Ask Question
BusinessBusiness
22 February, 09:22

A local government sells bonds having a face value of $1,000,000 at par. The bond proceeds will be accounted for in a Capital Projects Fund. What account will be credited to offset the debit to cash?

+3
Answers (1)
  1. 22 February, 10:24
    0
    A) Other financing sources

    Explanation:

    Other financing sources and uses account has to be created to include operating transfers and proceeds from debt transactions. Since the issuing of bonds is a debt transaction, their proceeds must be included in this account. This account can only be used to record non-operating revenues and expenditures.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A local government sells bonds having a face value of $1,000,000 at par. The bond proceeds will be accounted for in a Capital Projects ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Real GDP will increase: A) only if the price level rises. B) only if the price level falls. C) only if the quantity of final goods and services produced rises.
Answers (1)
ap gov A member of the House of Representatives has introduced a bill to raise the minimum wage, but it has been in committee for 36 days and is unlikely to make it to the floor.
Answers (1)
What is a programming language? A. A language used by application software developers to create instructions for the computer to use to run the application software B. A language used by inventors to create new hardware for computers C.
Answers (1)
You have just reviewed the financial statements of Penelope's Candy Store (PCS). You have determined that PCS has a Profit Margin of 19%. How do you explain this to owner Penelope Hassey?
Answers (1)
A company had purchased $10,000 of inventory in the month of January, took advantage of purchase discounts of $500, and paid $1000 to have the goods shipped to their factory.
Answers (1)
New Questions in Business
A calendar year reporting company preparing its annual financial statements should use the phrase "at december 31, 2016" in the heading of which financial statements?
Answers (1)
The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statement by having a. expenses understated and therefore net income overstated b. revenues understated and therefore net income understated c.
Answers (1)
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
Answers (1)
Hard Rock Mining is a mineral mining company. The CEO of Hard Rock Mining died last month. The news led to a short-term decline in the company's stock price, but the price bounced back after the company announced its increased quarterly earnings.
Answers (1)
Dita takes out a student loan from Everloan Bank. When she fails to make the scheduled payments for six months, Everloan advises her of further action that it will take. This violates
Answers (1)
Home » Business » A local government sells bonds having a face value of $1,000,000 at par. The bond proceeds will be accounted for in a Capital Projects Fund. What account will be credited to offset the debit to cash?
Sign Up Forgot Password?