Business, 12.12.2019 06:31 katiewhitlock1014

On the advice of the city attorney, a city jail debt service fund is opened to account for debt service transactions related to the bond issue sold on january 1, 2017 (see part 1).

required:

a. open a general journal for the city jail debt service fund. record the following transactions, as necessary. control accounts are not necessary

(1) the premium described in transaction 1 of part 1 was received as a transfer from the capital projects fund.
(2) cash in the amount of $160,000 was received from the general fund on june 30 and was transferred to the fiscal agent.
(3) the fiscal agent reported that checks dated july 1 had been mailed to bondholders for interest due that day.
(4) the transfer described in part c of part 1 was received.
(5) cash in the amount of $360,000 was received from the general fund on december 31 and transferred to the fiscal agent to be used for interest and principal payments due on january 1 (next fiscal year). the government elected to not accrue the interest at year-end.
(6) $ 200,000 of the remaining cash on hand was invested.

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On the advice of the city attorney, a city jail debt service fund is opened to account for debt serv...

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