Question
The county of Santa Clara is building a new park. The main financing source will be $1,000,000 bond issue. In addition, the general fund will
The county of Santa Clara is building a new park. The main financing source will be $1,000,000 bond issue. In addition, the general fund will transfer $100,000 transfer to fund the capital project. Please record the journal entries for the Capital Project Fund & the Government-Wide financial statements.
1. The county has signed a contract with Spectacular Construction to construct the park $1,000,000
2.The $1,000,000 bonds were issued at par
3. Spectacular Construction billed the county of Santa Clara $1,000,000 upon completion of the project
4. The park is completed
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