I need the journal entry for these questionsAs of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.Eliminate the expenditures for bond principal.Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000.

Journal entries needs to prepare Relating with bonds and treatment of expenditure and interest

Answered: s of January 1, 2020, the City of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I need the journal entry for these questions

As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.
Eliminate the expenditures for bond principal.
Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000.

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