Comparison of accounting for long-term debt and acquisition of capital assets, using governmental-type funds and proprietary type funds The village of Old Road orders a computer costing $300,000. The village finances the computer by issuing a $300,000 long-term bond at face value. The village receives the computer and pays cash of $300,000. a) Prepare the journal entries to record these events assuming they were recorded in the General Fund If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank. Account Encumbrances - computer To record the order of the computer. To record the bond issuance. Debit Credit 300,000 0 0 300,000 0 0 0 0 0 0 0 0 To record the receipt of the computer. To record the payment for the computer. 0 0 0 0