Question
How would I make these journal entries for nonprofit accounting? 1. There is a special revenue fund and it makes an interfund transfer to a
How would I make these journal entries for nonprofit accounting?
1. There is a special revenue fund and it makes an interfund transfer to a capital projects fund for $40,000. I think there are supposed to be 2 journal entries, one for each fund right?
2. A little county received a grant from the government for capital projects fund. I think I debit cash and credit other financing sources- intergovt funds?
3. We (the small county) are issued a long term bond. The bond proceeds are for construction, and my premium and interest will be for debt.
-premium of $600
-Face value of $10,000
- interest rate of 3%
For 3, I think one of my accounts would be to debit interest expenditures?
Please help me make journal entries for these, my professor said these could be possible test questions and I need to know them. Thank you!
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