Business, 05.05.2020 05:17 abrito1559

The City of Oxford, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4.5 percent, semiannual interest, 10-year bonds to finance the construction of a second high school to be called Yoknapatawpha High, named in memory of the Pulitzer Prize winning author, William Faulkner. The State also contributed $110,000 for the construction of the gymnasium. The contractor selected then submitted her contract for $2,080,000 to commence on January 2, 2019, with the project’s estimated completion in late 2019. The contractor submitted her signed contract to the City of Oxford.
The entry to record the contract in the Debt Services Fund would include a:

A) Debit to Encumbrances—2019, $2,500,000.
B) Debit to Construction Work-in-Progress, $2,080,000.
C) Credit to Encumbrances—2019, $2,080,000.
D) Credit to Encumbrances Outstanding—2019, $2,080,000

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The City of Oxford, Mississippi (population just under 24,000) passed a bond issue for $2,500,000, 4...

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