For Each of the Following Transactions Relating to the Startup

question 19

Essay

For each of the following transactions relating to the startup of a community pool,determine the fund(s)being affected and prepare the appropriate journal entry for each.Be sure to note the fund type with each journal entry prepared.
1.General obligation bonds are issued at face value of $500,000 to construct a new community pool.
2.Cash of $100,000 is received from a state grant.Grant is set up to support the construction of the community pool.
3.A community fund-raiser by a citizens' group raises $50,000 which is donated to the pool fund,with the restriction placed on it that only earnings are to be used for lifeguard wages,and the principal may not be used until such time as the pool ceases to operate,at which time the principal will revert to the general fund.
4.Construction is completed and the contractors invoices received,totaling $578,000.The invoices are paid within 60 days.
5.The balance of funds from the general obligation bonds and state grant that was not used is transferred to the General Fund.

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Definitions:

High-Mach Personality

A trait characterized by manipulativeness, callousness, and a strategic approach to interpersonal relationships, often exploring Machiavellianism principles.

External Locus Of Control

The belief or perception that one's success or failure is determined by external forces or events, rather than one's own efforts or abilities.

Internal Locus Of Control

the belief that one can control one's own destiny and outcomes through personal actions and decisions, rather than external forces.

Authoritarianism

The degree to which a person tends to defer to authority.