The Following Transactions Take Place

question 34

Essay

The following transactions take place:
1. On January 1, the city issued 9% general obligation bonds with a face value of $4,000,000 payable in 10 years to finance the construction of city offices. Total proceeds were $4,500,000.
2. On December 20, construction was completed and occupancy taken of the city offices. The full cost of $3,900,000 was paid to the contractor, and appropriate closing entries were made with regard to the project.
3. The General Fund repaid the Special Revenue Fund a loan of $15,000 plus $900 in interest on the loan.
Required:
Prepare entries in general journal form to record these transactions in the proper fund(s). Designate the fund in which each entry is recorded.

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Definitions:

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