Business, 04.04.2020 11:45 lovvyDovvy04
Voters in Lincoln School District approved the construction of a new high school and approved an $8 million bond issue with a stated rate of interest of 6% to fund the construction. Bids were received and the low bid was $8 million. When the bonds were issued, they sold for face value less bond underwriting fees of $.5 million. The School Board voted to fund the balance of the construction by a transfer from the general fund.
The entry in the capital projects fund to record the receipt of the bond proceeds would be:
a) Debit Cash $7.5 million; Credit Bonds payable $7.5.
b) Debit Cash $7.5 million; Credit Other financing sources $7.5.
c) Debit Cash $7.5 million and Expenditures $.5 million; Credit Bonds payable $8 million.
d) Debit Cash $7.5 million and Expenditures $.5 million; Credit Other financing sources $8.
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Voters in Lincoln School District approved the construction of a new high school and approved an $8...
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