Prepare all required journal entries

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Reference no: EM133814

Question :

In the current fiscal year ended 6/30/15, the Harriscity engaged in the following transactions.

REQUIRED: Assume that the city maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements. Prepare all required journal entries that the city should make for each transaction. Clearly show in which fund the entry is being made. If no entry is required, write "No entry required."

a) In July 2014, the city issued $30 million in 6 percent general obligation term bonds to finance construction of a new building to house city offices. The bonds were issued at a premium of $300,000.

b) In September 2014, the city transferred $1.5 million from the general fund to cover the $0.9 million principal and $0.6 million interest payments due that month on debt issued in last year.

c) In September 2014, the city paid the principal and interest due from (b).

d) In June 2015, the city transferred $3 million from the general fund to cover the $1.8 million interest payment and the $1.2 million principal payment due in July 2015 on the bonds issued in (a).

Reference no: EM133814

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