Author Question: A governmental entity issues 3,000,000 of general obligation bonds at a 1 premium to finance the ... (Read 45 times)

mpobi80

  • Hero Member
  • *****
  • Posts: 519
A governmental entity issues 3,000,000 of general obligation bonds at a 1 premium to finance the construction of a new public safety center. The entry to record the bond issuance in the Debt Service Fund would be
 
   dr cr
 
  a. Cash 3,000,000 Other Financing Sources  Bonds 3,000,000
  b. Cash 3,030,000 Other Financing Sources  Bonds 3,000,000 Other Financing Sources  Premium 30,000
  c. Cash 3,000,000 Expenditures 30,000 Other Financing Sources  Bonds 3,000,000
   Other Financing Sources  Premium 30,000
  d. Cash 3,030,000
   Bonds Payable 3,030,000
  e. None of the above.

Question 2

Operating Expenses consist of
 a. Interest Expense and General Expenses.
  b. Selling Expenses and Cost of Goods Sold.
  c. Interest Expense and Selling Expenses.
  d. General Expenses and Selling Expenses.
  e. Interest Expense and Cost of Goods Sold.



SVictor

  • Sr. Member
  • ****
  • Posts: 365
Answer to Question 1

E

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

For a complete list of videos, visit our video library