were $1300 - prepare the journal entry for the general fund
- Interest of $72000 was paid- prepare the journal entry for the debt services fund
- Installment payments of $200000- prepare the journal entry for the debt services fund
- Interest of $27000 was paid- prepare the journal entry for the debt services fund
- Interest of $45000 was received - prepare the journal entry for the debt services fund
- Sums of money were $12000- prepare the journal entry for the agency fund
- License fees of $60000 were collected- prepare the journal entry for the general fund
- Materials costing $80000 were purchased- prepare the journal entry for the general fund
- Services cost $1050- prepare the journal entry for the general fund
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