Quiz 2 Name Date SSAY. Write your answer in the space provided or on a separate

Question

Quiz 2 Name Date SSAY. Write your answer in the space provided or on a separate sheet of paper 1) Use the formatted answer sheet provided to analyze the effects of each of transaction on the accounting equations of each fund or nonfund account affected by the transaction. Indicate increases by positive amounts; indicate decreases by putting the amount in parentheses. 1, Beverly County issued at par S20 million of general obligation, 10%, 10-year bonds. The resources are to be used to construct a new civic center downtown. 2. The county paid $100,000 to Fancy Dan Construction Company for work completed during the year. 3. During the year the county transferred $250,000 of general fund cash to the fund from which the bonds are to be repaid. The purpose of shifting the resources was to provide for the principal and interest payments to be made during the fiscal year. 4. $200,000 of the bonds and $20,000 of interest matured and were paid. GCA and GLTL Fund Affected CA -CL | = FB | GCA -GLTL |.NP

Explanation / Answer

Government Funds Non Fund Accounts Funds Affected Current Assets - Current Liabilities = FB General Capital Assets - General Long Term Liabilities = NP 1 $2,000,000 0 $2,000,000 0 $2,000,000 ($2,000,000) Bank 2 ($100,000) ($100,000) $0 0 0 0 this payment is due as it a current obligation bank fancy dan construction co 3 ($250,000) 0 ($250,000) $250,000 0 $250,000 Bank General Fund Cash 4 ($220,000) ($220,000) $0 0 0 The bonds were repaid and were due ie they are current items before repayment Bank Current Maturity of bonds and interest accrued account

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