Record all of the the fiscal begin in fiscal year 2017 and the General Fund for
ID: 2540632 • Letter: R
Question
Record all of the the fiscal begin in fiscal year 2017 and the General Fund for S During 2017, the following events and transaction occurred: the Shamrock City voters approved the construction of a new city hall for $8,000,000. The project will will be financed by ax-supported serial bonds in the amount of $7,000,000, and a transfer from required journal entries for the Capital Projeet Fund, General Fund, and Debt Service Fund l year 2017, for $1,000,000. The cash transfer will be transferred near year end. The actual cash will be transferred What would be the transaction for the C What entry does the CPF record with to the transfer from the GF? 15,2017, a Bood aoticipaticon note was sigped with a local bank to provide temporary financing for the project in the amount of S250,000. Proceeds from the bond issue would be used to pay off the note. The stated rate of interest on the note was 4 %. 3. t Fund On March S, a contract was let under competitive bids for the construction project in the amount of $8,000,000. The contract includes a 3% retained percentage to be paid after the city's inspection determines the project satis 4. has been s fees The retained % does not app to the archi not voucher the invoice archicect fees of 225 On June 1, the 20 year, 5% boads were sold for $1,957,439 plus accrued interest when the market rate of interest was 4%. Interest payment dates are February 1 and August 1 . The premium must be used to service debt principal oot the interest 6. payments. Round the moathly interest amount to whole dollars. The actual transfer of cash will take place on June 15.Explanation / Answer
Answer to Question 1
Estimated Capital Project Fund A/C ...... Dr. 8,000,000
To appropriation tax supported bond 7,000,000
To appropriation general fund 1,000,000
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