The Following Transactions Occurred in the City of Maineville During

question 36

Essay

The following transactions occurred in the City of Maineville during 20X1:
a. General obligation term bonds with a face value of $2,500,000 were sold for $2,550,000. The proceeds from the bond issue were to be used to construct a new library and were received by the Capital Projects Fund.
b. $200,000 was transferred from the General Fund to the Debt Service Fund to begin saving for the retirement of the bonds in transaction a. at maturity.
c. $150,000 was transferred from the General Fund to the Debt Service Fund to retire a portion of a serial bond due in 20X1.
d. A police car was purchased for $18,000 and the trade-in of an old police car originally purchased for $15,000 from the General Fund. The new vehicle had a list price and fair market value of $21,500.
e. The serial bonds funded in transaction c. were retired on their maturity date.
f. By year end, $450,000 of the work had been completed on the new library
Required:
Prepare the necessary journal entries to record the transactions and identify the fund or account group in which it would be recorded. Entries in the Debt Service and Capital Projects Funds should be ignored.

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