Record the following transactions (both budgetary and actual entries) in the General Ledger of a CPF of

Question:

Record the following transactions (both budgetary and actual entries) in the General Ledger of a CPF of Santiago County. Reflect all required accruals.
1. The county issues $3,000,000 of 5%, 9-month bond anticipation notes at midyear to allow it to begin construction of a new library addition. The bond anticipation notes meet the criteria for treatment as long-term liabilities.
2. The county signs a contract for construction of the library addition for $3,000,000.
3. The contractor billed the county $2,000,000 for work completed by the end of the fiscal year.
4. The bonds, which have a of $10,000,000, were issued at 101, net of issue costs of $90,000.
5. The bond anticipation notes and interest were paid at maturity.

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...