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Discussion: Journal Entery
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
o Assume that the premium remained in the capital projects fund.o Identify all of the funds required for these entries.o Discuss how the bond premium could be disposed.
In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.
following are the set of case studies of different manufacturing companies you are required to read and understand the
Over time what happens to the balance in the "premium" account? Assume the effectiveinterest rate method is used, does the premium account change more at the beginning or the end of the time to maturity?
What is the ending finished-goods inventory cost under absorption costing?
Which of the following controls would prevent dispute over the charges billed by independent contractors?a) Timely recording of both commitments and expenditures.b) A written agreement containing provisions for billing charges.c) Appropriate segregat..
Which of the following groups of variables are all direct variables? Which of the following systems gathers data from multiple sources and assists in providing structure to the data?
Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.
When long-term investments in bonds are sold before their maturity date, the seller deducts any accrued interest since the last interest payment date from the selling price.
hwang corporation has engaged in a number of expenditures relating to a land acquisition for a future plant. for each
the weighted-average cost of capital for forstone corporation is 12 percent. last year one of the divisions of forstone
freds electrical inc. sells electrical parts to electrical contractors in the northwestern us. freds customers mail
Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they affect the financial statements?
Consider a bipolar differential amplifier in which the collector resistors RC are replaced with simple current sources implemented using pnp transistors. Sketch the circuit and give its differential half-circuit. If VA =20 Vfor all transistors, fi..
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