Public Independence School needs modern cafeteria services. The School District Board approved $600,000 for building and establishment of the cafeteria.Required:a. Prepare the General Journal entries to:Record the proceeds from the bonds in General Fund.Prepare General Journal entries to Transfer Cash to the Public Independent School Capital Project Fund.prepare general journal entries to record the receipt of the Transfer of Cash from General Fund.

In the given situation, Journal entries in the books of Public Independent school needs to be given.…

Answered: lic Independence School needs modern…

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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Public Independence School needs modern cafeteria services. The School District Board approved $600,000 for building and establishment of the cafeteria.

Required:

a. Prepare the General Journal entries to:

Record the proceeds from the bonds in General Fund.
Prepare General Journal entries to Transfer Cash to the Public Independent School Capital Project Fund.
prepare general journal entries to record the receipt of the Transfer of Cash from General Fund.

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