Government & Not for Profit Accounting: ACCT420

Description

Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:

The budget for the library

The payment and receipt of funds from the general fund

The issuance of the bonds

• Assume that the premium remained in the capital projects fund.
• Identify all of the funds required for these entries.

Discuss how the bond premium could be disposed.

In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.

00:09:29 Krystel Burgess: no
00:10:17 Danielle Danos: no
00:10:26 Aaron Egner: Are we allowed to resubmit IPs for a better grade?
00:10:55 Aaron Egner: No worries
00:12:36 Danielle Danos: yes
00:14:50 Amy Castillo: When you do grade, will you explain what a person did wrong?
00:15:47 Amy Castillo: Yes Ma’am
00:15:51 Krystel Burgess: ok
00:16:00 Aaron Egner: Yes
00:16:34 deirdre carter: Yea
00:17:27 deirdre carter: Are we getting credit for the live chat?
00:18:44 Kathryn Hardy: nope
00:19:54 Aaron Egner: Yes
00:19:54 Krystel Burgess: yes
00:19:58 Amy Castillo: Yes
00:20:01 Danielle Danos: yes
00:23:08 Krystel Burgess: no
00:23:09 Danielle Danos: no
00:23:13 Amy Castillo: no
00:24:56 Amy Castillo: no
00:25:05 Krystel Burgess: no
00:25:53 Krystel Burgess: yes
00:25:55 Amy Castillo: yes i can see it
00:25:57 Danielle Danos: yes
00:27:55 Amy Castillo: yes
00:28:19 Aaron Egner: I don’t see how many words
00:29:30 Aaron Egner: Understood
00:29:52 Krystel Burgess: ok so no excel can be used to explain
00:31:11 Krystel Burgess: YES i did that, yes both on one thing..?
00:31:31 Krystel Burgess: thank u
00:32:02 Danielle Danos: no
00:32:22 Aaron Egner: No
00:32:28 Amy Castillo: Can I insert a table from word to do my journal entries?
00:34:01 Danielle Danos: yes
00:35:16 Danielle Danos: yes
00:35:17 Krystel Burgess: yes
00:35:19 Aaron Egner: Yes
00:36:52 Aaron Egner: No
00:37:28 Krystel Burgess: ok
00:37:41 Krystel Burgess: im going along so i wont mess up
00:37:53 Amy Castillo: Where is the preimum
00:39:01 Amy Castillo: Yes
00:40:34 Aaron Egner: 300k
00:41:14 Danielle Danos: 3.1
00:41:15 Amy Castillo: 3300000
00:41:29 Amy Castillo: 100000
00:41:48 Amy Castillo: 0
00:42:01 Danielle Danos: 300k
00:42:36 Krystel Burgess: no
00:42:37 Danielle Danos: no
00:42:38 Aaron Egner: No
00:42:52 Amy Castillo: no
00:44:54 Krystel Burgess: yes
00:44:57 Aaron Egner: No questions
00:45:07 Amy Castillo: Sorry my math was off
00:45:13 Amy Castillo: no questions
00:46:59 Krystel Burgess: no
00:47:02 Aaron Egner: No
00:47:10 Krystel Burgess: i had the wrong labels
00:47:11 Amy Castillo: No questions
00:47:11 Danielle Danos: no
00:47:18 Ireta Miller: No questions on my end
00:48:09 Krystel Burgess: ok
00:48:42 Danielle Danos: Thanks!
00:48:43 Ireta Miller: Thank you so much, Have a great evening!!
00:48:44 Amy Castillo: I know after this chat I feel better about last week’s IP
00:48:47 Kathryn Hardy: thank you
00:49:10 Amy Castillo: Have a great night everyone! Thank you!
00:49:14 Danielle Danos: No problem. lol
00:49:18 Danielle Danos: tks
00:49:20 Aaron Egner: Thanks for going over everything