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How expenditures are controlled in the general fund

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Reference no: EM132502957 , Length: Word count: 750

750 words and required journal entries

Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:

  • The budget for the library
  • The payment and receipt of funds from the general fund
  • The issuance of the bonds
  • Assume that the premium remained in the capital projects fund.

Question 1: Identify all of the funds required for these entries.

Question 2: Discuss how the bond premium could be disposed.

Question 3: In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.

Reference no: EM132502957

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