Reference no: EM13906839
Choose which of the following governmental funds should be used for journal entries to record these listed transactions and then write the journal entries.
Capital projects fund
Debt service fund
Special Revenue fund
Permanent fund
1. Warrant Township issues a $750,000 bond at face value to be used for the construction costs of a new police station.
2. Cash of $25,000 is paid to holders of some general obligation bonds that had been issued several years earlier. The payments consisted of $15,000 of interest and $10,000 of principal.
3. A state grant of $105,000 to be used for police safety training is received; eligibility requirements will be met as the safety training program is delivered.
4. Resources of $100,000 are made available by the City Council for completing the police station construction project.
5. The police station is completed and the primary contractor is paid $850,000.
6. Salaries of $10,000 are paid to the training officers to provide instruction according to the requirements of the grants received in item 3.
7. A rich local citizen has passed away and has left investments worth $650,000 to Lawrence County with instructions to keep the investments forever and use an interest earned later for park improvements.
8. Cash of $50,000 is received from the General Fund to be used to pay bond principle and interest.
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: Choose which of the following governmental funds should be used for journal entries to record these listed transactions and then write the journal entries. Warrant Township issues a $750,000 bond at face value to be used for the construction costs of..
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