7. On June 15, the CPF transferred the appropriate amount of cash from the sale
ID: 2540635 • Letter: 7
Question
7. On June 15, the CPF transferred the appropriate amount of cash from the sale of the bonds to the Debt Service Fund. Service Fu 8. On June 15, the bood anticipation note was repaid. Capital Prolect Pund 9. On July 30, the General Fund transfers cash to the Debt Service Fund for the required interest payment on the boads. e Fund 10. oa August 1, the Debt Service Fund makes be required interest payment. Service Fund 11. On August 15, an invoice for 1,550,000 was received. The invoice represented 20% ofthe work completed to date. Capital Project Fund 12. On August 15, the invoice from 1 was paid. (Do not voucher he involee) Capital Project FExplanation / Answer
Date
Accounts and explanations
Debit ($)
Credit ($)
15-Jun
Debt service fund
***
Bank
****
(Being cash transferred to debt service fund)
15-Jun
Notes payable
***
Bank
***
(Being bond anticipation notes repaid)
30-Jul
Debt service fund
***
General fund
****
(Being cash transferred to debt service fund)
01-Aug
Interest on debt
**
Bank
**
(Being interest paid)
Income and expenditure account
**
Interest on debt
**
(Being interest paid)
15-Aug
Work in progress
1550000
Accounts payable
1550000
(Being invoice received)
Accounts payable
1550000
Bank
1550000
(Being the invoice paid)
It is important to note that since no particular amount has been mentioned except the last two transaction of August 15, no amount has been provided in these transactions.
Date
Accounts and explanations
Debit ($)
Credit ($)
15-Jun
Debt service fund
***
Bank
****
(Being cash transferred to debt service fund)
15-Jun
Notes payable
***
Bank
***
(Being bond anticipation notes repaid)
30-Jul
Debt service fund
***
General fund
****
(Being cash transferred to debt service fund)
01-Aug
Interest on debt
**
Bank
**
(Being interest paid)
Income and expenditure account
**
Interest on debt
**
(Being interest paid)
15-Aug
Work in progress
1550000
Accounts payable
1550000
(Being invoice received)
Accounts payable
1550000
Bank
1550000
(Being the invoice paid)
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