The City of Attross Entered the Following Transactions During 2011

question 24

Essay

The City of Attross entered the following transactions during 2011:
1.The city authorized a bond issue of $2,500,000 par to finance construction of a fountain and pavilion in the city square.The bonds were issued for $2,560,000.The premium was transferred to the fund for which the debt will be serviced.(This was a nonreciprocal transfer. )
2.The city entered into a contract for construction of the fountain at an estimated cost of $2,425,000.
3.The city received and paid a bill for $2,445,000 from the contractor upon completion of and approval of the fountain.
4.The unused bond proceeds were set aside for debt service on the bonds.Accordingly,those resources were paid to the appropriate fund(nonreciprocal).
Required:
Prepare journal entries for each of the above transactions.Identify the appropriate fund or funds used by Attross.

---

Definitions:

Social-Cognitive Perspective

A theoretical perspective emphasizing the role of cognitive processes in understanding social behavior, which includes attitudes, attribution, and social learning.

Model

An organism that engages in a response that is then imitated by another organism.

Incubator

An organization or environment that supports the growth and development of startups or new ideas by providing resources, mentorship, and sometimes capital.

MacArthur Longitudinal Twin Study

A research study that follows pairs of twins over time to examine the influence of genetic versus environmental factors on various attributes and behaviors.