The entry in the capital project fund to record the additional funding for the construction would be
A) Debit Due from General Fund $.5 million; Credit Other financing Sources $.5 million.
B) Debit Due from General Fund $.5 million; Credit Revenue $.5 million.
C) Debit Cash $.5 million; Credit Due to General Fund $.5 million.
D) Debit Other Financing Sources $.5 million; Credit Due to General Fund $.5 million.
Use the following information to answer questions #10 and #11
Voters in Phillips City approved the construction of a new $10 million city hall building and approved a $10 million bond issue with a stated rate of interest of 6% to fund the construction.When the bonds were issued, they sold for 101.What are appropriate entries related to the premium?
Correct Answer:
Verified
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A)Debit Cash $100.000;
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