The City of McNeely Sold Bonds in the Amount of $25,000,000

question 32

Essay

The City of McNeely sold bonds in the amount of $25,000,000 to finance the construction of a public health center. The bonds are serial bonds and were sold at par on January 1, the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $22,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $12,000,000.
Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information in the capital projects fund. (No closing entry is required).

---

Definitions:

Bipolar Disorder

A mental disorder characterized by extreme mood swings, including emotional highs (mania or hypomania) and lows (depression).

Depression And Mania

Psychological conditions characterized by extreme moods; depression involves persistent sadness, while mania involves elevated or irritable mood states.

Mood States

Temporary emotional states or attitudes that can vary in intensity and duration, influencing perception and behavior.

Antisocial Personality Disorder

A mental health disorder characterized by a long-term pattern of manipulating, exploiting, or violating the rights of others, often marked by a lack of empathy and remorse.