Explain the capital projects fund issues, Accounting Basics

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Explain the capital projects fund issues

Record the following journal entries for a Capital projects fund: a.The City Council authorizes construction of a fire station to be financed by issuing bonds in the amount of $5,000,000.The capital projects fund records appropriations as a memorandum entry only. b.The General fund loans the Capital projects fund $100,000 for initial expenses c. The Capital projects fund issues bonds in the amount of $5,000,000 d. The Capital projects fund issues a construction contract for $5,000,000 that has specified 5% will be retained until the building is complete and passes inspections e.The contractor bills the city $2,000,000 for construction so far f.The Capital projects fund repays the General fund for the lloan?

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Accounting Basics: Explain the capital projects fund issues

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Accounting Basics: Explain the capital projects fund issues

Reference No:- TGS0691790

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Recent Questions Asked Accounting Basics

Q : How do bacteria avoid or survive action of phagocytes

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Accounting Basics: Explain the capital projects fund issues

Reference No:- TGS0691790

Recent Questions Asked Accounting Basics

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