During the Fiscal Year Ended 6/30/18, the Harris City Engaged

question 33

Essay

During the fiscal year ended 6/30/18, the Harris City 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 necessary journal entries that the city should make for each transaction. Clearly indicate in which fund the entry is being made. If no entry is required, write "No entry required."
a) In July 2017, the city issued $30 million in 6% 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 2017, 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 previous years.
c) In September 2017, the city paid the principal and interest due from (b).
d) In June 2018, 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 2018 on the bonds issued in (a).

Identify the importance of social networks in resource exchange and information flow.

Analyze the influence of group behavior on individual actions through concepts like conformity, groupthink, and social pressures.

Understand the impact of social boundaries on group formation and interaction.

Examine the dynamics of dyadic relationships and their complexities within larger social structures.

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Definitions:

Error

A mistake in the collection, recording, or analysis of data, often leading to incorrect results or conclusions.

Canadian GAAP

Generally Accepted Accounting Principles in Canada, a set of accounting standards and practices used in Canada to govern financial reporting.

Financial Information

Data pertaining to the monetary performance, status, and outlook of an entity, encompassing everything from balance sheets to income statements.

Materiality

A concept in accounting and auditing that refers to the significance of transactions, balances, or errors which could influence the economic decisions of users reading a company's financial statements.