Question
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
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 bond at face value. The village receives the computer and pays cash of $300,000. Prepare the journal entries to record these events assuming they were recorded in (a) the General Fund and (b) an Enterprise Fund.
Note: Under the Fund column, select the appropriate fund in which the transaction is recorded (EF: Enterprise Fund or GF: General Fund).
I need help filling in the journal entries. I will thumbs up your answer! Thank you!
Note: Under the Fund column, select the appropriate fund in which the transaction is recorded (EF: Enterprise Fund or GP: General Fund). Fund Description Debit CreditStep by Step Solution
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