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Please record the transactions below in all of the funds and account groups affected. 1 The capital projects fund issued $1,000,000 face value bonds to
Please record the transactions below in all of the funds and account groups affected. 1 The capital projects fund issued $1,000,000 face value bonds to pay for a construction project. These bonds were issued at par and $1,000,000 cash was received. An entry is recorded in the CPF and GCA/GLTL. 2 Construction began for the capital project financed in \#1. Construction costs paid were $600,000. An entry is recorded in the CPF and GCA/GLTL. 3 The general fund purchased a fire truck, paying $155,000 cash. An entry is recorded in the GF and GCA/GLTL. 4 The special revenue fund borrowed $40,000 from the bank, receiving a 3-month, 6% note payable. This will be recorded in the SRF, only. 5 The special revenue fund borrowed $100,000 from the bank, and received a term note that is due in 3 years, in other words, this will be repaid in 3 years. An entry is recorded in the SRF and GCA/GLTL. 6 A donor gave the city $5,000,000 to be used as an endowment, the purpose of which is specified by the donor to assist in maintaining city streets and sidewalks. Only earnings from the donation can be used for this purpose. Record the $5,000,000 cash received. This will be recorded in the permanent fund, only. Please note the "Solution" journal entry worksheet is on legal size paper
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