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Transaction Fund General Journal Debit Credit 1. On August 1, 20X2, West issued $5,090,000 of serial bonds for $5,200,000. Interest is payable annually, and
Transaction Fund General Journal Debit Credit 1. On August 1, 20X2, West issued $5,090,000 of serial bonds for $5,200,000. Interest is payable annually, and the first retirement of $500,000 is due on July 31, 20X7. The premium is transferred to the debt service fund. Capital Projects Fund 1 Record the issuance of bonds at a premium. Record the transfer of bond premium to the Debt Service Fund. Record the receipt of the premium into the Debt Service Fund. 2. The old city hall, which had a recorded cost of $857,000, was torn down. The cost of razing the old building was $49,500, net of salvage value. This cost was included in the capital budget but was not encumbered. The cost is vouchered and paid. 2 Capital Projects Fund Record the cost of razing an old building. Record the payment of the razing cost.
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